CAR: Homebuyer Income Gap $55K+

California households at the state median income of $52,940 fall more than $55,000 short of the qualifying income needed to buy a home at the state median price of $462,510, according to the California Association of Realtors.The association's Homebuyer Income Gap Index is a quarterly analysis of the difference between the median household income and the qualifying income needed to purchase a median-priced, single-family home for California and certain regions of the state. The qualifying income stood at $108,310 in the third quarter, according to the index. The latest income gap of $55,370 was 47.9% higher than the $37,440 recorded in the third quarter of 2003, CAR said. At that time, the median household income stood at $51,630, and the qualifying income needed to buy a median-priced home at $385,720 was $89,070, according to CAR. The Los Angeles-based association can be found online at http://www.car.org.