“How expensive?” tracks measurements of California’s totally unaffordable housing market.
The pain: The cheapest place to live in California – the Central Valley’s Hanford – is still more expensive than 295 metropolitan areas across the US.
The source: My trusty spreadsheet reviewed the annual “price parity” report from the US Bureau of Economic Analysis. It gives us a snapshot of relative differences in the cost of living among 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.
The pinch
Hanford was California’s most affordable spot because its cost of living was 1.6% below the national norm — and it still ranked 89th highest nationally.
The cost savings in Hanford are housing expenses, which run 31% below the typical US metro, by this math. Its utility prices are 39% higher.
Pressure points
The next nine cheapest California places to live are a decidedly inland and central collection of less-populated metros. Clearly, these farm towns offer some Golden State cost relief.
Merced: Costs ran 0.5% below the typical national expenses (80th highest among the 384 metros) with housing 23% below US norms, but utilities 43% higher.
El Centro: 0.1% above typical (No. 76) – housing 22% below US, utilities 37% higher.
Visalia: 1.3% above (No. 65) – housing 17% below US, utilities 41% higher.
Bakersfield: 2.2% above (No. 59) – housing 12% below US, utilities 43% higher.
Redding: 2.8% above (No. 53) – housing 10% below US, utilities 42% higher.
Madera: 2.9% above (No. 52) – housing 9% below US, utilities 44% higher.
Yuba City: 3.6% above (No. 43) – housing 5% below US, utilities 45% higher.
Fresno: 4.0% above (No. 42) – housing 4% below US, utilities 44% higher.
Chico: 4.6% above (No. 37) – housing 1% above US, utilities 47% higher.
Flip side
Want to find a cost of living bargain nationally? Get away from the big cities.
The cheapest US metro is Pine Bluff, Arkansas, where expenses run 19.7% below average. Its housing is 61% more affordable than the norm, and utilities 18% lower.
This same math tells us that living in rural America costs 11.8% less than national norms, with housing 41% cheaper and utilities 11% lower.
Painful reality
Of course, California had the nation’s most expensive market.
San Francisco living costs 18.2% more than the norm, with its housing double typical US spending, with utilities 58% higher.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at [email protected]
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