Home Real Estate Major California city becomes the most unaffordable housing market in America

Major California city becomes the most unaffordable housing market in America

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Sacramento, California, is at the top of the list for the United States’s least affordable new homes markets.

A new study examining household incomes and comparing them with median new home construction mortgages found the California capital tying with Miami, Florida. Eighty percent of households in the Sacramento region, same as Miami, are priced out of new homes, the study from real estate-technology firm, Knock, found

The median new construction home price in the Sacramento region is $650,000, which means residents need an income of about $128,000 to afford an average down payment of $39,000. The median household income in the area is $76,706, according to the report. 

California State Capitol Building in Sacramento, CA, USA (iStock)

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