NBC 4 - House and Home - Houses Slip Further Out Of Californian's Reach
LOS ANGELES -- Slightly less than a quarter of Californians can afford to buy a median priced home, down from about 30 percent last year, a report released Thursday by the California Association of Realtors showed.

The minimum annual household income needed to buy a median-priced home at $394,300 in February was $91,690, based on a 30-year, fixed-rate mortgage at 5.74 percent and a 20 percent downpayment, according to CAR. In February 2003, when the median price was $326,640 and the prevailing interest rate was 5.93 percent, CAR calculated the minimum annual income needed to buy a home was $77,220. Southern California's high desert area was most affordable area, with 55 percent of families earning enough to buy a median priced home.

---------------
And that is why people are spending four hours per day in their cars. Thanks to Fred Pilot for sending this link.