AFFORDABILITY GAP
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Price trends--Lower interest rates and stable home prices have reduced the housing affordability gap $303 in the Los Angeles area, from $1,087 to $784, and to $590 in Orange County, almost half what is was in July, 1985. Statewide, the affordability gap dropped $86 to $745. The income needed for purchasing the home assumes an 80%, 30-year fixed-rate loan and includes principal and interest, taxes and insurance.
Los Angeles Orange County California Median $118,932 $137,052 $119,659 Home Price Monthly Income $3,123 $3,597 $3,147 Needed to Buy Median Family $2,339 $3,007 $2,402 Income Per Month The Gap $784 $590 $745
Source: Family Income Urban Decision Systems
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