Written by Gabriel Dillard
It’s getting a little harder to afford a home in the Central Valley, according to new data from the California Association of Realtors (CAR).
For the second quarter, 50 percent of Kings County and 48 percent of Tulare County residents could afford to buy a median-priced, single-family home, according to CAR’s Traditional Housing Affordability Index. Affordability dropped in those two counties compared to the same quarter of last year, when both Kings and Tulare were at 52 percent.
In Fresno County, 47 percent of residents could afford a home, unchanged from the same period of 2017.
Madera County was the only Central Valley market where affordability improved. Fifty-two percent of residents there could afford a home, compared to 44 percent a year ago.
In Fresno County for the second quarter, the median home price was $268,390, with a monthly payment including taxes and insurance of $1,420 and minimum qualifying income of $56,890.
For Madera County, the median price was $238,000, with a monthly payment of $1,260 and minimum income of $50,450.
The median price was $235,000 in Kings County, with a monthly payment of $1,250 and minimum income of $49,810.
Tulare County’s median price was $233,000, with a monthly payment of $1,230 and minimum income of $49,390.
Statewide, housing affordability was at its lowest level in 10 years. The percentage of home buyers who could afford to purchase a home in California in second-quarter 2018 fell to 26 percent from 31 percent in the first quarter of 2018 and was down from 29 percent in the second quarter a year ago.
During the second quarter of 2018, the most affordable counties in California were Lassen (64 percent), Kern (53 percent), Madera (52 percent), Tehama (51 percent) and Kings (50 percent).