Home affordability remained even in the central San Joaquin Valley during the first quarter of the year compared to the end of last year as interest rates stayed low and home prices stabilized.
But affordability levels have dropped since 2012 when nearly three-quarters of the Valley’s prospective buyers could afford a home, according to the California Association of Realtors.
In Fresno County, 51% of the area’s homebuyers made enough money to purchase a median-priced house compared to 53% at the end of last year, the association’s quarterly affordability report said. A buyer in Fresno would have to make $42,060 a year to afford the county’s median-priced home at $212,200.
Back in the first quarter of 2012, 72% of Fresno’s buyers could buy a home. Affordability in Madera was high at 77% while Kings and Tulare counties saw levels around 75%. Now, the area’s affordability hovers between 51% and 62%.
That’s still better than the statewide percentage at 34% and exceptionally high compared to San Francisco where only 12% of its buyers can afford to buy a home.