The housing market has been through some drastic changes in the last several years, but if you are looking to purchase (or if you already own) a home, here are some of the best places to own a home in Santa Cruz, California.

As of 2010, Santa Cruz’ population reached over 55,000 people, which is a 2% growth from the year 2000. With a cost of living more than 45% higher than the U.S. average and an unemployment rate over 1% lower than the U.S. average, Santa Cruz can be considered one a well-off and therefore lucrative place to own a home.

The multiple unincorporated municipalities in Santa Cruz each offer their own advantages and disadvantages which should be considered:

Santa Cruz city: The city itself is famous for the beach and as a college town. University of California at Santa Cruz is here, and the city has been dubbed “Surf City, USA.” While universities can sometimes lower home values, in this case the beach and nationally renowned university make this a fun, exciting, and well-known place to buy and own a home.

Capitola: Home of the historic Venetian Hotel, Capitola has the first Condominium Beach Community in the United States. The largest age group is between the ages of 25 and 44 (prime home buying age), and only 2% of families in Capitola were below the poverty line in 2000.

Scotts Valley: Also known as Silicon Valley South as it is the high tech capital of Santa Cruz. For a home owner who works in the tech industry, Scotts Valley is an ideal location, granting many benefits of Silicon Valley itself, but reaping the advantages of a lower population and population density.

San Lorenzo Valley: This luscious mountain and forest area is prime for real estate development. The beautiful San Lorenzo River runs through the valley and home owners here will find themselves surrounded by beauty and opportunities for development, while the luxury of city life is only miles away.

Santa Cruz is far from lacking when it comes to best places to own a home. For best places to own a home in Santa Cruz, it will be important for the buyer to determine specific desires (tourism and beaches vs. the seclusion of nature) and research accordingly. Despite recent national economic struggles, however, home buyers will find that owning a home in Santa Cruz is still both viable and lucrative. Whether you are looking for wealth or beauty, it can be found in Santa Cruz.