Hot on the heels of my bitter-fueled rant a few weeks ago (We barely fit in our tiny house, yet pay double the mortgage of most homes twice our size), fresh word from the California Association of Realtors: New homeowners are screwed.
According to the org:
California households, with a median household income of $54,140, are $73,810 short of the $127,950 qualifying income needed to purchase a median-priced home at $545,910 in California, according to the California Association of Realtors (C.A.R.) Homebuyer Income Gap Index™ (HIGI) report for the third quarter of 2005, released today.
Things are especially bad in the Bay Area, where the median home price hovers around $720,000. Here in SoCal, where the median price is $541,110, you better have an income of $126,820 to buy a home. (The problem? SoCal median income settles in at $52,580.