California is the fourth most-expensive state to live in, according to CNBC. Considering the sky-high housing expenses in the Bay Area and Southern California, it doesn’t come as a surprise.
But rent is also climbing in Sacramento and Stockton, according to a report from RENTCafe, a nationwide apartment search website.
According to the report, from May 2016 to May 2017, Stockton had the fastest-growing rent in the country. Its rent grew 10.6 percent to $1,030. Sacramento came in fifth on the list, as its rent grew 8.2 percent to $1,214.
Even though Stockton and Sacramento saw increases in rent, both figures were still below the national average of $1,316, according to RENTCafe.
And California rent is only projected to grow in the future, according to The Bee’s Angela Hart. An economic analysis in the Anderson Forecast from the University of California, Los Angeles, showed that rents and home prices in San Francisco, Los Angeles and Sacramento will continue to climb.
“It was already bad before, but it’s getting worse,” David Shulman, a senior economist for the Anderson Forecast, told Hart. “California is still attracting high-income people, who are creating an enormous amount of wealth, but low and middle-income people like teachers are leaving because housing has become extraordinarily expensive.”
Hart reported in February that the state’s housing shortage and rising demand for houses has led to the rent increases across the state. And the Legislature’s budget, which passed last week, included no new money for affordable housing.