Once again the San Francisco Bay Area ranks number one in the state. According to the California Association or Realtors (C.A.R.), the average San Francisco Bay Area household income falls $102,230 short of the qualifying annual income ($170,370) required to purchase a local median-priced home (the highest gap in the state).
Yes, the calculation assumes no more than 30% of a household’s income is used for housing expense, but the real kicker? The calculation also assumes an average 20% down payment ($144k).
· C.A.R. Homebuyer Income Gap Index™ Report [C.A.R.]