Please ensure Javascript is enabled for purposes of website accessibility
California's Best City to Invest in Rental Housing? It's Madera
By admin
Published 2 years ago on
June 19, 2023

Share

Getting your Trinity Audio player ready...

California rental housing investment returns may lag behind the rest of the country, but Central Valley cities have the biggest gains in the state.

Zillow data show rent in Madera will pay back a 20% down payment — the typical amount needed for a rental property — faster than anywhere else in the state. Real estate website Agent Advice compiled the data.

Three Years to Get a Down Payment Back in Madera

At an average rent of $2,195 a month, .57% of the average home value, it only takes 36 months to pay off the down payment, four months shorter than the national average of 40 months. The state average to pay back a down payment is 50 months, due in large part to very high average property values, the report stated.

Hanford, Visalia, Fresno, and Bakersfield round out the top five, in that order.

Madera’s year-over-year rental rate increases far outpace the other four cities. Zillow’s rent index — which includes apartments — shows rents growing 17.4% to $1,997 a month in May. Rent hikes in the other four cities hovered around 5%.

  • Hanford 5.8% to $1,774
  • Visalia 5.1% to $1,720
  • Fresno 5.1% to $2,005
  • Bakersfield 4.7% to $1,754
This chart from the real estate brokerage website Agent Advice shows the top 10 cities in California for the best returns on rental properties. (Screengrab)

Madera Population Growth Modest, Bakersfield Trends Fastest

Population growth in Madera falls behind other cities in the ranking. Of the top five, Bakersfield has undergone the biggest population boom over the past five years, growing 6.15% to 408,373 as of Jan. 1, according to the California Department of Finance. Madera only grew 1.7% to 65,540 people. Visalia has grown 5.37%, with a population of 143,031 people.

For landlords competing with housing affordability, Madera County has one of the highest housing affordability ratings in the Central Valley. Approximately 54% of households can afford an entry-level home in the county, according to the California Association of Realtors. Tulare and Kings counties have slightly higher shares with 55% of households able to afford an entry-level home.

The state affordability average is 36%.

RELATED TOPICS:

DON'T MISS

‘It’s Living Hell’: Nurses Say CA Addiction Recovery Program Ended Their Careers

DON'T MISS

Santa Who? Bizarre Christmas Traditions Stealing the Holiday Spotlight

DON'T MISS

New Decisions Boost California’s Zero-Emission Vehicle Mandate, but Major Hurdles Remain

DON'T MISS

Only $20K More to Bring Dolly Parton’s Imagination Library to Fresno

DON'T MISS

Jeffrey Sachs Warns of Looming US War With Iran

DON'T MISS

Cat House on the Kings Urgently Needs You to Donate Dollars and Adopt Your New Best Friend

DON'T MISS

The Surprising Sexual Politics of Nicole Kidman’s Kinky ‘Babygirl’

DON'T MISS

Why It’s Hard to Control What Gets Taught in Public Schools

DON'T MISS

FDA Approves Weight-Loss Drug to Treat Obstructive Sleep Apnea

DON'T MISS

In a Calendar Rarity, Hanukkah Starts This Year on Christmas Day

UP NEXT

Santa Who? Bizarre Christmas Traditions Stealing the Holiday Spotlight

UP NEXT

New Decisions Boost California’s Zero-Emission Vehicle Mandate, but Major Hurdles Remain

UP NEXT

Only $20K More to Bring Dolly Parton’s Imagination Library to Fresno

UP NEXT

Jeffrey Sachs Warns of Looming US War With Iran

UP NEXT

Cat House on the Kings Urgently Needs You to Donate Dollars and Adopt Your New Best Friend

UP NEXT

The Surprising Sexual Politics of Nicole Kidman’s Kinky ‘Babygirl’

UP NEXT

Why It’s Hard to Control What Gets Taught in Public Schools

UP NEXT

FDA Approves Weight-Loss Drug to Treat Obstructive Sleep Apnea

UP NEXT

In a Calendar Rarity, Hanukkah Starts This Year on Christmas Day

UP NEXT

A Look at the $100 Billion in Disaster Relief in the Government Spending Bill

Only $20K More to Bring Dolly Parton’s Imagination Library to Fresno

19 hours ago

Jeffrey Sachs Warns of Looming US War With Iran

1 day ago

Cat House on the Kings Urgently Needs You to Donate Dollars and Adopt Your New Best Friend

1 day ago

The Surprising Sexual Politics of Nicole Kidman’s Kinky ‘Babygirl’

2 days ago

Why It’s Hard to Control What Gets Taught in Public Schools

2 days ago

FDA Approves Weight-Loss Drug to Treat Obstructive Sleep Apnea

2 days ago

In a Calendar Rarity, Hanukkah Starts This Year on Christmas Day

2 days ago

A Look at the $100 Billion in Disaster Relief in the Government Spending Bill

2 days ago

It’s Eggnog Season. The Boozy Beverage Dates Back to Medieval England but Remains a Holiday Hit

2 days ago

9-Year-Old Among 5 Killed in Christmas Market Attack in Germany

2 days ago

‘It’s Living Hell’: Nurses Say CA Addiction Recovery Program Ended Their Careers

Bobbie Sage thought nursing would be her salvation. She was trapped in an abusive relationship with four kids and looking for a steady incom...

18 hours ago

18 hours ago

‘It’s Living Hell’: Nurses Say CA Addiction Recovery Program Ended Their Careers

18 hours ago

Santa Who? Bizarre Christmas Traditions Stealing the Holiday Spotlight

19 hours ago

New Decisions Boost California’s Zero-Emission Vehicle Mandate, but Major Hurdles Remain

19 hours ago

Only $20K More to Bring Dolly Parton’s Imagination Library to Fresno

1 day ago

Jeffrey Sachs Warns of Looming US War With Iran

1 day ago

Cat House on the Kings Urgently Needs You to Donate Dollars and Adopt Your New Best Friend

2 days ago

The Surprising Sexual Politics of Nicole Kidman’s Kinky ‘Babygirl’

2 days ago

Why It’s Hard to Control What Gets Taught in Public Schools

Help continue the work that gets you the news that matters most.

Search

Send this to a friend