Real Estate Blog

Fresno home affordability falls slightly as prices climb

File photo of Fresno home for sale.
File photo of Fresno home for sale. jwalker@fresnobee.com

Housing affordability was down slightly in Fresno and other central San Joaquin Valley counties during the second quarter of 2015 as demand drove spring home prices up.

In Fresno County, 50 percent of the area’s homebuyers made enough money to purchase a median-priced house compared to 51 percent during the first quarter of the year, according to the California Association of Realtors. Last year at the same time, 53% of the area’s buyers could afford to buy.

That means a Fresno buyer would have to make $43,340 a year to afford the county’s median-priced home at $219,030.

Affordability levels hit highs in the Valley during the first quarter of 2012 when 72 percent of Fresno’s buyers could afford to buy a home. Madera County saw an even higher level with 77 percent of its home shoppers able to buy. Now, only about half of Madera’s buyers can afford to buy a home.

The Valley still remains one of the most affordable areas of the state. Statewide, 30 percent of the potential homebuyers could afford to buy a home falling from 34 percent at the beginning of the year, but staying steady year-over-year. In San Francisco, only 10 percent of its residents could buy.

Housing affordability index

County

Q2 2015

Q1 2015

Q2 2014

Fresno

50

51

53

Kings

62

62

64

Madera

50

51

55

Merced

55

60

57

Tulare

54

57

56

Los Angeles

30

31

30

Sacramento

47

49

48

San Francisco

10

12

13

San Luis Obispo

28

30

23

Stanislaus

41

43

45

California

30

34

30

Source: California Association of Realtors

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