Thursday, February 29, 2024

The Northern California county tops MoneyGeek’s list of unaffordable home purchases

A new list finds several counties in the Northern California area that recently became part of the unaffordable list when it comes to buying a home.

Placer County took the number one spot, but other local counties also made the list.

“I’ve been looking for a house for over a year now, maybe a year and a half,” said Danielle Quinton.

It’s no secret that finding your dream home is now a nightmare.

“Just monitor house prices and try to find the best,” Quinton said.

Quinton, from Fair Oaks, feels the same as everyone else, looking to buy a new home.

His target? Roseville in Placer County, which just topped the list of counties nationwide where home ownership has recently become unaffordable.

“It’s hard because the market is a bit up and down and I never found the right one in an already built house, so I’m looking for new houses now,” said Quinton.

Personal finance site Moneygeek analyzed home prices in US metro areas between 2021 and 2023, revealing 57 counties where the housing market is out of reach.

Placer County comes in first with a median home price of $740,000.

So, who else made the list in our place?

San Joaquin County ranks fourth, where it will cost you an average of $553,000 for a home.

Solano County came in sixth, where homes go for $633,000.

And Sacramento County came in at number 11, with a median home price of $550,000.

Realtor expert Suneet Agarwal explains the reason why a home owner is so far away from certain areas.

“Inventory is still tight,” Agarwal said. “We haven’t built enough houses to keep up with the number of houses that need to be built for people, like, I don’t know the statistics, but we’re short like thousands of houses.”

Agarwal also says that people waiting until spring to buy a home is a big mistake.

Agarwal said other things can help, like having a good agent who has access to a large network and has good credit.

World Nation News Desk
World Nation News Desk
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