Sac Area Homeowners Paid $200K in 2011

We already knew it was considerably cheaper to live in the Sacramento area than the Bay Area, but by how much?

Sacramento-area homeowners spent about $450 less a month on mortgage payments than East Bay homeowners (in the Oakland area) in 2011, according to statistics released Wednesday from the U.S. Census’ 2011 American Housing Survey. San Francisco-area homeowners spent more than $650 a month more than Sacramento-area homeowners, according to the findings.

The median monthly mortgage payment for the Sacramento area, including Roseville, in 2011 was $1,460, compared to $1,903 in the Oakland area and $2,117 in the San Francisco area. Nationally, the median monthly mortgage payment was $1,015.

You can see how the areas’ monthly mortgage payments compare on the chart above.

It’s also no surprise that home prices were lower in Sacramento than the Bay Area, but by how much?

Homeowners in the Sacramento, Arden Arcade, Roseville area paid a median of $200,000 for their homes in 2011 (the latest figures available). Median home prices in the Oakland, Fremont, Hayward area were $280,000; and $290,000 for the San Francisco, San Mateo, Redwood City area.

Nationally, the median home price was $110,000, according to the survey.

Take a look at a few more statistics for the Sacramento, Roseville area from the survey below:

Financial Characteristics:

• Median monthly expenditures for owners in the Sacramento area totaled $183 for real estate taxes, $101 for electricity and $67 for property insurance. Respective national medians were $151, $121 and $58. 
• Among the area's owner-occupied homes, 73.1 percent had a regular and/or home equity mortgage and 30.9 percent had a refinanced primary mortgage. The respective national rates were 65.4 percent and 23.4 percent.
• Homeowners in the Sacramento area had median monthly mortgage payments of $1,460 in 2011, compared with $1,015 nationally.

Physical Characteristics:

• The median year occupied homes were built in the Sacramento area was 1980, compared with 1974 nationally.
• In the Sacramento area, 32.3 percent of occupied homes used electric heating and 60.7 percent used piped gas. Nationally, piped gas was the main heating fuel, used by 50.4 percent of occupied homes. Electricity was used by 35.3 percent of occupied U.S. homes.
• Among owner-occupied homes in the Sacramento area, 43.5 percent had working carbon monoxide detectors, compared with 46.3 percent nationally.
• Among Sacramento area homes, 92.0 percent of owner-occupied units in the area had central air, compared with 72.5 percent of units across the U.S.