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~omeownershiD <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 1998 <br />Average Residential <br />Closing Price $209,775 <br />166 <br />Ovv f190A00 <br />00% <br />175 <br />s?A9-:1.9.999 <br />tR% <br /> <br />.fr0,B99 <br />"% 205 <br />• fB0-f 119.900 <br />11% <br />164 <br />s+w-s+9o,o90 <br />+7% <br />151 <br />Source: Triangle Multiple Listing Service - 1220 Home Sales C-osed or Under Contract <br />Housing Costs: <br />Average Home Sale Pl-ices <br />Orange County, Jan. Nov. 1998 <br />$300,000 <br />5250,000 <br />S2o0,o00 <br />5150,000 <br />5100,000 <br />aso,ooo <br />So <br />'Exfatfng Hornes New Hornes <br />eance: Triangle 1~fiiltipk Listing Service <br />All Homes <br />14 <br />- :1903199,999 <br />.359 'f" <br />