CAR: Homebuyer Income Gap $70K

California households at the state median income of $53,840 fell more than $70,000 short of the qualifying income needed to buy a home in the second quarter at the state median price of $530,430, according to the California Association of Realtors.CAR'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 the state and for select regions within the state. The HIGI for California increased 28.3% in the second quarter compared with that of a year earlier, when the gap stood at $54,920, the median household income was $52,630, and qualifying income to purchase a median-priced home at $461,280 was $107,550. According to CAR, the San Francisco Bay Area had the highest gap in the state at $102,230, where potential homebuyers had a median household income of $68,140 but needed a qualifying income of $170,370 to buy a median-priced home at $726,920. The Los Angeles-based association can be found online at http://www.car.org.