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Bakersfield Mortgage Facts

Bakersfield Introduction

Bakersfield, the county seat of Kern County, is the third largest inland city in California (after Fresno and Sacramento). Bakersfield is also one of the fifteen largest cities in California and 60 largest cities in the united States. US Census 2005 estimates place the population of Bakersfield at nearly 290,000 people. This is an increase of approximately 40,000 people since the 2000 census. Bakersfield is located an hour and fifty minutes north of Los Angeles, an hour and forty-five minutes south of Fresno, and nearly four hours southeast of San Jose.

Bakersfield Neighborhoods

Bakersfield is a one-time past finalist, and one-time winner of the prestigious "All-America City Award" awarded by the National Civic League. Neighborhoods in Bakersfield include: Alta Vista, Amberton, Avalon, Bakersfield College, Benton Park, Brighton Estates, Brimhall Classics, Burlington Homes, Campus Park, Central, Coral Keys, Downtown Bakersfield, Fairfax, Fairgrounds, Fox Run, Fruitvale, Gosford, Grand Island, Granite Pointe, Greenacres, Greystone, Haggin Oaks, Hidden Cove, Kayandee, Kern City, La Cresta, Laurelglen, Madison Grove, Meadow Stone, North Bakersfield, North Meadows, Northeast, Northwest, Northwoods, Oleander, Olive Drive, Olive Park, Park Stockdale, Pheasant Run, Polo Grounds, Quailwood, Rio Bravo, River Oaks, River Walk, Riverlakes, Seven Oaks, Shilo Estates, Silver Creek, Silver Oak, Southeast, Southwest, Spring Meadows, Stockdale Estates, Stockdale Ranch, Stockdale Villa, Stonecreek, The Oaks, The Seasons, The Vineyards, Venola, Villages of Brimhall, West, Westchester, Westdale, Westwood, and Wible Orchard, Winter Ridge Estates.

Bakersfield Real Estate

According to US Census estimates, there were 100,583 housing units in Bakersfield in 2005. Of those, 93.6 were occupied (above the national average - 89.2%), and 63% were owner occupied (below the national average - 66.9%).

Bakersfield's rapid growth is evident in the relative youth of its housing. Over a third of Bakersfield housing units have been built since 1990, with 13.7% having been built since the turn of the century. 19.9% of Bakersfield homes were built in the 1980s, 25% were built in the 1960s and '70s, and 21% were built prior to 1960.

69.0% of the housing units in Bakersfield are heated by utility gas, with the majority of the remainder (28.5%) being heated by electricity.

By California standards, Bakersfield homes are very affordable. The median price of an owner occupied home in Bakersfield was $263,000, which is above the national average of $167,500. 2005 home values represent appreciation from 2000, when the median price was $106,500, which was below the national average at that time.

In 2005, the median monthly owner costs for a Bakersfield owner occupied home were $1,409, which was above the national average of $1,295 at that time. 78.6% of Bakersfield's owner occupied homes had a mortgage in 2005 according to US Census estimates. In addition, 23.4% had a second mortgage and/or a home equity line.

Bakersfield Property Taxes

In 2005, the median property tax bill for an owner occupied home in Bakersfield was $1,862. The Kern County Treasurer and Tax Collector collects the taxes for Bakersfield. The Kern County Assessor/Recorders Office is responsible property assessments in Bakersfield.

Bakersfield Schools

Bakersfield's school age children are served by several school districts, including the Bakersfield City School District (BCSD) and the Kern County High School District. BCSD has 33 elementary schools, 8 middle schools, 2 alternative schools, and 1 magnet school. BCSD has six schools that have earned Distinguished School Awards from the California School Recognition Program since 2000.

There are several colleges and universities in Bakersfield, including Bakersfield College and California State University at Bakersfield (CSUB).

Bakersfield Economy

Oil and agriculture are big drivers of the Bakersfield economy. Kern County is the leading oil producing county in the continental United States and among the top agricultural producers. The largest carrot-producing operations in the world, Grimmway Farms and Bolthouse Farms are located in Bakersfield.

The industries that employ the largest number of workers in Bakersfield are: government; agriculture; and trade, transportation and utilities. Some of the largest employers in Bakersfield include: the County of Kern, Giumarra Farms, Grimmway Farms, Bolthouse Farms, Bakersfield Memorial Hospital, and the City of Bakersfield. The fastest growing occupations in Bakersfield include: Systems Analysts, computer support specialists, petroleum refinery control panel operations, computer engineers, and respiratory care practitioners.

In 2005, the median family income in Bakersfield, California was $51,601. This was below the national average at that time ($55,832).

Bakersfield and California Mortgage and/or Real Estate Organizations

Bakersfield Mortgage Statistics

CategoryValue
Homes With No Mortgage18%
With A Mortgage82%
First Mortgage Only63%
Second Mortgage or Home Equity Loan19%
Second Mortgage Only14%
Home Equity Loan Only5%

Bakersfield Housing Expenses

CategoryValue
Owner Costs as % of Income22%
Median Real Estate Taxes (2000)$1,422

Bakersfield Household Size

CategoryValue
Total Occupied83,428
1-Person Households22%
2-Person Households28%
3-Person Households17%
4-Person Households17%
5-Person Households9%
6-Person Households4%
7+-Person Households3%

Bakersfield Housing Stock

CategoryValue
Median Year Built1979
Median Year Built (Owner Occupied)1982
Median Year Built (Renter Occupied)1975

Bakersfield Home Heating

CategoryValue
Using Utility Co. Gas Heat78%
Using Bottled/Tank Gas Heat1%
Using Electric Heat20%
Using Oil Heat0%
Using Coal0%
Using Wood Heating0%
Using Solar Heat0%
Other Heating0%
No Heating0%

Bakersfield Housing Size

CategoryValue
No Bedrooms2%
1 Bedroom3%
2 Bedrooms14%
3 Bedrooms56%
4 Bedrooms22%
5+ Bedrooms2%
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