Local : 1 in 6 County Families Can Buy House

Roughly one in six Orange County families could afford the average single-family house in November, 1988, contrasted with one in four families in November, 1987.

While the jump in Orange County home prices slowed in the fall contrasted with the spring and summer, the effects of the yearlong price surge are still evident in the California Assn. of Realtors’ affordability index, released today.

Only 16% of the county’s families could afford the median home price of $230,701, contrasted with 26% in November, 1987, when the median price was $178,870.

New homes--which average even higher prices--are excluded from the survey by the trade association. Home buyers statewide also faced a crunch, though not as severe as in Orange County and some of the state’s other urban areas.

Only 21% of the state’s residents could afford the average used home in November, the lowest that number has been since the trade association began charting the monthly changes in January, 1984. The trade association said it expects the number to drop still further as interest rates increase this year.