Roseville, Rocklin among California's Best Cities for Home Ownership
In a recent Nerd Wallet report, Rocklin, Folsom, and Roseville, rank 11th through 13th (respectively) among California's Best Cities for Homeownership.
Although California's economy has recovered from the recession, housing is a problem that persists.
The Golden State's housing shortage, coupled with stricter credit standards, has made homes in California among the most expensive in the nation. According to a 2014 report by the California Department of Housing and Community Development, 4 out of 5 of the least affordable U.S. metropolitan areas are in California. As well, the state has the largest share of households that pay more than 50 percent of their income toward housing costs.
Despite high housing costs, California remains a popular place to live with a 34-month population growth of 2.9%, compared with the national average of 2.4%. These conditions mean finding affordable housing in the state is more difficult than ever. NerdWallet, your trusted financial friend, crunched the data and found the top places in California for homeownership. Our analysis answered three main questions:
- Are homes available? We looked at an area's homeownership rate to determine the availability of homes. A low homeownership rate is likely a signal of competitive inventory, more options for renters rather than buyers and expensive housing. Areas with a high homeownership rate led to a higher overall score.
- Can you afford to live there? We looked at median household income, monthly homeowner costs and median home value to assess affordability and determine whether residents could live comfortably in the area. We used monthly homeowner costs to measure cost of living. Areas with high median incomes and low cost of living scored higher. Are you thinking about buying a home? Learn more about current mortgage rates and mortgage refinancing options in our mortgage guide, as well as whether it's best to rent or buy.
- Is the area growing? We measured population growth to ensure that the area is attracting new residents and showing signs of solid growth. This is likely a signal of a robust local economy, which is another attractive characteristic for homebuyers.
For more details on our methodology, please see the section at the end of the report.
Here's what the top places in California all had in common:
- Californians are comfortable living in suburbs, with only three places in our top 10 located close (under 30 miles) to major cities.
- Our top locations are all seeing rapid growth in population, and all 10 have seen population increases of at least 5% or more from 2010 to 2012.
- Homeownership costs take up a large portion of Californians' income, with residents in none of our top 10 cities paying less than a third of their income toward housing costs (this amount is considered the standard of affordability by the Department of Housing and Urban Development).
California's Best Cities for Homeownership
The full report may be accessed at Nerd Wallet.
Pet Care | Real Estate | Restaurants | Tech | View All | * Add/Upgrade Business
Placer County News HeadlinesNew California Laws for 2016 (Final)Roseville, CA - The final installment for New California laws for 2016.
Placer SPCA Announces 2016 Board of DirectorsRoseville, CA - On January 18th, the Placer SPCA announced the election of its 2016 Roseville, CA - The Placer SPCA recently announced the election of its 2016 Officers for the Board of Directors.
Roseville Gas Price Wars: Under $1.90 a GallonRoseville, CA- Gas prices in Roseville are pushing to lows not seen in a very long time. Costco and ARCO continue to dominate the leaderboard
2016 Subaru Forester: Reliable compact SUVRoseville, CA- The Subaru Forester is a no-frills SUV that embraces Subaru's practical approach to auto making.
$100,000 Gift to Help Local Nursing StudentsRocklin, CA, - Just last month, the Sierra College Foundation received a $100,000 donation to establish an endowment fund to help
Captured: Mexican Nationals found on Foresthill RoadA Placer County Sheriff's deputy just arrested the three men who've eluded capture since Wednesday afternoon.
Water Supply Projection by Water Agency GMAUBURN, Calif. - Following weeks of rain and snowfall, the Placer County Water Agency (PCWA) Board of Directors met on February 4 to receive the latest snowpack and water supply update.
3 Rocklin Restaurants Hit by BurglarRocklin, CA - On the morning of February 4, 2016 between the hour of 1:30 AM and 2:30 AM, three closed take-out style restaurants
Roseville Housing Authority Nabs Highest HUD RatingRoseville, CA- For the 11th consecutive year, the U.S. Department of Housing and Urban Development (HUD) named the Roseville Housing Authority
Local Woman Honored for Cancer AdvocacyRoseville, CA - Former educator and Granite Bay mother of three Laura Tyrrell was honored at the Stars of Advocacy Inaugural Gala Fundraiser.
New California Laws for 2016 (Part 33)Roseville, CA - New California laws for 2016. Part 33 includes Medical marijuana, Real estate investments, Housing standards, Disorderly conduct, Housing standards: mold, and more.
PET/CT Mobile Imaging Unit to serve Roseville Area CommunitiesA state-of-the-art PET/CT mobile imaging unit designed to serve patients in Lincoln, Rocklin, Roseville and surrounding communities is located in Lincoln.
NEWS: In Case You Missed It