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RealtyTrac: Sacramento County Homes More Affordable Compared To Other Regions

Rich Pedroncelli / AP
 

Rich Pedroncelli / AP

A California real estate tracking firm says Sacramento County is among areas where homes remain affordable relative to income.

The report analyzes home affordability based on the percentage of income required to make a monthly mortgage payment on a median-priced home.

Daren Blomquist with RealtyTrac says 30 percent of the 1,200 U.S. counties analyzed last May required more income to meet a mortgage than the long-term average.

But, he says Sacramento County home affordability was just a few points below its historical average of 31-percent. 

"In May 2014, the median-priced home required 28 percent of a median income to make the house payment so that's below the 14-year average for Sacramento County," says Blomquist. 

But Blomquist says this "extreme affordability climate" may not last.

"We're seeing home prices rise very quickly in the Sacramento market, over the past two years, median-home prices have gone up 60 percent but we saw the median household income decrease seven-percent," says Blomquist. 

But he says there are signs that rapid home price appreciation is slowing, with county prices increasing 16 percent last May, compared to double that in 2013. 

 real estaterealtytrac

Ed Joyce

Former All Things Considered Anchor & Reporter

Ed Joyce is a former reporter and All Things Considered news anchor at Capital Public Radio. Ed is a veteran journalist with experience in a variety of news positions across all media platforms, including radio, television, web and print.   Read Full Bio