Written by The Business Journal Staff
It was easier for most households in Fresno, Madera and Tulare counties to purchase a single family home in the fourth quarter of 2017, according to the latest data by the California Association of Realtors.
The latest affordability index found that 46 percent of Fresno households could afford to purchase a home in the fourth quarter, down from 49 percent in the same quarter of 2016.
The California Association of Realtors reported that Fresno’s median home price in the fourth quarter was $259,900, with a monthly payment including taxes and insurance of $1,310. Fresno’s minimum qualifying income to buy a home was $52,480.
Home ownership was also more affordable in Madera County, where 47 percent of households in the fourth quarter were able to purchase a home with a monthly payment of $1,230 and minimum qualifying income of $49,260.
In the fourth quarter of 2016 in Madera County, 49 percent of households could afford a home.
In Tulare County, the home affordability index was 52 percent last quarter, compared to 49 percent in the fourth quarter of 2016. Tulare’s median price in the fourth quarter was $220,000, with a monthly payment of $1,110 and minimum income of $44,420.
Kings County was the only Central Valley county where Q4 affordability dipped on an annual basis.
In Kings County, 52 percent of households could afford a home in the last quarter, up from 49 percent in the fourth quarter of 2016.
Kings County’s median home price was $225,000 in the last quarter, with a monthly payment of $1,140 and minimum income of $45,430.
Houses statewide were slightly more affordable in the last quarter, with an index of 29 percent compared to 31 percent from the comparable quarter of 2016.