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 HeadlinesDermatomyositis: Woman Battles Weakness, RashIn 1993, and only two weeks after having given birth to her second child, Becki Lanser of Cary, North Carolina, was experiencing severe muscle weakness and fatigue.
Jeep Grand Cherokee: More Refined Than EverA 2014 "refreshening" has given the Grand Cherokee a more modern, sophisticated look that will have admirers giving it the double take.
People & Culture Days in Rocklin October 22- 23Rocklin, CA - Have you ever sampled Persian food? Have you listened to Peruvian music? Can you make a Japanese origami crane? Would you like to get a henna tattoo?
Heartstoppers Haunted House Frightening Ghosts and Ghouls You 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
PCWA Encourages Rapid Watershed ProtectionIn wake of the King Fire, the Placer County Water Agency is encouraging expanded and rapid remediation of heavily burned National Forest Lands to protect water quality of the Rubicon River watershed before winter storms.
Big Bad Voodoo Daddy at Thunder Valley on New Year's EveGuests will have the chance to purchase tickets to Thunder Valley Casino Resort's much anticipated $100k Big Easy New Year's Eve Celebration Main Event- as tickets go on sale Saturday, October 18 for Big Bad Voodoo Daddy.
Ebola Virus: Oral and Facial Surgeons AdvisoryThe California Association of Oral and Maxillofacial Surgeons (CALAOMS) has issued an advisory to all oral and facial surgeons in California that provides important guidance on Ebola virus
$24 Million Makeover for South Tahoe's MontBleu ResortRenovations exceeding $24 million at MontBleu Resort that include the casino floor, convention center and all 437-rooms from the 17th floor and down will begin
Roseville California Crime Brief (10.17.14)Crime brief report for Roseville, California for October 17, 2014
Free Drip Irrigation Workshop in Granite BayDrought Watch: Saturday October 18, San Juan Water District experts will be hosting a free water conservation workshop for its customers and neighbors
2014 Rocklin MobilePack Gets Boost from Wells FargoA three-day, all-volunteer effort for area residents to pack meals for malnourished children around the world has received a big boost from Wells Fargo.
141 Pounds of Weed, Psychedelic Mushrooms in Roseville Police BustBrian Lee Feld Getz, age 36 of Grass Valley and Timothy Conway Reimer, age 33 of Philadelphia were jailed on suspicion of possessing and selling marijuana, and conspiracy.