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Homeownership <br />It is generally accepted that the cost of owner occupied housing in the County precludes a <br />significant portion of lower income families from residing in Orange. According to the Orange <br />County EDC, the average sales price of a new single family home in Orange County was <br />$265,000, as of 1998. To purchase such a home a low income family of four persons would have <br />to spend approximately 7.8 times their annual wages. The sales cost for an existing single family <br />home is noticeably lower at $186,000. To afford this home a low income household would have <br />to pay 5.5 times their annual wages. In both of these instances the median low-income family <br />would have to pay more for a house than accepted under HUD standards. US .HUD standards <br />define affordable owner occupied housing as purchasable at 2.5 times total family annual <br />income. <br />Home Sales In Orange County By Price <br />Range <br />January -November 1~998ge Residential <br />Closing Price $209,775 <br />166 <br /><:rf.fof <br />' "" 205 <br />o... ufo.ooo <br />fo% <br />• sfo-s11Y.NY <br />ux <br />1T5 <br />164 <br />ft00•f7.f Afi <br />1Z% fll0-itOY.YYY <br />17% <br />fuaanf,rof <br />359 "" 151 <br />Source: Triangle Multiple Listing Service - 1220 Home Sales Closed or Under Contract <br />Housing Costs: . <br />Average Home Sale Prices <br />Orange County, Jan. Nov. 1998 <br />5300,000 <br />1250,000 <br />5200,000 <br />5150,000 <br />sloo,ooo <br />550,000 <br />So <br />Existing Homes New Homes All Homes <br />scare: Triangle Mulfiple Lisfing Service <br /> <br />14 <br />