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12 <br />HOUSING AFFORDABILITY ANALYSIS <br />Orange County <br />1 2 3 4 5 6 7 B 9 9.5 <br />;me 4121100 419,133 $5,448 $31,669 437,873 $43,854 $50,889 $60.786 $77,033 195,249 <br />NOTE: For illustrative purposes, one decile equals 10 percentiles. <br />Thus, six deciles 160x1 of the families in Orange County have income less <br />than $43,854 in 1989; and ten percent have incomes between $43,854 <br />and 450.889 . <br />The average price (at sale) for a typical, new, conventionally -built <br />single - family house in Orange County is about $143477 . <br />The annual income necessary to qualify for this price home would be <br />$59,387 , according to the Economists at HUD. Given the current income <br />distribution of families in Orange County 78 percent of them <br />cannot afford to purchase a home at this price. <br />This model was run 04- Jan -90 . The average price for a new house is <br />based on building inspections office estimates of construction casts <br />plus HUD estimates of the land cost and builder's profit. The data is <br />for the year ending OCT 19B9. <br />Components of monthly housing expense are estimated based on HUD <br />experience with the Section 203 program and are adjusted to the present <br />date. Principle and interest are based on thirty-year fixed rate financing <br />at 9.75 percent interest. <br />r <br />