Study: Cheaper to rent than own in El Dorado, Placer
By Benjy Egel, Sacramento Bee
Median home ownership and rental prices are further apart in the Sacramento metropolitan area than nearly any of the most populous U.S. regions, according to an Urban Institute report released this week.
Monthly mortgage payments in Sacramento, El Dorado, Placer and Yolo counties will eat up 32.9 percent of a median family income after a 3.5 percent down payment, the report found, while renting a three-bedroom house in those counties means giving up 26.4 percent of one’s paycheck.