Home Affordability in Clovis, CA
The median home price in Clovis is $420,000 with a median household income of $71,283. Housing is significantly stretched relative to local incomes.
Median Home Price
$420,000
Median Income
$71,283
Price-to-Income Ratio
5.9x
Est. Affordable Home
$277,000
Property Tax Rate
0.75%
Annual Property Tax
$3,150
Sales Tax Rate
8.97%
Cost of Living Index
105
Buying a Home in Clovis
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $71,283 in Clovis can afford a monthly housing payment of approximately $1,663. This translates to a home price of roughly $277,000, which is below the median home price of $420,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Clovis would be approximately $3,150 per year ($263/month) at the effective rate of 0.75%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $12,600 | $407,400 | Yes |
| 5% | $21,000 | $399,000 | Yes |
| 10% | $42,000 | $378,000 | Yes |
| 20% | $84,000 | $336,000 | No |
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