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May 05, 2005
California households are $60,380 short on qualifying income needed to purchase a home
With a median household income of $53,540, California households are $60,380 short of the $113,920 qualifying income needed to purchase a median-priced, single-family home at $488,600 in California. The San Francisco Bay Area had the highest gap in the state at $92,930, where potential homebuyers had a median household income of $67,770 but needed qualifying income of $160,700 to purchase a median-priced home at $689,240. The Homebuyer Income Gap Index™ for California increased 44.9 percent during the first quarter of 2005 compared to the first quarter of 2004. Source Article: 1Q Homebuyer Income GAP Index
Posted by QiRealtyEditor at May 5, 2005 03:01 PM