CAR Reports Big Homebuyer Income Gap

The median income of California households fell $41,360 short of the $93,680 needed to buy a median-priced home in the first quarter, according to the California Association of Realtors.The Los Angeles-based organization said its Homebuyer Income Gap Index is a quarterly analysis of the difference between the median household income -- $52,320 in the first quarter -- and the qualifying income needed to buy a median-priced single-family home for the state and for select regions of the state. The median price for such homes stood at $406,390 statewide in the first quarter, CAR reported. The income gap for the first quarter was up 45% from $28,530 a year earlier, CAR said, when the median household income was $51,180 and the income needed to buy a median-priced home at $338,010 was $79,710. CAR can be found on the Web at http://www.car.org.