What is the Real Cost of Living in Granite Bay?

What is the Real Cost of Living in Granite Bay?

With its picturesque natural surroundings, excellent schools, and proximity to Sacramento, Granite Bay has become a sought-after locale for many and offers a great balance of urban energy and suburban tranquility. However, for those who are seeking one of the beautiful luxury homes for sale in the area, it’s essential for potential buyers to understand the real cost of living in Granite Bay. Beyond the sticker price of a home, other factors, from utilities to dining options and more, can significantly impact your overall budget. So, as you think through a move to Granite Bay, take a look at the financial and lifestyle considerations that come with investing in this prestigious community. 

In this guide, we'll walk you through the average home prices, utilities and transit costs, grocery options, and salary expectations in the area. An investment in Granite Bay is an investment in a truly incredible place to call home, so get out your calculator and find out whether buying a home in Granite Bay will be the right move for you.

Granite Bay home prices

On average, the cost of living in Granite Bay — and all of California — is around 57% higher than the national average, but where relocators will feel this difference the most is in housing prices. 

Home prices in Granite Bay sit well above the national average and can range from $500,000 to just under $20,000,000. As of the most recent data from the California Association of Realtors, the median price of Granite Bay homes currently sits at $900,000, which is more than twice the median price of homes nationwide — but for good reason. 

Homes for sale in Granite Bay are spacious and beautiful, featuring plenty of amenities and impressive architectural elements. With stunning, modern designs and state-of-the-art features, it’s no wonder why these properties quickly come off the market and command high prices. 

Though homes are upscale and in high demand in Granite Bay, potential buyers should also keep in mind that prices have been on the decline in recent months as the market has cooled off. While the most sought-after homes still sell for over listing price, the average home can be negotiated down, with approximately 55% of active listings experiencing a price reduction in recent months. That said, work with your Granite Bay real estate agent to devise a competitive offer letter for the home you fall in love with.

Utilities and transit

Utilities and transit are also important to consider when determining the cost of living in Granite Bay. Of course, the cost of utilities in Granite Bay will vary depending on several factors, such as the size of your home, the number of family members, your energy usage, and the time of year. However, the average monthly cost of electricity in Granite Bay is around $153, which is 21% lower than the national average. This is likely due to lower costs for heating and cooling, as Granite Bay doesn’t experience the extreme temperature swings seen in other areas of the country. 

In terms of transit, Granite Bay is a relatively car-dependent community. While there are some public transit options available, they may not be as convenient or efficient as owning a car. The average cost of gas in Granite Bay is currently around $4.50 per gallon, which is slightly higher than the national average, and car owners should take into account the expense of car insurance as well. In California, the average annual cost of full car insurance coverage is around $2,291.

Groceries and dining

If you’re considering a move to Granite Bay, don’t forget to budget appropriately for groceries and dining out. Grocery prices are 6% higher than the national average, with a loaf of bread coming in at $4.09 and a carton of eggs at $2.37. Throughout the area, residents have options ranging from upscale supermarkets like Raley's and Whole Foods to more affordable chains like Safeway. 

Dining out in Granite Bay can be a bit pricier, as the area is known for its upscale restaurants and fine dining establishments. At higher-end spots like Farmhaus or Hawks, guests can expect to pay around $50 per person plus drinks, while more casual eateries like the Habit Burger Grill and Bernardos are perfect for those wanting to save a little extra cash. 

Average salary in Granite Bay

As of January 2023, the minimum wage in California rose to $15.50, equating to a salary of $26,040 for full-time employment before taxes. However, residents in Granite Bay earn a median household income of $161,557. Per capita, individuals earn around $75,150, but it’s important to remember that salaries can vary widely depending on industry and role. Some of the highest-paying industries in the county are healthcare, technology, and finance, so potential buyers within and beyond those fields should evaluate their current job opportunities prior to investing in Granite Bay real estate.

Find your forever home in Granite Bay

Living in Granite Bay offers residents an upscale lifestyle and all the best balance of living close to Sacramento without feeling like you’re right downtown. No matter where you’re moving from, considering the difference in cost of living is an important part of the process. So if you’re hoping to invest in a home in Granite Bay, take into account real estate prices as well as all your necessities and extras. 

When you decide to step into the local market, work with a real estate team that understands the unique trends in the Granite Bay real estate scene and can help you find the right property to meet your budget. Boutique Real Estate is a trusted and experienced agency with a deep understanding of the Granite Bay community and everything it has to offer. By teaming up with Boutique Real Estate, you can be confident that you'll receive personalized service and support at every turn. So why wait? Contact Boutique Real Estate today.

*Header photo courtesy of Shutterstock

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