Contrary to popular belief, Fresno is by no means a small city. With a population of approximately 550,000, Fresno is the fifth largest city in the central valley of California, covering approximately 112 square miles. It is known for its various national parks, serene neighborhoods, craft breweries, and various wineries.
Is Fresno an affordable place to live?
In short, YES! Fresno is one of the most affordable cities in California. A recent survey revealed that Fresno is one of the cheapest places to live in the United States. On average, people who live in Fresno earn $69,000 per year, enough to afford a decent lifestyle in the area. The overall cost of living in Fresno is relatively low compared to that of neighboring cities like Los Angeles and San Francisco.
Many people have recently relocated to Fresno because of the low cost of living. Statistics show that the cost of living index in Fresno is 60% lower than the state average and only 7% higher than the national average. The low cost of purchasing a home in Fresno has caused a recent influx of new residents. According to Redfin, Fresno’s median home price in 2022 stands at approximately $360,000, which is nearly two times cheaper than the state average. Monthly rent prices are also two times cheaper compared to other major cities in California. The average rent for a decent-size apartment in Fresno is approximately $1,198 per month. The cost often falls even lower if you move to the outskirts of the city or any of its beautiful suburbs.
Fresno is the 5th largest city in California
As the 5th largest city in California, Fresno is starting to attract a lot of attention. The population of Fresno has been growing steadily over the past few years due to the large number of people from California’s major cities discovering the low cost of living in the area. Nearly half of the people who live in Fresno own a home, making housing in Fresno affordable compared to other major cities in California. Fresno is also one of the safest cities in California with fairly low crime rates. Even as the city continues to grow, traffic has not been a major issue in comparison to other major cities in California. The city is family-friendly, open-minded, diverse, and generally easygoing.
Central California’s low housing prices
If you are thinking of moving to Fresno, you probably want to know what it takes to secure a home. Fortunately, Fresno is one of the affordable cities in California. In terms of housing affordability, Fresno is four times cheaper than San Francisco and two times cheaper than Los Angeles. The average price of owning a home in Fresno is about $360,000 which is significantly lower compared to the cost of buying a home elsewhere in California, which averages at about $708,000. If you are planning to live in California and are searching for a city with affordable housing, then Fresno is a great fit for you.
Why are people moving to Fresno?
- Low cost of housing
One of the top reasons people are moving to Fresno is because of the low cost of living. The cost of housing in Fresno is two times cheaper compared to the average cost of owning or renting a house in California.
- Is Fresno a safe city?
Fresno is considered to be a safe city. The city has low crime rates compared to other cities like Los Angeles, San Jose, and San Francisco. Most neighborhoods in Fresno are safe both day and night.
- Culturally diverse
Fresno is one of the most diverse cities in California. Fresno hosts large populations of Hispanics, Chinese, Basque, Armenian, Portuguese, Japanese, Hmong, and many other cultures. Fresno is considered one of the most culturally diverse cities in California.
Why are houses in Fresno so cheap?
Most cities in California are known for their unattainably high housing costs. Fresno is one of the most affordable cities in California and is still among the cheapest large cities in the United States. Historically, the demand for houses is generally quite low compared to the supply, keeping the prices fairly reasonable. Unlike other California cities, where people struggle to find the perfect home that suits their needs, there are often many amazing properties listed in the Fresno housing market at great prices. However, things are starting to change and we are starting to see very competitive pricing and offers hitting the Fresno housing market.
If you’re looking at Fresno, we recommend getting in early. Get in touch with one of our agents today! We’d love to help you find the perfect Fresno home!