The big city in California is becoming the most unaffordable housing market in America

Sacramento, California, is at the top of the list of America’s least affordable new ones home markets.

A new study examining household incomes and comparing them to the median of new home loans found that the California capital is related to Miami, Florida. Eighty percent of households in the Sacramento region, the same as Miami, are priced for new homes, the survey from the real estate technology firm shows, Bank, found.

The average price of new construction in the Sacramento region is $ 650,000, which means residents need an income of about $ 128,000 to afford an average payout of $ 39,000. The average household income in the area is $ 76,706, according to the report.

California State Capitol Building in Sacramento, CA, USA (iStock)

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An owner of a real estate group in Sacramento, Kelly Pleasant, said there is a shortage of housing in the area and that the market has become less competitive in the last 45 days.

“Instead of maybe 10 offers (per listing), you see five offers,” Pleasant told The Sacramento Bee. “Instead of $ 50,000 or $ 60,000 over, you might get it at list price or $ 20,000 over.”

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Housing values ​​in the area also rose by 21% over the last year. Rental prices came up with the jump to an average of $ 1,760 per night. month.

home sales

Behind Sacramento and Miami, Las Vegas residents are priced from new homes at 65%, Phoenix residents at 63% and Denver at 62%, according to the survey.

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This year, California reported its first annual population decline for the first time in the state’s history. All in all, California’s population fell by more than 182,000 by 2020. Many have mentioned the state’s high taxes and how it is not affordable for families.

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“The numbers do not lie. People are leaving our state because it is not affordable to live here. A party government has made it almost impossible to start a family.” tweeted Kevin Faulconer, the former mayor of San Diego, in May.

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