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How Sacramento real estate ranks among California cities
Friday, April 3, 2009

Sacramento: The golden part of the Golden State

How does Sacramento compare to 11 other California real estate markets according to CNNMoney.com's REAL ESTATE 2009?

STABILITY
Home price forecast (ranked from lowest to highest expected decline through March 2010):
  1. San Jose (-4.7%)
  2. Sacramento (-7.5%)
  3. Bakersfield (-7.6%)
  4. Fresno (-7.9%)
  5. Santa Ana (-9.6%)
  6. San Diego (-9.9%)
  7. San Francisco (-10.0%)
  8. Oxnard (-10.0%)
  9. Oakland (-11.7%)
  10. Stockton (-14.5%)
  11. Riverside (-15.1%)
  12. Los Angeles (-15.3%)
Only San Jose beats Sacramento's home price stability with an expected overall home price decline of 4.7% compared with 7.5% (above). Half of California's ranked cities have expected double-digit percentage declines between March 2009 and March 2010.

HOME PRICES
Median home price (2008, lowest to highest):
  1. Bakersfield ($185,000)
  2. Fresno ($218,000)
  3. Stockton ($225,000)
  4. Riverside ($242,000)
  5. Sacramento ($250,000)
  6. San Diego ($387,000)
  7. Los Angeles ($396,000)
  8. Oakland ($400,000)
  9. Oxnard ($431,000)
  10. Santa Ana ($515,000)
  11. San Jose ($600,000)
  12. San Francisco ($755,000)
Sacramento comes in a strong 5th for median home price (above) and beats all four of the more affordable cities for median family income as well as Los Angeles (below).

INCOMES
Median family income (2008, highest to lowest):
  1. San Jose ($97,800)
  2. San Francisco ($94,300)
  3. Oakland ($86,100)
  4. Santa Ana ($84,100)
  5. Oxnard ($83,900)
  6. San Diego ($72,100)
  7. Sacramento ($71,000)
  8. Riverside ($62,000)
  9. Stockton ($61,300)
  10. Los Angeles ($59,800)
  11. Bakersfield ($50,000)
  12. Fresno ($49,900)

OVERALL AFFORDABILITY
Median home price (2008) divided by family income (ranked most to least affordable):
  1. Sacramento (3.5)
  2. Bakersfield (3.7)
  3. Stockton (3.7)
  4. Riverside (3.9)
  5. Fresno (4.4)
  6. Oakland (4.6)
  7. Oxnard (5.1)
  8. San Diego (5.4)
  9. Santa Ana (6.1)
  10. San Jose (6.1)
  11. Los Angeles (6.6)
  12. San Francisco (8.0)
Where Sacramento shines is in overall affordability as measured by the median resale price of homes divided by the median family income. Though Sacramento'd median family income is only approximately two thirds that of San Francisco, homes are roughly one third the price. According to the study, more families can afford to buy homes in Sacramento than in any other metro area in California.

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posted by Rob McQuade @ 8:20 PM,

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