The report from RealtyHop noted that Bakersfield maintained its hold on the number five spot it held last month. According to the report, “Bakersfield rounds out the top five affordable cities for the second straight month. Real estate prices rose slightly, leading to a modest 0.92% increase in homeownership burden. The average family in Bakersfield would need to allocate $1,094 per month toward the costs of owning a home, equating to 21.87% of annual income.”
In its study of the 100 largest cities in the nation, RealtyHop found the five most-affordable cities for homeownership in June were Detroit, Wichita, Fort Wayne, Cleveland and Bakersfield. The five least-affordable cities were Los Angeles, Miami, New York City, San Francisco and Newark.