The city of Salinas, California has $459,000 as its house value median. The worth of Salinas houses has increased in the last year by 4.7 percent. There has been the prediction made that house values will increase in the following year by 11.7 percent in Salinas.
House value increases like these make it very difficult for many home renters to purchase a home. For a number of them, when they follow their plan of savings to purchase a home, home prices may have increased so much, they cannot afford it. They need to double down and add in the factor of home value increase to afford a new home.
However, at the other end they are quite likely experiencing rising apartment rental rates. So they need to factor this increase into their plan to purchase a home.
In Salinas per square foot, the list cost median is $316. The metro area of Salinas has a higher per square foot list cost median of $453.
In the city of Salinas, $525,000 is the cost median of houses presently listed. $2,575 is the rent cost median in Salinas. The Salinas Metro Area has a higher rent cost median of $2,798.
Foreclosures have an economic impact on the value of houses in any particular location. The higher the foreclosure rate, the lower the value of houses for any particular location.
For every 10,000 houses in Salinas, 1.0 houses are foreclosed. The metro area of Salinas has a higher foreclosure rate of 1.3 houses being foreclosed per 10,000 houses. The United States foreclosure rate is 1.6 houses being foreclosed per 10,000 houses.
There is a first step that occurs when a homeowner experiences the process of foreclosure. It is called having a mortgage delinquency. What is that experience? It’s when an owner of a house does not come through on making a mortgage payment on their house.
One percent is the percentage of Salinas homes having a delinquent mortgage. Our nation has a higher mortgage delinquency rate of 1.6 percent.
Due to the recession of 2008, the worth of houses dropped a greater amount than 20 percent. As a result, there are quite a few house owners who experience being underwater on their mortgages in our nation.
Being underwater on a mortgage means that they have a mortgage debt that is greater than the worth of their house. 6.9 percent is the percentage of owners of houses in Salinas experiencing being underwater regarding their mortgages. The Salinas Metro area has a lower percentage of owners of houses being underwater on their mortgages of 6.6 percent.
The median annual household income in Salinas, California is $49,728.