{"id":949680,"date":"2021-11-01T13:14:07","date_gmt":"2021-11-01T17:14:07","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=949680"},"modified":"2021-11-01T13:14:08","modified_gmt":"2021-11-01T17:14:08","slug":"study-sacramento-now-has-least-affordable-new-homes-market-in-u-s","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/study-sacramento-now-has-least-affordable-new-homes-market-in-u-s\/","title":{"rendered":"Study: Sacramento Now Has Least Affordable New Homes Market in U.S."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstudy-sacramento-now-has-least-affordable-new-homes-market-in-u-s%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=949680&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/American-Suburb-640x335-1.jpg\" class=\"ff-og-image-inserted\" \/><\/div>\n<p class=\"subheading\">Sacramento is tied with Miami for having the least affordable new homes market in the United States, according to a study.<\/p>\n<p>An October 28 report by real estate technology firm Knock <a href=\"https:\/\/blog.knock.com\/most-americans-cannot-afford-a-new-construction-home\/\">examined<\/a> median new home construction mortgages in comparison to household income figures in the nation\u2019s 50 largest metro areas.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>The study found that new construction home prices in Sacramento average at $650,000. Residents in the California capital would need an income of $128,447 to come up with the average down payment of $39,000, but the median household income in Sacramento is $76,706, the study shows. Knock reports that 80 percent of households in Sacramento are being priced out of new homes, which is the same as Miami.<\/p>\n<p>The Sacramento Bee <a href=\"https:\/\/www.sacbee.com\/news\/local\/article255361026.html\">spoke<\/a> with Kelly Pleasant, who owns Pleasant Real Estate Group in California. Pleasant estimates the price of new construction homes in the area to range from $500,000 \u2013 $550,000, slightly under Knock\u2019s assessment. He says the market has become less competitive in the past month and a half, which he said is a norm when fall rolls around, according to the Bee.<\/p>\n<p><span>\u201cInstead of maybe 10 offers (per listing), you\u2019re seeing five offers,\u201d Pleasant told the outlet. \u201cInstead of $50,000 or $60,000 over, maybe you\u2019re getting it at list price or $20,000 over.\u201d<\/span><\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>The Bee reports that Bay Area residents and Southern California residents have been looking to move up to Sacramento amid the pandemic, which has only exacerbated the issue of affordable housing in the city. Pleasant told the outlet he had witnessed the trend first hand as he has had an increase of clients from both the Bay Area and southern parts of the state.<\/p>\n<p>On a national level, Knock reports that \u201cthe minimum total household income for a mortgage on a $390,900 home, with a 6% down payment, typically falls just under $80,000. At this level, nearly 60% of U.S. households would not be eligible.\u201d<\/p>\n<p>Knock co-founder and CEO Sean Black <a href=\"https:\/\/www.prnewswire.com\/news-releases\/most-americans-cannot-afford-a-new-construction-home-a-new-analysis-by-knock-finds-301410535.html\">issued<\/a> a press release regarding the October 28 report, according to CISION.<\/p>\n<p>\u201cThis analysis highlights how years of building undersupply and the current supply shortages are disproportionately impacting lower-income homebuyers looking for alternatives in a housing market where homes are garnering multiple offers and selling for over asking price,\u201d Black stated.<\/p>\n<p>\u201cAlthough more new homes are expected to come onto the market in 2022, wages have not kept up with home price growth, keeping new construction out of reach for many, especially first-time buyers who don\u2019t have the benefit of equity from a home sale,\u201d the Knock CEO added.<\/p>\n<p>Rounding out the top five states with the highest percentage of households being priced out of new homes are Las Vegas at 65 percent, Phoenix at 63 percent, and Denver at 62 percent, per Knock\u2019s report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sacramento is tied with Miami for having the least affordable new homes market in the United States, according to a study. An October 28 report by real estate technology firm &#8230;<\/p>\n","protected":false},"author":10,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-949680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/949680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=949680"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/949680\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=949680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=949680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=949680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}