Now, we’re $67,220 shy
The average Southland family has an annual income $67,220 short of what is needed to afford a median-priced home, according to the California Assn. of Realtors.
The Homebuyer Income Gap Index report for the second quarter of 2005 shows that the average Southern California family is even further away from being able to afford a home than last year. The income gap for the same quarter last year was $54,920.
A household’s annual income would need to be $119,530 to purchase a $510,000 home, assuming a 20% down payment and a monthly payment for principal, interest, taxes and insurance that doesn’t exceed 30% of the household income.
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