Bakersfield is one of the top five most affordable housing markets in the nation, according to a new ranking by RealtyHop.
Bakersfield ranked fifth in the November installment of the company’s Housing Affordability Index, with a median home price of $219,900. Residents only need to allocate nearly 22 percent of their annual income to own an average-priced property.
Bakersfield almost didn’t make the top five this month, as RealtyHop said there was a 3.5 percent increase in its homeownership burden index. The report didn’t specify what led to this increase.
Bakersfield has been in the fifth spot since the September report, according to company records.
Los Angeles was the least affordable city in the ranking. Another California city, San Francisco, wasn’t far behind at the No. 3 spot.
The rankings are determined by analyzing data from the RealtyHop database as well as census data.