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