California’s high cost of living and home prices are no secret. But a new study by Property Shark puts in to perspective how much more Americans looking to move to the Golden State should expect to shell out to buy a home. According to the report, 70 percent of the most expensive zip codes in the nation are in the State of California – an increase of three percent from last year.
The report measured residential transactions that closed from January to October and found that California is home to 89 of the 127 zip codes with above average home prices nationwide. Los Angeles County was ranked as the highest-priced in the U.S. containing 21 of those zip codes, followed by Santa Clara County.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
