Central Valley homes remain cheaper
than state median prices

By: Dennis Valera   

Posted: May 18, 2017

FRESNO, Calif. - It's pretty cheap getting a house in Fresno
and the surrounding area, at least compared to other places. A report by the
California Association of Realtors (CAR) shows housing costs remain to be
fairly affordable in the region.

Bert Andrews has owned his house in Fresno since 1970. He
said the affordability of the area prompted him to stay this long.

"There has been decay in some places, but I think our
area right here has remained pretty stable," he said.

New data from CAR's Housing Affordability Index shows people
don't need as high of incomes to buy a home, especially compared to areas like
San Francisco and Los Angeles.

Statewide, 32 percent of Californians can afford a median
priced home, which is $496,620. The minimum qualifying income for that price is
$102,050.

In Fresno, Kings, Madera, Merced and Tulare counties – the
average median home price is $226,300. That makes the average minimum
qualifying income $46,502.

Brandon Gonzales has been in real estate in Fresno for 12
years. He said while affordability remains a big draw, there has been a
shortage of inventory lately.

"[Homeowners] are staying in their homes a little
longer. They're remodeling the home versus upscaling or moving into something
larger."

However, even with the lack of inventory, Gonzales said the
affordability will bring more than homeowners to Fresno and the rest of the
Central Valley.

"Some tech companies are peeking their head in our
area," he said. "We obviously welcome from a job standpoint, but
we'll also need to be ready form an infrastructure standpoint."

Here is how the counties in our area shaped up:

Fresno County - Median Home Price: $238,000 / Min.
Qualifying Income: $48,910

Madera County - Median Home Price: $238,000 / Min.
Qualifying Income: $48,910

Merced County - Median Home Price: $228,500 / Min.
Qualifying Income: $46,950

Kings County - Median Home Price: $215,000 / Min. Qualifying
Income: $44,180

Tulare County - Median Home Price: $212,000 / Min.
Qualifying Income: $43,560

http://www.yourcentralvalley.com/news/central-valley-homes-remain-cheaper-than-state-median-prices/716754481