SLO County is one of the 10 most expensive places to finance a home in California, site says
San Luis Obispo County is one of the top 10 most expensive counties to finance a home in California, according to a new study by real estate data analysis website SmartAsset.
SmartAsset looked at mortgage interest rates, loan value and median home value to come up with a composite score for each county in the United States, creating the Most Expensive Index.
Marin County topped SmartAsset’s California home financing cost list with a total financing cost of $2.94 million, leading the list’s Most Expensive Index with a score of 57.06.
Marin County was the fourth-most expensive county to finance a home in the United States, the study found.
The median home value in SLO County is $842,785, and interest rates in the county are estimated at 6.77%, the SmartAsset report said.
The total interest that can be accrued on a loan in San Luis Obispo County is around $902,803, according to SmartAsset.
In total, it costs a little more than $1.745 million to fully finance a home in SLO County, the report found.
As a result, San Luis Obispo County scored a 33.44 on SmartAsset’s Most Expensive Index, a composite score based on interest rates, loan value and median home value.
The county ranked 10th in the state and 25th nationally in terms of the total cost to finance a home.
Elsewhere on the Central Coast, Santa Barbara County landed at No. 9 on SmartAsset’s list of the most expensive California counties and No. 24 nationwide for home financing, with a median home price of $891,238 and a Most Expensive Index score of 33.74.
However, Santa Barbara County’s estimated interest rate of 6.26% and total interest value of $869,365 were slightly lower than those in SLO County, resulting in a slightly higher total home finance cost of $1.76 million.
According to SmartAsset, Monterey County is a less expensive place to finance a home overall, ranking 17th in the state and 37th nationally.
SmartAsset estimated interest rates in Monterey County at 6.39%, with a median home value of $782,522 and a total interest value of $782,239.
That gave Monterey County a total home finance cost of $1.56 million, SmartAsset found.
Here are the top 20 most expensive counties in California to finance a home, according to SmartAsset:
- Marin County
- San Mateo County
- Santa Clara County
- San Francisco County
- Santa Cruz County
- Alameda County
- Orange County
- Napa County
- Santa Barbara County
- San Luis Obispo County
- San Diego County
- Contra Costa County
- Ventura County
- San Benito County
- Los Angeles County
- Sonoma County
- Monterey County
- Mono County
- Placer County
- El Dorado County
This story was originally published August 14, 2023 at 1:50 PM.
