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Thursday, Feb 2, 2023
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Housing Even Less Affordable

The gap between how much Southern Californians make and the amount they need to buy a home widened by 21 percent in the second quarter, according to a California Association of Realtors survey.


The quarterly Homebuyer Income Gap Index released on Tuesday showed that median income earners were $67,220 short of what they needed to buy a home in the second quarter of 2005, compared with $55,390 in the same period of 2004.


In the second quarter 2005, the Southern California median home price rose to $510,000, according to CAR. Median income was $52,310, with qualifying income at $119,530.


In the second quarter of 2004, the median home price was $457,400. Median income was $41,250, and qualifying income was $106,640.

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