A downtown improvement project highlighted by a sparkling new arena and surrounding entertainment development is drawing attention to Sacramento, California’s formerly sleepy capital.
Curbed reports that Sacramento, which was once called a “cow town” by NBA legend Charles Barkley, is one of the nation’s busiest real estate markets. Young adults, including professionals, “creatives,” and new families, are considering Sacramento as an alternative to the Bay Area, mainly due to affordability. Though the median home price has risen by $20,000 over the last year, it still only sits at $317,000.
But Sacramento isn’t growing faster than any large California city, at 1.4 percent more residents a year, simply because it’s a cheaper satellite city for Bay Area techies. It’s coming into its own, and just happens to be near a metro area filled with residents looking for a cheaper option for urban living.
Advertisement
Related Stories
Market Data + Trends
10 States Where Home Insurance Rates Have Risen the Most
Responding to the increasing number of natural disasters, insurers are hiking prices, with some states bearing the brunt more than others
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth