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Trulia: O.C. has nation’s fourth least-affordable housing market

Trulia: O.C. has nation’s fourth least-affordable housing market

Orange County has the fourth-least affordable housing market for middle-income home shoppers among the nation’s 100 biggest metropolitan areas, according to the real estate website Trulia.

Trulia reported this week that the median-income Orange County homebuyer would pay 52.8 percent of his or her monthly earnings to buy the median-priced Orange County house.

That includes the cost of paying the mortgage, insurance and property taxes.

When the cost of utilities and commuting are included, essential living expenses consume 64 percent of the monthly income for those households. And that doesn’t include food.

San Francisco, Los Angeles and San Diego were the only metro areas with housing consuming a higher proportion of income, Trulia reported.

Trulia reported that a median-income San Francisco homebuyer would spend 77 percent of his or her monthly earnings paying housing costs on the median-priced house there. In Los Angeles County, homebuyers would spend 59.6 percent of their earnings on housing costs, while in San Diego, the proportion of earnings spent on housing would be 52.9 percent.

Seven of the 10 least affordable housing markets are located in California, Trulia figures show.

Four metro areas located in or near Ohio ranked as the nation’s most affordable housing markets: Akron, Dayton, Louisville, Ky., and Cleveland ranked most affordable, with housing costs consuming 16 percent to 18.2 percent of monthly income.

Least affordable housing markets

Rank U.S. Metro Pct. spent on housing Pct. spent on housing, utilities, and commuting August List Price
1 San Francisco 77.0% 85.5% $ 1,190,900
2 Los Angeles 59.6% 74.5% $ 580,000
3 San Diego 52.9% 64.7% $ 579,000
4 Orange County 52.8% 63.8% $ 725,000
5 Miami 52.3% 69.2% $ 380,000
6 San Jose 51.9% 61.8% $ 838,000
7 Ventura County 46.3% 57.0% $ 649,000
8 Fairfield County, Conn 46.1% 54.5% $ 598,000
9 Oakland 45.0% 55.9% $ 599,000
10 Honolulu 42.1% 56.2% $ 590,000

Most affordable housing markets

Rank U.S. Metro Pct. spent on housing Pct. spent on housing, utilities, and commuting August List Price
100 Akron, Ohio 16.0% 28.9% $ 120,450
99 Dayton, Ohio 17.6% 30.9% $ 119,700
98 Louisville, Ky. 18.2% 31.1% $ 159,900
97 Cleveland, Ohio 18.2% 32.3% $ 129,900
96 Little Rock, Ark. 18.3% 31.9% $ 155,000
95 Toledo, Ohio 18.4% 32.3% $ 119,900
94 Detroit, Mich. 18.4% 34.8% $ 89,900
93 Kansas City, Mo. 18.5% 31.6% $ 164,900
92 Wichita, Kan. 19.3% 31.7% $ 150,000
91 Indianapolis, Ind. 19.5% 33.4% $ 169,950

The Orange County Register – News Headlines : Real Estate News