Written by The Business Journal Staff
The housing market in Fresno has been found to be among the healthiest in the country for large cities, according to a study by SmartAsset, an online financial decision-making site.
The study, which included 70 cities in the United States, ranked Fresno at No. 30. The study was conducted on cities with a population of greater than 200,000.
Fresno was also found to have the ninth best market in California.
“A healthy housing market is both stable and affordable,” the study said. “Homeowners in a healthy market should be able to easily sell their homes, with a low risk of losing money in the long run.”
The health of the markets was determined by stability, affordability, fluidity and risk of loss. However, the study also showed that Fresno had the highest average number of homes in California with negative equity — 12.8 percent.
Homes in Fresno had an average of 12.1 years living in the home and 30.5 days on the market before being sold. About 5.6 percent of Fresno homes are decreasing in value, and home costs are, on average, 23.2 percent of income.
The city with the healthiest market in California was Fremont, which also ranked second nationally behind Buffalo, New York.