Bakersfield is the most affordable housing market among larger cities in the state, according to SmartAsset.
The financial technology company created an affordability index using what it says was “a holistic approach,” examining closing costs, taxes, insurance and mortgage payments.
SmartAsset weighed the total housing costs against median income.
Bakersfield ranked most affordable in California and No. 38 nationally, with an affordability index of 60.
Bakersfield by the numbers, according to the SmartAsset study:
- Average closing costs: $2,568
- Annual property tax: $2,440
- Annual homeowner’s insurance: $530
- Average annual mortgage payment: $9,381
- Median income: $57,095