Speaking of home loans... @ 04:53 pm
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.
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.
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