By Sara Beth Williams– — A recently released list of theTop 20 most affordable places to buy a home in California put together by real estate site Redfin, listed Citrus Heights and Sacramento among its ranks, basing the ranking on the mortgage payment-to-household income ratio of each city.
Elk Grove ranked number one in affordability, with a payment to income ratio of 40.9 percent, where the 40.9 percent represents how much percentage of a household’s income is spent on paying the mortgage.
The median household income in Elk Grove is listed as $122,000, while median home values are in the $600,000’s and the median monthly mortgage payment is $4,100…