(Note: I incorporated my paragraphs into the beginning stats since they fit my accordingly)
Alright. First off, I want to start this with informing you that I am a real estate investor and have an edge for this discussion. None of these stats are real life investment “rules” when looking at properties. When allowed more time, or if asked I will provide much more simple variables that are necessary for beginning investment. Disclosure, no investment is a “safe” investment. However, there are ways to make investing much safer.
Population: The total population of Fresno according to the census bureau is 522,053. Urban Statistics says it is over 900,000 https://suburbanstats.org/population/california/how-many-people-live-in-fresno-county. However, the important part is NOT the current population. What is important is the day by day, week by week, month by month increase in population. Even more important, why is the population growing? I invest in Fresno currently due to the high agricultural rates, development rates, and the bullet train which is creating jobs and demand. The population has increased over 120,000 in the past 10 years. What does that mean? More buyers. More renters. Potentially less jobs which is why the city is funding development. https://www.census.gov/programs-surveys/popest.html
The population under 18 years old that are currently housed is 148,000. This tends to also be irrelevant because what is more important is first time buyers. The average home for a first-time buyer is a 3bed 2bath. This can include new couples without children, and children on the way. Typically, if you are trying to determine housing for new families then you would look for investment properties situated near schools. These properties tend to hold a higher value. Population: over 65 is roughly 35,000 according to Urban Statistics https://suburbanstats.org/population/california/how-many-people-live-in-fresno-county.
Value: I purchased an investment property less than a year ago for $45,000. Because of this you can not calculate an investment purchase price. In that same neighborhood the average house was at the time about $130k. My rehab cost was $50k. It left a nice $30,000 dollar check after closing costs. I can’t provide my contracts, but when I can find them I will upload my analysis sheet. In old town the prices are the same due to the city governing development in old town for historical value. More expensive areas of Fresno range up to $400,000 on average. There are exceptions, https://www.zillow.com/homes/for_sale/Fresno-CA/18689298_zpid/18203_rid/globalrelevanceex_sort/37.048053,-119.250412,36.349973,-120.431443_rect/9_zm/
Value: The average Median is skyrocketing in Fresno. The Median is $225k predicated in the next year. It’s gone up over 10% in the last year. https://www.zillow.com/fresno-ca/home-values/
Fresno is 46.5% owner occupied and 53.5% renter occupied. I suspect this ratio to be skewed even more in skew of the renter as bullet train production increases. http://www.areavibes.com/fresno-ca/housing/
Number of Vacant housing is an unfair number in Fresno and has to be ignored. Some of the housing, a lot of the housing is sitting on property that has been bought by the city for demolition. Another issue is that in the poorer part of town investors, I spoke to over 100 while raising capital, refuse to invest in the North side even if the house is vacant. I did not find a stat on this, but I would also like to know how many owner-occupied houses are vacant.
As a buy and hold investor, I would NOT want my renters to be overly educated. Sounds messed up but Fresno is so cheap that rent is affordable being an average of $901 per month. Since housing is cheap the risk is low. When renting to an overly educated renter the terms tend to get tricky. The benefit is that both a person with a bachelors or atleast a high school degree is that they will be able to pay rent. 75% of people in Fresno have a Highschool degree yet only 21% have a bachelors. I find this skewed also because you have Fresno state. This stat would be constantly changing due to the students who lived there during school, and after. I admit not by much. http://www.towncharts.com/California/Education/Fresno-city-CA-Education-data.html
P.S. Be Sure to Check Out the Best How to Book Out there, by famed author Darrell Mitchell