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How Affordable is Real Estate in Your City?

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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. 

Buyer’s Resources

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.  

Bakersfield: A Growing City With A Small Town Feel

Study ranks Bakersfield as nation’s most affordable place to live

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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Synergy Real Estate & Property Management
Sunny Advani
661-770-7382
sunny@re-synergy.com
Personal Lic # 01869864
Office Lic # 02012941

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About The Author
Sanjeev Advani

• Hundreds of Investment Real Estate transactions successfully closed • 350+ Units currently under Property Management • 3+ Years of Construction Management Experience • Certified Property Manager, CCIM (In Progress) • Bachelors in Finance • Bakersfield, CA Native Deep Dive: I have been licensed in real estate for almost 10 years, and I have been specializing in investment and commercial real estate for the past 6 years. Through the years I have worked with Real Estate Developers, Investors, Average Joes, and many more. I am a Bakersfield native, and my educational background is in Finance. I have just completed the CPM (Certified Property Manager) certification which is one of the most prestigious designations in the Property Management Industry, with less than 1800 members world wide. I am also the President of the Board for Habitat for Humanity Golden Empire, the Vice President of the Board for Income Property Association of Kern County (IPAK), and Vice Chair of the Commercial Investment committee at the Board of Realtors. I look forward to working with you towards your real estate investment goals. Sunny Advani California Agent Lic# 01869863 | California Broker Lic# 02012941 Email: Sunny@RE-Synergy.com | Phone: +1 661 235 5726