Rising home prices in Fresno and other California cities are shutting out potential home buyers, according to a quarterly housing affordability report.
In Fresno County, 61% of prospective home buyers could afford a median-priced single-family house compared to 64% during the first quarter of the year, the California Association of Realtors report said.
That means a buyer has to earn $33,050 a year to buy a $171,950 home in Fresno.
Home affordability was much higher during the second quarter of 2011. Back then about 79% of the buyers in Fresno could afford to buy a median-priced home.
Still, Fresno’s affordability level is better than the statewide figure. The percentage of home buyers who could afford to buy a median-priced home statewide fell to 36% compared to 44% in the first quarter.
A buyer would have to make $79,910 to buy a the $415,770 statewide median-priced home.
Home affordability, however, remains high in other Valley counties including Kings, Madera and Tulare. About 70% of the buyers in Kings County and 71% in Madera County could afford to buy a home while 66% could qualify in Tulare County.