Housing affordability is up, but there’s not enough improvement in Orange County. Some not-so-good local news lurks behind the “National Affordability At Record High” headline hoopla from the National Association of Home Builders/Wells Fargo Housing Opportunity Index.
Orange County home affordability – by the NAHB/Wells metric index — has improved. But the county still suffers from one of the lowest affordability levels in the country, ranking No. 222 out of 225 US metros -just ahead of of the arguably most expensive metros in the U.S. Namely, San Francisco, Honolulu, and New York.
Relative low housing affordability may already be an Orange County economic development issue. If the economy improves as predicted, housing costs will become an issue for Orange County, creating trouble for local employers in attracting talent to the area.
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