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Old Posted Mar 5, 2007, 7:11 PM
innov8's Avatar
innov8 innov8 is offline
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Sacramento most affordable housing market in the state

Sacramento most affordable housing market in the state

Sacramento Business Journal - 9:52 AM PST Monday, March 5, 2007

About two of every five first-time homebuyers could afford a home during the fourth quarter in Sacramento County, a slight increase from the third quarter -- and a much better rate than home-shoppers statewide.

The county's affordability index inched up to 41 percent, from 38 percent in the third quarter and 40 percent in fourth-quarter 2005, according to a California Association of Realtors report released Friday. The county had the highest affordability rating in the state, tied with Fresno County and the High Desert, which includes the cities of Lancaster and Palmdale.

Statewide, the affordability index improved to 25 percent, compared with 24 percent in third-quarter 2006 -- and a bit lower than the 27 percent rate in fourth-quarter 2005. Los Angeles, Santa Barbara and San Francisco counties have the lowest affordability rates at 19 percent in the state.

The affordability rate for first-time homebuyers is based on the county's median home price and the median income. Sacramento County's affordability rate is based on a median home price of $310,340 and median annual income of $62,900, which would create a monthly mortgage payment of $2,100 including property tax and insurance.

http://sacramento.bizjournals.com/sa...l?surround=lfn
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Old Posted Mar 6, 2007, 4:24 AM
greenmidtown greenmidtown is offline
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Originally Posted by innov8 View Post
Sacramento most affordable housing market in the state

Sacramento Business Journal - 9:52 AM PST Monday, March 5, 2007

About two of every five first-time homebuyers could afford a home during the fourth quarter in Sacramento County, a slight increase from the third quarter -- and a much better rate than home-shoppers statewide.

The county's affordability index inched up to 41 percent, from 38 percent in the third quarter and 40 percent in fourth-quarter 2005, according to a California Association of Realtors report released Friday. The county had the highest affordability rating in the state, tied with Fresno County and the High Desert, which includes the cities of Lancaster and Palmdale.

Statewide, the affordability index improved to 25 percent, compared with 24 percent in third-quarter 2006 -- and a bit lower than the 27 percent rate in fourth-quarter 2005. Los Angeles, Santa Barbara and San Francisco counties have the lowest affordability rates at 19 percent in the state.

The affordability rate for first-time homebuyers is based on the county's median home price and the median income. Sacramento County's affordability rate is based on a median home price of $310,340 and median annual income of $62,900, which would create a monthly mortgage payment of $2,100 including property tax and insurance.

http://sacramento.bizjournals.com/sa...l?surround=lfn
Thanks for the article. It's good to know Sac is still relatively affordable. I like that they weigh median home price with median income. Pair that with the benefits and time-off state workers get and I'd argue the living standards here are among the highest in the state.
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