For first time home buyers, Elk Grove earns favorable rating

Even though California is in the grips of what some politicians and real estate experts have called a housing affordability crisis, a recently released study has provided a sliver of hope, especially for first-time homebuyers.

A survey released this week by the personal website Wallthub.com rating best and worst place for first-time homebuyers showed Elk Grove to be in the top third of housing markets nationally. Additionally, in incomparable medium-sized cities, Elk Grove. 

In a ranking of 300 real estate markets, Elk Grove was ranked in 105th place. Compared to 100  medium-sized American cities, Elk Grove was rated as 37th.

To reach their conclusions, Wallethub examined "300 cities of varying sizes across 27 key indicators of market attractiveness, affordability, and quality of life. Our data set ranges from cost of living to real-estate taxes to property-crime rate."  

Although there were several individual indicators, the affordability factor was given the most weight at 14-percent. To determine housing affordability, the study compared median income to median housing prices. 

While Elk Grove rate favorably on affordability nearby Roseville was found to be more affordable. The south Placer County suburb was the 28th more affordable city nationally and compared to small-sized cities - those with a population of less than 150,000 - it was ranked as the 13th most affordable. 

Much of the difference between the two Sacramento region suburbs comes in the quality of life measurement. Elk Grove was ranked 87th while Roseville was rated as 52nd.

The quality of life categories, which makes about one-third of the total score, includes among several measures recreational amenities, violent and property crime rates, job market, and quality of public schools. 

Not surprisingly, several Bay Area communities ranked near the bottom of rating for first-time buyers. Berkley was the worst place in the country for first time home buyers.

The complete study can be viewed here. 

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