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Sacramento Rents Fastest Rising In California

Stock / Capital Public Radio

Stock / Capital Public Radio

Rental prices in the Sacramento area are rising faster than the rest of the state, according to a new survey. 

The report by apartment data company Yardi Matrix shows June's rental rates in Sacramento rose at nearly 10 percent year-over-year, well above both the state and national averages.

Doug Ressler is the company's Director of Business Intelligence.

He says one factor that's pushing up rents, is pressure from the Bay Area.

"We actually see people living in the Sacramento west side area and working in the far reaches of the East Bay," says Ressler.

The survey only includes large complexes of 50 or more units.

Those make up about ten percent of the region's overall rental market.

Meanwhile, a new report from financial website WalletHub lists Sacramento as one of the nation's top cities for livability.

It came in 21st on the list, based on several factors including an area's affordability.

Wallet Hub's Jill Gonzalez says it could have ranked higher if it weren't for housing prices.

She says both the median home price and median household income were considered.

"So, just in terms of housing affordability, Sacramento ranks more like 43rd for that specific metric," says Gonzalez.

Gonzalez says rent takes up about 25 percent of the median household income in Sacramento, about average for most cities.

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