November 7, 2005

California Home Buyers Falling Short

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California Home Buyers Falling Short

- by Jeff Hoffman

© Jeff Hoffman- All Rights reserved
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Last week the California Association of Realtors® (C.A.R.) released their Homebuyer Income Gap Index™ (HIGI) report for the third quarter of 2005. This new study shows that "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".

As reported in this article the gap isn't getting any narrower. "The Homebuyer Income Gap Index™ for California increased 33.7 percent during the third quarter of 2005 compared with the third quarter of 2004, when the gap stood at $55,220, the median household income was $52,940, and qualifying income needed to purchase a median-priced home at $461,850 was $108,150."

It comes as little surprise to those of us who call northern California home that the widest gap in the state of California is in the San Francisco Bay area.

See the entire article here: California home buyers face gap between income and home prices

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Jeff Hoffman is the President of Hoffman Realty Group, Inc. and has assisted in over 100 relocation transactions during his real estate career. He is the creator of a powerful home selling system designed for the home seller not the real estate agent. To learn more about his Smart Seller Home Selling System visit
www.SmartSellerListing.com

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