No. 118 (essentialsaltes) wrote,
No. 118

Speaking of home loans...

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.
Tags: news

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