BAKERSFIELD, Calif. (KERO) \u2014 Bakersfield has long been considered one of California\u2019s more affordable housing markets, but rising home prices are making it increasingly difficult for local families to achieve home ownership. <\/p>\n
For Bakersfield resident Monica Sewell, purchasing a home required careful financial planning and realistic expectations from the beginning.<\/p>\n
\u201cOriginally going into this, we were not looking for our forever home,\u201d Sewell said.<\/p>\n
Like many first-time buyers, Sewell and her family had to make adjustments to stay within their financial limits.<\/p>\n
\u201cI will say that we did have to adjust our budget a bit to make sure that we weren\u2019t going to put ourselves in a hole,\u201d she explained.<\/p>\n
Sewell initially aimed for a budget around $300,000. However, with the average home price in Bakersfield now approaching $400,000 a 6.2% increase from last year finding an affordable home has become significantly more challenging. <\/p>\n
Just ten years ago, the city\u2019s average home price hovered closer to $200,000, highlighting how dramatically the market has changed.<\/p>\n
Local real estate expert Kevin Oliver says migration patterns within California are contributing to the price increases. <\/p>\n
According to Oliver, many buyers relocating from more expensive parts of the state arrive with financial advantages that local residents often cannot match.<\/p>\n
\u201cWe\u2019re seeing people come to Bakersfield from other parts of California,\u201d Oliver said. \u201cWe\u2019re not typically seeing them come in from other states. At the same time, we are seeing people leave here and move to other states.\u201d<\/p>\n
Oliver explained that homeowners selling properties in higher-priced regions often bring substantial equity with them, giving them greater purchasing power in Bakersfield\u2019s market.<\/p>\n
\u201cWhen you own a home in another part of the state that\u2019s more expensive, you may have more equity,\u201d Oliver said. \u201cSo when they sell and come here, their dollars go further.\u201d<\/p>\n
Even though Bakersfield remains more affordable than many California cities, rising prices continue to put pressure on local families trying to buy homes. Oliver believes one solution is increasing financial literacy among younger generations.<\/p>\n
\u201cWe need to educate our youth and younger adults on finances, how to save for a house, and how to budget for their future,\u201d he said.<\/p>\n
For Sewell, staying disciplined financially ultimately made homeownership possible. Before committing to their purchase, she and her family carefully reviewed every aspect of their finances to ensure they were making the right decision.<\/p>\n
\u201cWhen we put the offer on this house, we re-ran our numbers several times to make sure is this the home for us?\u201d Sewell said.<\/p>\n
Experts say that while the housing market remains challenging, smart budgeting and assistance programs offered through city and county resources can still help Bakersfield residents achieve homeownership goals.<\/p>\n
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