Buy vs Rent: Making the Right Choice Hey there! So, you're caught in the age-old…
Elk Grove in Sacramento County is one of California’s best places to live. It offers residents a sparse suburban feel with many parks and highly rated public schools. Many families and young professionals choose to live in Elk Grove due to its easy access to freeways, the Sacramento International Airport, and rail lines.
Elk Grove is also known for its award-winning schools, outstanding restaurants, historic district, and much more. The town also has a thriving business community that offers lots of employment opportunities for those looking to relocate here.
Elk Grove Stats
According to Niche.com, Elk Grove, California, is rated as the #9 Best Suburb to Raise a Family in the Sacramento area. It has a population of 170,825, the median home value is $406,300, and the median household income is $93,780.
Elk Grove Real Estate
Elk Grove has become a popular destination in the Sacramento metro real estate market. In the past six months alone, New Way Mortgage has helped 19 families buy a home in Elk Grove.
Anytime you’re considering becoming part of a new community, the first thing you need to understand is where it actually is. After all, real estate is about location, location, location, right?
The western border of Elk Grove is Interstate 5, and west of I-5 is mainly a wildlife preserve. The eastern part of Elk Grove, and just beyond its eastern border, is where you can get a lot of acreage, especially in Wilton, where you can find 5- to 30-acre lots. This area has a country-like feel where you may even see horses walking down the street.
Are you considering buying a home in Elk Grove? Get the lowdown from New Way Mortgage’s Aaron and Jennifer, both of whom grew up in Elk Grove themselves. Watch this short video to learn what types of properties Elk Grove is known for and its wide range of home prices.
What Makes Elk Grove So Popular?
Elk Grove is one of the most popular destinations for those looking to move to the Sacramento metro area. What makes it such a desirable place? There are a few things—like its proximity to several major employers, its amenities and quality of life, and (most importantly) its affordability.
If you’re thinking of Elk Grove as a destination for your next move, you’re definitely not alone. With its accessibility to both downtown Sacramento and the Bay Area, it’s one of the most popular places for home searches in the Sacramento metro area. Aaron and Jennifer break down Elk Grove’s community, jobs, and real estate prices in this quick video:
Where to Live in Elk Grove
They might not have had iconic ’90s teen dramas made about them, but the 95758 and 95757 zip codes are must-sees if you’re thinking of moving into Elk Grove, California. These areas are the more recently developed parts of Elk Grove.
The 95758 zip code has a lot of master-planned lake communities, such as Laguna Lake, which is near the Valley Hi Country Club and golf courses, and comes with lakefront properties that have lovely, average-sized homes built in the 1990s and 2000s.
The 95757 area code features homes that were primarily built in the 2000s on land that was mostly farmland prior. Houses stopped being built during the Great Recession, but in the past five years there’s been a lot of new-home construction again.
Aaron and Jennifer give you the lowdown on these two zip codes in this short video:
Benefits of Relocating to Elk Grove
Elk Grove is a geographically desirable suburb to those who work in Sacramento. But the town is also home to an Apple campus that employs 4,000 people, three hospital systems, and lots of major retailers, so there are tons of employment opportunities in its own backyard, too. It’s also an easier commute to the Bay Area than other Sacramento suburbs.
The average sales price for a home in Elk Grove is about $679,000. Let’s say you’re buying and put 5% down with a mortgage rate of 3.25%, plus mortgage insurance. With property taxes, mortgage insurance, and homeowner’s insurance, your monthly payment will be about $3,600. If you can get your down payment closer to 20%, that could put your monthly payment in the mid-$2,000 range, which is very affordable.
Affordability is one of the reasons why a lot of people are considering moving to Elk Grove. When you compare how much it costs to rent a similar home in that same market compared with what it is to own, you’ll be paying less to own than to rent.
If you’re looking to move out of the big city and maximize your housing dollars, Elk Grove could be your ideal move. Aaron and Jennifer have a story of a recent client who traded a small downtown Bay Area condo for a 3,500-square-foot home in Elk Grove with 5 acres and a better quality of life—and still managed to save money. See for yourself in this short video:
People have been relocating to the Sacramento metro area for quite some time, but the past two years have been a particular boom in its local real estate market, and Elk Grove is certainly no different.
If you’re considering buying a home in the city of Elk Grove, our team at New Way Mortgage would love to chat. We have a variety of financing solutions and strategies to help buyers navigate our local market, and we’d be honored to share them with you. Give us a call today at 916-465-6639 or visit our website at newwaymortgage.com to get started.