CAR: Homebuyer Income Gap $74K

California households at the state median income of $54,140 fell $73,810 short of the qualifying income needed to buy a home in the third quarter at the state median price of $545,910, 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 33.7% in the third quarter compared with that of a year earlier, when the gap stood at $55,220, the median household income was $52,940, and qualifying income to purchase a median-priced home at $461,850 was $108,150. According to CAR, the San Francisco Bay Area had the highest gap in the state at $100,670, where potential homebuyers had a median household income of $68,520 but needed a qualifying income of $169,180 to buy a median-priced home at $721,850. The Los Angeles-based association can be found online at http://www.car.org.