SACRAMENTO (CBS13) — Cost of living is higher than ever in the Sacramento region.
Arik Sin, an Orange County transplant, was stunned by how much it costs to live in Sacramento.READ MORE: Smoking Solution? California Bill Would Eliminate Litter Left Behind By Smokers
“When I came out here thinking I was going to save money, I was wrong,” Sin said.
A new report says, over the last decade, the capital city saw the seventh-largest increase in the cost of living across the country — a 21% jump.
The biggest areas of inflation were food and beverage, and housing.
“It only took an average of 17 days to sell. It was a market with more multiple offers than ever, twice as many million dollar sales,” housing analyst Ryan Lindquist said.
Lundquist says the Bay Area exodus didn’t help.
“We’re also seeing rent increases,” Lindquist said.READ MORE: Elk Grove Horse Rescue Robbed Over The Weekend
But what’s behind the overall increase?
According to consumer group Filterbuy, that’s ongoing supply chain issues and worker shortages. To put simply, the classic supply and demand scenario.
CBS News business analyst Jill Schlesinger agrees.
“At the end of the day, Econ 101 boils down to supply and demand and prices,” Schlesinger said. “And so when you have surging demand amid constrained supply, prices rise and there’s not a lot that you can do.”
“With the cost of goods going up — whether it’s gas, food or utilities — it seems like everything is more expensive and that puts more struggle in people’s lives,” Lindquist said.
It’s a struggle that’s all too real for so manyMORE NEWS: Homeless Shelter Proposed Next To Children’s Receiving Home Of Sacramento
“The prices are a little bit steep,” Sin said.