The Associated Press is reporting (via SF Gate) that “California households earning the median income of $54,140 need more than double that income to qualify for a mortgage on a home selling for the statewide median price of $545,910, a real estate trade group said Tuesday.”

“Homebuyers in the pricey San Francisco Bay area, meanwhile, need to make $100,670 more than their median income of $68,520 [totaling almost $170,000] to qualify for a home listed at the median price of $721,850, according to the California Association of Realtors’ Homebuyer Income Gap Index for the third quarter 2005.”

This entry was posted on Wednesday, November 2nd, 2005 at 2:57 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.