The Consumer Price Index claims that the cost of living in rental housing in Southern California had the smallest increase in 8 years, rising at a rate of 4.5%. In December this measurement of renter’s housing expenses was the lowest it had been since March of 2000 rising at an annual rate of 3.8%.
Comparatively last year the costs for Southern California homeowners (which is calculated by the average owners’ expenses, minus costs tied to purchasing a home) rose 3.7%, which was also the lowest increase since 2000. The total costs for Southern California homeowners (which includes utilities, furnishings, etc.) was the lowest it had been since 2003 rising only 2.9%.
Southern California inflation rate was 0.1% in December, which was the lowest since January 1983. Unfortunately, overall the inflation rate in Southern California rose at a rate of 3.5% last year, which is an increase from 2007.
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