“How expensive?” tracks measurements of California’s totally unaffordable housing market.

The pain: Orange County homebuyers used the third-largest down payment in the nation in June.

The source: My trusty spreadsheet reviewed a Redfin analysis of how much money borrowers put into home purchases in 40 major housing markets in June – including four in Southern California.

The pinch

The median Orange County down payment was $300,000 – trailing only San Jose’s $451,500 and San Francisco’s $441,500. OC’s typical down payment was up 20% in a year.

Plus, the typical Orange County mortgage was 25% of the purchase price, the third-highest among the 40 metros. Note that huge down payments are often the result of a buyer using cash profits from a previous home sale.

Now ponder that massive amount of cash, then think about the paychecks required for a financed purchase.

A theoretical buyer of an Orange County starter home must have a household income of $251,300 to qualify to buy a $740,000 residence, according to a Redfin analysis of May to July data.

Pressure points

Look at elsewhere in Southern California …

Los Angeles: $188,000 median down payment (No. 7 among the 40 metros) – up 10% in a year. Median down equaled 20% of price (No. 5). And the starter-home income requirement was $184,500 for $615,000 residence.

San Diego: $183,500 down (No. 8) – up 24% in a year, 20% of price (No. 5). Starter-home income? $198,000 for $652,750 residence.

Inland Empire: $48,012 down (No. 25) – up 1% in a year, 10% of price (No. 29). Starter-home income? $122,900 for $408,000 residence.

Bottom line

Rising mortgage rates and stubbornly high sale prices forced the few who could afford to buy to scramble to make a deal pencil out.

So the big down payments are another big hurdle that kills many Southern California house hunters’ dreams.

Consider home shopping nationally. The median US down payment was $67,500 – and that was up 15% in a year. The typical US borrower put down 19% of the purchase price. And to buy a starter home, income of $79,250 is needed.

Quotable

“Both Kamala Harris and Donald Trump have promised to make homeownership more affordable, but only Harris has signaled that housing is a top priority,” said Redfin’s chief economist Daryl Fairweather. “Her plan to build 3 million new homes could make starter homes more affordable for the average American family. One pathway Harris has suggested for accomplishing that goal is through incentives to local governments and subsidies for builders of affordable housing. That could help battle the severe starter-home shortage, particularly in expensive coastal markets. Harris has also promised $25,000 in down-payment assistance for first-time buyers, which could boost homeownership in midwestern markets where people may be able to afford mortgage payments, but not necessarily down payments.”

Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at [email protected]