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California's Housing Market: A Deep Dive into Unaffordability

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Economics,California News,California Housing

This article examines the alarming cost of living in California, particularly focusing on the state's unaffordable housing market. Using the US Bureau of Economic Analysis's 'price parity' report, it highlights the exorbitant costs in major California cities like San Francisco and Los Angeles compared to the national average. The analysis reveals the stark reality of California's housing crisis and its impact on residents.

How expensive?” tracks measurements of California’s totally unaffordable housing market. The annual “price parity” report from the US Bureau of Economic Analysis , which gives us a snapshot of relative differences in the cost of living between 384 metropolitan areas across the nation in 2023 – including 26 from California.

This inflation math is based on both price and spending swings, and is part of the Federal Reserve’s favorite inflation gauge – the “PCE” or Personal Consumption Expenditures rate.This is not a surprise, rather another stark reminder of the state’s biggest economic challenge – the cost of living here. The nation’s most expensive metro? San Francisco, where it costs 18.2% more than the typical US metro. Why? Of course, it’s housing expenses. San Franciscans pay double the national norm, with utilities running 58% higher. The second-priciest metro in the US is the region comprising Los Angeles and Orange counties, with a cost of living that’s 15.5% above what a typical American pays. Housing is 73% costlier and utilities are 35% higher.Consider the other 13 California metros high on the costliest places to live scorecard — a collection of big, coastal metros. Costs 13.5% more than typical US expenses, tied for third-highest nationwide. Housing runs 78% above US costs with utilities 30% pricier.Also No. 3 at 13.5% above normal, with housing 76% above the US and utilities 28% costlier.12.9% above (No. 7) – housing 113% above US, utilities 35% higher.11.8% above (No. 10) – housing 62% above US, utilities 39% higher.10.8% above (No. 14) – housing 50% above US, utilities 27% higher.9.2% above (No. 18) – housing 36% above US, utilities 36% higher.7.9% above (No. 21) – housing 32% above US, utilities 57% higher.California’s cheapest place to live still has the nation’s 89th highest cost of living among 384 metros tracked. Living in Hanford, a Central Valley farm community, is 1.6% cheaper than the national nor

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