Why is it so hard to find a nice house to buy in Sacramento?
Amazing Opportunity to own in a Safe, Quiet Sacramento Neighborhood…
The same reason it’s so hard to find a home to rent…
If you study the United States Census, from 2006 and 2015 the number of single-family homes occupied by non-owners (renters) rose by 34 percent.
Escalating rents would normally drive more renters to buy but today’s high rents make it more difficult for first-time buyers to save enough for a down payment… So may are stuck between a rock and a hard place; paying high rent and not earning enough and saving enough… and not enough affordable housing to purchase. That’s why the Sacramento home ownership rate continues to decline. Here in the Sacramento region, we haven’t seen this high percentage of renters for 50 years.
Taking advantage of the shortage of entry-level homes, corporations and institutional investment firms have acquired one fifth of all homes in the country priced under $300,000. Coincidentally, rents are experiencing the highest increase in years.
There is simply a shortage of housing units in our area. Builders cannot buy land, pay building permits, local fees, mitigate environmental impact assessments and regulations, workers comp, high labor costs etc and produce a home for anything that starts with less than a 4! …As in $400,000.