Home prices are up, but mortgage interest rates have remained low.
What does that mean for affordability?
The Bee’s sister paper, The Sacramento Bee, has a nifty interactive graphic that shows you how much you need to make to afford a median-priced house, assuming a 20% downpayment.
The graphic uses data from real estate website Zillow. Hover your mouse over the state map and get a detailed breakdown on the median price of a home, the monthly payment, and income needed to buy the home with a 20%, 10% or 5% down payment.
In the city of Fresno, a household would need to make $38,000 a year to afford the median-priced home at $198,275 with a 20% down payment. In Clovis, a buyer would need to make $54,000 to buy a home at $271,500.
Want more? Visit this website to see how much money you’d need to make to afford buying a home.