CAR: Homebuyer Income Gap $56K

California households at the state median income of $53,240 fell more than $56,000 short of the qualifying income needed to buy a home in the fourth quarter at the state median price of $470,920, 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 $109,320 in the fourth quarter, according to the index. The latest income gap of $56,070 was 41.6% higher than the $39,610 recorded in the fourth quarter of 2003, CAR said. At that time, the median household income stood at $51,860, and the qualifying income needed to buy a median-priced home at $390,250 was $91,460, according to CAR. The Los Angeles-based association can be found online at http://www.car.org.