How Affordable is Real Estate in Your City?
A conversation that is coming up more often with COVID is the need to live and work in a city. With the absolute shut down for the extended period of time in these large cities, many people are not able to afford to live there anymore and are looking for other options. With California being one of the least affordable states to live, it certainly goes against the grain to say that it is also a city that celebrates affordable housing and affordability for new homeowners and first time buyers.
Bakersfield Housing Affordability
Being that an average home can still be purchased for under $300,000 in Bakersfield, many people can afford to still purchase a home in the area. For those first-time buyers, it becomes even better because they only have to bring in 3.5% of the purchase price to purchase their home under the FHA program. This means that if you are looking at a $300,000 house, you would only need to bring in a little over $10,000 for the down payment on that home. If you are looking in the rest of California that number could go up to double that, assuming FHA limits would increase that high.
Not to mention that when purchasing a home in Bakersfield, that $300,000 mortgage in Bakersfield, the payment will be around $1300/month which is less than rents in most markets, including most areas in Bakersfield. This also opens up the plans for investing in Bakersfield given the low down payments in some cases, the low housing prices that are increasing steadily, and the growth to the area given that Amazon distribution is coming, Target, Walmart, Ikea, and many more distribution centers are coming as well.
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