Real Estate Blog

Housing affordability falls in Fresno

Higher mortgage interest rates drove home affordability down as home prices remained flat during the third quarter of 2015, according to the California Association of Realtors.

In Fresno County, 49 percent of the area’s prospective buyers could afford to buy a median priced home, the association’s affordability report said, compared to 50 percent in the second quarter. Last year at the same time, 53 percent of the area’s buyers could afford to buy.

A Fresno buyer would have to make $44,570 a year to afford the county’s median-priced home at $220,860.

Affordability is down slightly in other central San Joaquin Valley counties too. In Madera County, 49 percent of the prospective households can buy. Kings County and Tulare County affordability levels are at 60 percent and 53 percent, respectively.

BoNhia Lee: 559-441-6495, @bonhialee

Housing Affordability Index

Region

Affordability Index

Median Home Price

Monthly Payment

Minimum Qualifying Income

Fresno

49

$220,860

$1,110

$44,570

Kings

60

$194,410

$980

$39,230

Madera

49

$215,910

$1,090

$43,570

Merced

55

$199,510

$1,010

$40,260

Tulare

53

$189,790

$960

$38,300

California

29

$487,420

$2,460

$98,350

Source: California Association of Realtors

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