Visalia has most affordable housing in state
Visalia had the best ratio of home prices to household income in state, but none of California is considered affordable
By Reggie Ellis @Reggie_SGN
VISALIA – California cities with affordable housing are no longer scarce, they are non-existent. But the San Joaquin Valley still maintains the most affordable housing market in the state with Visalia topping the list.
In a recent breakdown of metropolitan housing markets, HomeArea.com, an online resource site comparing economic data for cities across the country, ranked Visalia as having the most affordable homes. Cities were ranked after comparing local home prices with local incomes to answer the question, “how many years would it take for the median income to pay off the median home price?” Any score under “3” is considered affordable. Visalia was the only city to score below 4, with a score of 3.6, down from its previous score of 3.9. According to the 2017 American Community Survey, Visalia’s median household income was just over $207,000 and the median household income was just under $55,000 per year.
Clovis rose from No. 11 to No. 2 after improving its score from 4.7 down to 4.1. Bakersfield fell from No. 2 to No. 3 after its score increased from 4.0 to 4.2. Other Valley cities included Fresno at No. 12, Madera at No. 17, Merced at No. 35, and Lodi at No. 56.
California had an overall score of an estimated 7.1, a 0.6% increase from last year’s 7.0. Carson saw the biggest percentage increase in median multiple at 31.4%, and San Clemente saw the largest percentage decrease at -21.4%.