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.
Print This Article
Placer County News HeadlinesHeartstoppers Haunted House ReturnsYou will be scared out of your wits for a good cause this October as the Heartstoppers Haunted House returns to the former Mine Shaft venue
Sierra College CACT Training October 8 & 22 Employees can learn Practical Problem Solving skills at the October 8 & 22 training conducted by Sierra College Center of Applied Competitive Technologies (CACT ) with the Continuous Improvement Network
Governor Brown Signs New Gun Control Bill Into LawCalifornia Governor Jerry Brown signed into law the "Gun Violence Restraining Order (AB 1014)" that will allow family members or law enforcement to petition a court to remove firearms from someone temporarily
Placer County Tourism Gets Boost Placer County organizations team up to promote tourism in the region.
Want to Buy a Home and Need a Rich Uncle?Mortgage Alternative Program (MAP)- Julie Jalone of MagnumOne Realty in Roseville writes about new program to help get families who can't currently qualify for a mortgage into homes of their choice and on the road to homeownership.
U.S. HealthWorks Offers Onsite Flu Shots U.S. HealthWorks Medical Group, a leading operator of occupational healthcare and urgent care centers in the nation, said today it is offering to visit businesses on-site and provide flu vaccination shots
Roseville Police Bust Nets $40,000 Cash, Guns and MethRoseville narcotics detectives suspected that Joshua Holmboe was both selling illegal drugs directly to users and also supplying lower-level drug dealers, and that some of those drugs were then being sold and used in Roseville.
Governor Brown Signs Bill to Help Disabled VeteransLegislation sponsored by George Runner to protect California's disabled veterans has become law. Senate Bill 1113, authored by Senator Steve Knight (R-Antelope Valley),
Roseville Chamber Events October 2014Roseville, CA -- The Roseville Chamber of Commerce featured events for the month of October 2014.
Sacramento Area Gas Prices Down AgainAverage retail gasoline prices in Sacramento have fallen 2.4 cents per gallon in the past week, averaging $3.61/g yesterday, according to
Nontraditional Employment for Women Event in RocklinSierra College seeks sponsors for the second Nontraditional Employment for Women (NEW) event on October 17
$160,000 for Scholarships Raised at WJU Anniversary GalaJessup's Gala Honored 75th Anniversary and those who brought the Growing University to Placer County