As previously noted, the population of Bakersfield is 372,680 and the median age is 30.5. Among Bakersfield residents, there is a homeowner vacancy rate of 1.2% and a rental vacancy rate of 5.1% from a total of 122,829 units.
Is Bakersfield a good rental market?
With the year-over-year rise in Bakersfield home prices, it stands in the top 10% nationally for real estate appreciation. Bakersfield real estate has appreciated 150.36 percent over the last decade, equating to an annual appreciation rate of 9.61 percent on average.
Why is rent so high in Bakersfield?
“That’s called L.A. prices.” Bakersfield’s housing market has tightened drastically in recent years as a shortage of both apartments and homes for rent has met with heightened demand from people moving in from outside the area during the pandemic’s loosening of in-person workplace restrictions.
What is the vacancy rate in California?
Rental Vacancy Rate for California (CARVAC) Download
| 2021: | 4.3 |
|---|---|
| 2020: | 4.0 |
| 2019: | 4.2 |
| 2018: | 4.4 |
| 2017: | 4.3 |
Why is Bakersfield real estate so cheap?
The reason why housing is much more affordable in Bakersfield than in any other area is that the city does not have the same income earning potential as surrounding areas. In turn, the housing demand is not as strong hence the prices are lower.
Will house prices go down in Bakersfield CA?
It is also 16.9 percent higher than November of 2020. California’s overall median home price declined 2 percent since October to $782,480, with Bakersfield’s median home price 57 percent below that, according to the report.
Is Bakersfield good place to invest?
Known as the West Coast capital of country music, Bakersfield is otherwise a low-profile city in the Kern County. Since it has more culture than ever before, its student population is thriving, which makes it a great place for investing in commercial properties.
How much can I raise rent in Bakersfield CA?
(KBAK/KBFX) — The state of California recently passed AB 1482, a rent control bill intended to help ease the housing crisis across the state. Under the new law, landlord s will only be able to raise the rent for an existing tenant by five percent after inflation, annually for a ten year period.
Is Bakersfield CA growing?
The California Department of Finance has released its annual population estimates for the state as of January 2021 and it shows Bakersfield continues to grow! The new population estimate has crept even closer to the 400,000 mark, with an estimate of 397,392.
How healthy is Bakersfield real estate?
Bakersfield Home Appreciation Rates
Bakersfield real estate appreciated 145.23% over the last ten years, which is an average annual home appreciation rate of 9.38%, putting Bakersfield in the top 10% nationally for real estate appreciation.
What is a normal vacancy rate?
Regional & State Vacancy
| State | Vacancy Rate 2022Q1 | Change from 2021Q4 |
|---|---|---|
| California | 3.8% | 8.6% |
| Colorado | 3.4% | -34.6% |
| Connecticut | 4.7% | 0.0% |
| Delaware | 3.3% | -40.0% |
What percent of Californians are renters?
Renter Fraction in California
This measure looks at the number of renting households in California as a fraction of total California households. In 2019 45.14% of households were renters according to Census ACS data.
What percent of Californians live in apartments?
But California Has the Most Apartment Dwellers
The Golden State only has around 17 percent of its population in apartments, but that represents more than 6.7 million people or 2.1 million more than New York.
What is the best area in Bakersfield CA?
The 9 Best Neighborhoods in Bakersfield, CA | ULTIMATE 2022 Guide
- Tevis Ranch – On the Outskirts of Town.
- Quailwood – Easy Access to Outdoor Activities.
- Amberton – Little, but Lovable, Bakersfield Neighborhood.
- CSU Bakersfield – California State University Neighborhood.
- Oleander Sunset – Most Affordable Living.
How much do you need to make to live in Bakersfield CA?
The recommended salary in Bakersfield is $3,650 per month or $43,800 annually. This total reflects a salary that would allow a renter to live comfortably and afford to cover the median rent for a one-bedroom apartment which sits at $1,095.
Is the housing market going to crash in 2022?
Based on this data, Capital Economics has forecast house prices to rise throughout 2022, before falling by 5% in 2023.
Will home prices drop in 2023 California?
House prices will also decline as affordability constraints bite, but tight markets and a lack of forced sellers means we expect the drop to be relatively modest, with annual growth falling to -5% by mid-2023,” wrote Capital Economics in its latest outlook.
How much does it cost to build a house in Bakersfield CA?
between $350,000 and $400,000
How much does it cost to build a home in Bakersfield. The average cost to build a house in Bakersfield is between $350,000 and $400,000. The cost can be higher or lower depending on a number of factors: The type of house and where’s it built (on-site vs.
Where is the armpit of California?
Bakersfield
Bakersfield is the armpit of California (and possibly America).
Does Bakersfield have a high crime rate?
Homicides in Bakersfield shattered the previous record of 45 set in 2020, rising to 60 last year. Rapes, too, increased last year, jumping from 104 in 2020 to 135 in 2021. Still, burglaries decreased in 2021, falling to 2,618 from 3,133 in 2020.
How much can a landlord raise rent in Bakersfield California 2022?
10%
That’s because California’s AB-1482 rent control law caps the maximum allowable annual rent increase to only 10%. So in most cities and situations, California landlords who are not exempt from rent control can only raise the rent by a minimum of 5% and a maximum of 10% starting August 1, 2022 until July 31, 2023.