It’s no secret that Sacramento is one of the most expensive cities in the world to live in. Unfortunately, right now interest rates are the highest they have been in four years. Although there could be many reasons for rising interest rates, the Sacramento Association of Realtors believes that inflation and interest rate expectations are major players in the situation. But don’t let interest rates get in the way of your California dream. Continue reading to find out how you can own a home in Sacramento despite unfavorable conditions.
Quick Sacramento Housing Facts
Percent of Homeowners in Sacramento: 56.9%
Percent of Renters in Sacramento: 43.1%
Median Sacramento Household Income: $42,142
Average Sacramento Credit Score: 676
Best Cities to live in near Sacramento: Mill Valley, Coronado, Saratoga, Santa Barbara, Benicia
Median Sacramento Home Value: $320,000
How Much Real Estate Can I Afford In Sacramento?
Yes, the Sacramento housing market is expensive, but that doesn’t mean that you have to be a millionaire to afford a home there. We are here to help you figure out exactly what you can afford to buy in California. To get started, take a few minutes to ponder the following questions.
- How much am I willing to spend on my monthly mortgage payments? Be sure to budget income, expenses and lifestyle when answering this question.
- What kind of payment plan will work well for me? Don’t forget to check out the government insured programs.
- What are property taxes like in Sacramento?
- What are interest rates in Sacramento)?
Your next step is to check out our online mortgage calculators. Do a little number crunching and we’re confident that you’ll have a better understanding of your place in the housing market.
Refinancing in Sacramento
Refinancing is a great financial tool, especially for homebuyers in Sacramento. A refinance is a new mortgage that repays and replaces your existing mortgage. The reason people even bother with this process is because the new interest rate is lower than the old mortgage. If you want to buy a home in Sacramento now, but aren’t excited about high interest rates, you can always buy now and refinance later.
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