What a difference a few years make. Fast-rising home prices during the housing boom made the Sacramento region one of the least affordable markets in the nation. But the bad economy coupled with an abundance of foreclosed homes on the market have dramatically dropped the median home price in the four-county region, with about three of every four families now able to purchase a home.
The California Building Industry Association determines affordability based on the median household income of $73,000 and the median-home price of $204,000, that’s about a 50 percent drop from just a few years ago. Sacramento is in the middle of the pack when it comes to affordability in the nation, finishing at No. 62 of 135 regions surveyed. Seven California cities – including San Francisco, San Jose and Los Angeles – were listed among the 10 least affordable markets in the nation.
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Sacramento Housing Market Becoming More Affordable
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By
Ron Trujillo
Sacramento has become an affordable housing market once again.
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Friday, May 21, 2010