Speaking of home loans...

[essentialsaltes]

Homebuyer Income Gap in California grows more than 40% from 2003-2004.

In order to qualify for a loan to buy the median house in California ($470K), one would need an income of $109K. The median household income in the state is $53K, less than half of the needed amount. The 'income gap' is the difference: i.e. $56K.

The Bay Area has the biggest gap at $85K. The Central Valley has the smallest gap at $29K.

Horrifying numbers to juggle with.

Comments

[rsheslin.livejournal.com]

And so we moved to Big Bear. Housing prices have gone up tremendously up here as well, but our place could easily run $350k down the hill.