SACRAMENTO, Calif. — Expert review site Construction Coverage ranked Sacramento as the 8th worst city for finding starter homes in the U.S.
The COVID-19 pandemic coupled with rising inflation caused median home prices to go up 36% in the past two years—while median household income grew by just 8.78% over the same span.
"The average 30-year mortgage interest rate in the U.S. is more than double what it was at the start of 2022, translating into hundreds more dollars per month in payments for would-be buyers," said a spokesperson for Construction Coverage.
Perspective U.S. startup homebuyers also have less options because of low supply, with four or more bedroom homes going from 19.3% of the housing market in the mid-1980s, to now making up 49.6% of the market.
Current Sacramento-Roseville-Folsom data includes:
- Percentage of homes with 3+ bedrooms: 63.1%
- Median sale price of homes with 3+ bedrooms: $532,408
- Homeownership rate for under 35 householders: 8.9%
Recent date nationwide, for comparison, includes:
- Percentage of homes with 3+ bedrooms: 67.8%
- Median sale price of homes with 3+ bedrooms: $309,496
- Homeownership rate for under 35 householders: 10.7%
