This is pretty funny.
CALIFORNIA HOUSEHOLDS FALL SHORT IN INCOME NEEDED TO PURCHASE HOME
With a median household income of $53,840, California households are $70,480 short of the $124,320 qualifying income needed to purchase a median-priced, single-family home at $530,430 in California, according to the C.A.R. Homebuyer Income Gap Index™ (HIGI) report for the second quarter of 2005. The HIGI™ for California increased 28.3 percent during the second quarter of 2005 compared with the second quarter of 2004.
According to the report, potential homebuyers in the Central Valley had the smallest income gap at $39,450, while the San Francisco Bay Area had the highest gap in the state at $102,230. In Southern California, potential homebuyers are $67,220 short of the $119,530 qualifying income needed to purchase a median-priced, single-family home at $510,000. |
