fresno county real estate

published on August 11, 2022 - 2:58 PM
Written by Edward Smith

Housing affordability in the Golden State slipped further away in the spring, according to new home price data.

The California Association of Realtors found that only 16% of Californians could afford the $883,370 median home price recorded statewide in the second quarter of 2022.

—24% of homeowners could afford the median home price in Q1 2022

—23% of homeowners could afford the median home price in Q2 2021.

In Fresno County, the median home price was $424,500, with $95,600 in annual income needed to qualify for a mortgage. Using median income data, that means 31% of household populations could afford a mortgage in that time period, compared to 37% in Q1 and 43% a year ago.

—Average monthly payment, including taxes and insurance, comes out to $2,390.

—Household Fresno median income was $57,109 in 2020, according to U.S. Census data

Tulare County fell further quarter-over-quarter with only 34% of households able to afford the median home price of $371,000. That is a 7-point drop from 41% in Q1 and a nine-point drop from Q2 2021.

—$83,600 annual income was required to purchase the median-priced home in Tulare County.

—Average monthly payment totaled $2,090 for mortgage, taxes and insurance.

—Median income for Tulare County households averaged $52,534 in 2020, according to U.S. Census data.

In Kings County, 39% of households could afford the median-priced home of $357,000. That is a decline from 51% in Q1 and 56% in Q2, 2022.

 —Income of $80,800 was needed to qualify for a mortgage

 —Average monthly payments totaled $2,020 for mortgage, taxes and insurance.

—Households in Kings County earn an average $61,556 annually according to U.S. Census data.

Only 32% of households could afford the $420,140 median-priced home in Madera County. Thirty-eight percent could afford that in Q1 and 44% a year ago.

—$94,800 in income was needed to qualify for a mortgage.

—Houses paid an average $2,370 a month for mortgage, taxes and insurance.

—Households in Madera County make an average $52,534 annually according to U.S. Census data.

For the state as a whole, Lassen (54 percent) remained the most affordable county in California in the second quarter of 2022, followed by Kings (39 percent), Glenn (36 percent) and Shasta (36 percent).


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