Study shows Sacramento features above-average home vacancy rates
Buying one of the homes for sale in Sacramento will put you in the middle of a cultural and historic mecca in the Golden State. However, property could become harder to obtain, according to The Business Journals.
Sacramento earned a spot inside the top 100 largest metro areas for housing vacancies, according to the news source's On Numbers examination of U.S. Census Bureau data. The city ranked 49th with a housing vacancy rate of 10.39 percent, which is slightly lower than the national average of 10.90 percent.
This figure shows that homes remain a valuable commodity in Sacramento. House buyers and sellers might examine an area's housing vacancy rate to better understand how much property is available in a metro. Since the Sacramento rate is lower than the country's average, more people have purchased homes in the city compared to other metros.
In 2010, there were 90,721 available units in Sacramento, the news source notes. However, interest rates on 15- and 30-year fixed-rate mortgages have plummeted to historically low levels. This could significantly impact the Sacramento housing market, as more people might consider buying one of the affordable homes available here as a result.