California Cities Dominate List of Places Running Out of Jobs, Affordable Housing
A new study by MoneyLion ranks 46 U.S. cities facing severe job and housing shortages, with California metros overwhelmingly represented.
Cities across California are experiencing a rapid depletion of both job opportunities and affordable housing, according to a new study by MoneyLion. The financial analysis ranked 46 U.S. cities where jobs and affordable homes are increasingly scarce, with California cities occupying all but one spot in the top 10.
Researchers compiled the list by examining factors such as average home value, average monthly rent, unemployment rates, labor force participation, and median household income. Of the 46 cities evaluated, 32 were located in California, representing 69% of the total rankings and drawing from data on the nation's 250 largest housing markets.
Irvine, California, topped the list with an average home value of $1.7 million, an average rent of $3,500, and a 5% unemployment rate. The city also reported a labor force participation rate of 67% and a median household income of $136,000.
Other California cities rounding out the top five included Modesto, Fontana, Huntington Beach, and Rancho Cucamonga. The only non-California city in the top 10 was Bellevue, Washington, a technology hub with an average home value of $1.6 million and a 5.7% unemployment rate.
Major Californian cities also appeared further down the list. Los Angeles ranked 15th with an average home value of $1 million and a 5% unemployment rate. San Diego followed at 16th, reporting an average home value of $1.1 million and a 4% unemployment rate.
Several other non-California cities were included in the broader list, such as Seattle (30th), Saratoga, Florida (39th), Sugar Land, Texas (40th), Gilbert, Arizona (42nd), and Worcester, Massachusetts (43rd). Florida cities like St. Petersburg (44th), Tampa (45th), and Clearwater (46th) also made the list.
This analysis follows a separate September study by WalletHub, which found that California has the lowest rate of job openings in the country, at just 3.6%. Additionally, a recent report indicated that California's home prices have increased by 441% since 1984, significantly outpacing inflation, which rose 210% over the same period.
The state's housing affordability crisis is also identified as a major contributor to poverty. An analysis by the Pew Charitable Trusts found that high housing costs account for 30% of all poverty and 36% of child poverty in California.