California's Housing Market: A Deep Dive into Unaffordability

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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