Tuesday, November 01, 2005
California households are nearly $74,000 short of the $127,950 qualifying income needed to purchase a median home in the state, according to the California Association of Realtors Homebuyer Income Gap Index report for the third quarter of 2005, released today.
With a median household income of $54,140, California households are $73,810 short of the $127,950 qualifying income needed to purchase a median-priced home at $545,910 in California, C.A.R. said today.
The Homebuyer Income Gap Index for California increased 33.7 percent during the third quarter of 2005 compared to the third quarter of 2004, when the gap stood at $55,220, the median household income was $52,940, and qualifying income needed to purchase a median-priced home at $461,850 was $108,150, the organization said.
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