Millennials find it tough to be a first-time home buyer in the Sacramento region
Real estate listing site Redfin found in an analysis of over 1 million users that Sacramento was the top destination city for transplants in the country between July and September, with most movers hailing — unsurprisingly — from San Francisco.
Those from Las Vegas made up the lion’s share of Sacramento’s transplants from outside California, according to Redfin.
Even more users reported seeking a move to Sacramento than they did last year, according to Redfin’s data, reflecting an accelerated rate of migration to the City of Trees. Over 7,000 users sought entry to Sacramento, compared to about 5,000 during the same time span last year.
Almost 22 percent of San Francisco residents were searching for another place to live, up 4 percent from last year, according to Redfin’s data. More than 28,000 users wanted out of the city, up from almost 17,000 last year.
Sacramento claims about 22 percent of potential Bay Area movers, according to Redfin. Those seeking to leave the Bay Area are about half as likely to move to Seattle or Los Angeles.
While Sacramento’s public transportation received low ratings from Redfin in comparison to San Francisco, the real estate company suggests that affordability is largely driving migration.
San Francisco’s median listing price for homes stands at $1.35 million, while Sacramento’s sits at just $349,000, according to Redfin’s most recent data.
So where are Sacramento residents moving to? By and large, the Bay Area, Redfin says. More than 35 percent of Sacramento movers were headed to San Jose and its surrounding areas, while the next most popular destination among Sacramento movers — Los Angeles — made up only 8.6 percent.