A new survey from the National Association of Home Builders (NAHB) and Wells Fargo Bank's Housing Affordability Index shows that San Francisco has the least affordable major metro housing market in the nation, even when considered within the context of the area's relatively high salaries. The median San Francisco home price was $815,000 in the first quarter of 2014. A family earning the median household income of $100,000 could only comfortably afford to buy 13.3 percent of homes on the market.
Compare those numbers to the ones from the Sacramento-Arden-Arcade-Roseville market, where 53.4 percent of market homes were comfortably affordable for a family earning the median household income of $68,000. The median price of a home in the area was around $265,000.
If you would like to live in the Bay Area but can't keep up with San Francisco prices, think about heading a short distance East to Sacramento, Placer or El Dorado County. This part of the state provides a Northern California lifestyle that doesn't break the bank.
Our area offers both exciting, metropolitan cities and charming, family-friendly towns, all within easy reach of many desirable day and weekend destinations. The Bay Area and the Sonoma wine region are just short drives away from Sacramento. Head two hours in the opposite direction, and you'll find yourself at beautiful Lake Tahoe! Whether you are an outdoor enthusiast, a culture buff or a food and drink lover, this is a great place to call home.
If you're interested in seeing properties for sale in Sacramento, El Dorado or Placer County, turn to top real estate agent Jon Hesse. He can help you achieve your dream of owning your own Northern California property.