Low interest rates and minimal home price gains helped housing affordability in Madera County inch up in the third quarter of the year while the rest of the central San Joaquin Valley held steady, according to a report from the California Association of Realtors.
The slowdown in home price appreciation also increased affordability in some of the state’s high-priced areas including Santa Clara, San Francisco and Alameda counties.
In Madera County, 58% of prospective homebuyers could afford to buy a median-price home compared to 55% during the second quarter of the year, the quarterly housing affordability report said.
A buyer in Madera County would have to make at least $36,260 a year to afford the county’s median-priced home at $178,570.
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In Fresno County, 53% of the homebuyers could afford to buy a home. About 64% of the buyers in Kings County and 56% of the buyers in Tulare County could qualify to buy.
Kings, Madera, Tulare and Merced are among the top five most affordable counties in the state.