“How expensive?” tracks measurements of California’s totally unaffordable housing market.
The pain: Even California’s “bargain” rents look expensive on a national scale.
The source: My trusty spreadsheet reviewed 2023 average rent statistics from ApartmentList for 518 larger markets across the US – including 75 in California. ApartmentList’s figures combine pricing from landlord listings and Census Bureau data.
The pinch
California’s 10 cheapest places had a median rent of $1,854 a month last year. Meanwhile, the 443 markets outside of California that were tracked had a $1,566 median rent.
So, rents elsewhere in the nation are 15% cheaper than the Golden State’s “bargain” cities.
Those 10 bargains
Here are the state’s lowest-priced rents and how they’ve changed since 2019 – just before a coronavirus upended the economy. Many of these markets are far from the traditional job hubs of Los Angeles, San Francisco, and San Diego …
Fresno: $1,304 in 2023 – up 26% vs. ’19.
Citrus Heights: $1,658 – up 29%
Sacramento: $1,675 – up 23%
Long Beach: $1,782 – up 19%
Riverside: $1,828 – up 37%
Pomona: $1,880 – up 34%
Berkeley: $2,058 – off 3%
Moreno Valley: $1,921 – up 44%
Santa Rosa: $1,915 – up 15%
La Mesa: $2,089 – up 36%
Other California extremes
The state’s priciest rental communities are primarily markets largely known for high-paying technology jobs …
Newport Beach: $3,242 in 2023 – up 21% vs. ’19.
Lake Forest: $3,151 – up 33%
San Mateo: $3,131 – off 2%
Laguna Niguel: $3,103 – up 36%
Dublin: $3,089 – up 8%
Emeryville: $3,033 – off 2%
Sunnyvale: $3,019 – off 1%
Redwood City: $2,980 – off 3%
Santa Clara: $2,979 – up 4%
Irvine: $2,967 – up 27%
Consider that the biggest rent hikes over four years were most likely to be found inland …
Moreno Valley: $1,921 in 2023 – up 44% vs. ’19.
Murrieta: $2,154 – up 42%.
Carlsbad: $2,280 – up 41%
Vista: $2,259 – up 39%
Aliso Viejo: $2,881 – up 39%
Chino: $2,327 – up 37%
Riverside: $1,828 – up 37%
Escondido: $2,183 – up 36%.
La Mesa: $2,089 – up 36%.
Finally, see the 10 California spots among 75 tracked where rents have declined since 2019 – all in the Bay Area …
Oakland: $2,158 in 2023 – off 13%.
San Francisco: $2,712 – off 12%
San Bruno: $2,757 – off 4%.
Mountain View: $2,922 – off 4%
Redwood City: $2,980 – off 3%
Berkeley: $2,058 – off 3%
Emeryville: $3,033 – off 2%
San Mateo: $3,131 – off 2%
Sunnyvale: $3,019 – off 1%
Bottom line
Ponder that there were 105 markets cheaper than Fresno – California’s bargain in this study.
The US lows for rent? Fargo, North Dakota at $953 a month, Roanoke, Virginia at $956, Fort Wayne, Indiana at $961, McAllen, Texas, at $964 and Lake Charles, Louisiana at $973.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
Source: Orange County Register
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