Quick facts: Penn valley, CA

Quick Facts

127.6
Cost of Living
above US average
1,188
Population
156.57
Crime Rate per 1000
above US average
$65,882
Median Income
below US average
$445,000
Median House Price
above US average
$2536.88
Average Rent
above US average
8%
Poverty Rate
below US average
5.1%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $65,882.

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Income Needed to Buy

βœ— Stretch
$140k/year
Based on $445,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $140k vs median $65,882
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Income Needed to Rent

⚠ Stretch
$109k/year
Based on $2536.88/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $109k vs median $65,882
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Penn valley, CA

Penn Valley is a charming community situated in Nevada County, California, nestled in the Sierra Nevada foothills. Known for its picturesque landscapes, Penn Valley offers a tranquil rural lifestyle with easy access to outdoor activities like hiking, fishing, and boating in the nearby lakes and parks, such as Lake Wildwood. The area has a strong sense of community, evident in its local events and gatherings, making it a great place for families and retirees alike. The climate is characterized by warm, dry summers and mild winters, providing an ideal environment for outdoor enthusiasts. Local amenities include small businesses, grocery stores, and dining options, fostering a quaint, village-like atmosphere. Additionally, its proximity to Nevada City and Grass Valley allows residents to enjoy the cultural and historical offerings of these larger towns while maintaining the peacefulness of rural living. Overall, Penn Valley is perfect for those seeking a serene lifestyle with close-knit community vibes and abundant recreational opportunities.

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