BAKERSFIELD, Calif. (KGET) — A new report shows Bakersfield broke the top 100 for most expensive rental market in the nation last month. Meanwhile, the city ranked as the 12th most affordable city in the U.S. when buying a home.
Zumper, the largest privately-owned rental platform in North America, says Bakersfield ranked as the 70th most expensive rental market in the U.S. in August. The report says prices of one and two-bedroom units came in at medians of $950 dollars and $1,200 dollars. The price of one-bedroom apartments in Bakersfield is up 17 percent since this time last year. That’s significantly higher than the national average, which saw prices rise 10.7 percent.
To view Zumper’s full report, visit here.
Meanwhile, the latest RealtyHop Housing Affordability Index lists Bakersfield as the 12th most affordable city in the nation when it comes to purchasing homes.
RealtyHop says families need to set aside just more than 21 percent of their annual income toward mortgage payments and property taxes. For comparison, the average family wanting to purchase a home in the most expensive housing market, New York City, would need to spend more than 82 percent of their income on housing costs.
To view RealtyHop’s full report, visit here.