You need a six-figure household income to buy the median-priced home in El Dorado County – and nearly as much to buy a home in Placer County.
While not as expensive as coastal counties, it is getting tougher in the Sacramento region for people to afford homes, according to a new report by the California Association of Realtors.
The percentage of people earning enough to afford a median-priced home declined in nearly every county of the Sacramento area in the first quarter of 2018, compared with the same period last year, the study showed. Only Yolo and Yuba counties saw an increase in the percentage of buyers making enough to afford the median home price.
In El Dorado County – where there is a high concentration of homes for sale in the relatively expensive enclaves of El Dorado Hills and South Lake Tahoe – an income of $101,220 is needed to afford the median-priced home of $489,000, according to the report.
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Placer County residents looking to buy a home will need a household salary of $96,260. The median price for a home there is $465,000.
Sacramento County’s prices continue to creep up and potential homebuyers need to make $73,490 to afford the median-priced home. The study found that 44 percent of earners make enough to afford a home in Sacramento, down from 46 percent last year.
Not surprisingly, San Francisco residents need to make the highest sum in the state: $333,270 to afford the median-priced home in the city, according to the Realtor group.
The study also found that just seven California counties – most rural – have more than half the population earning enough to afford the median-priced home. Statewide, just 31 percent of families are making enough to buy the average single-family home.