Sacramento Has Become Nation's Least Affordable Housing Market
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SACRAMENTO (CBS13) - Sacramento has topped the list of the least affordable new home markets in the country.
The median new construction home price in the Sacramento region is $650,000. In order to afford the $39,000 down payment, Sacramentans need an income of about $128,000. But the median household income here is just over $76,000.
The housing crisis has reached the rental market as well. Home values in the region jumped 21 percent in the last year.
The typical apartment rent in the Sacramento region is now $1,760 per month. That's higher than in Seattle, Washington D.C., and New York City.
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