Chico, CA
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
expensive
Price to income
5.96×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs California
- 5.95×
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
moderate
Rent to income
28.4%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs California
- 28.8%-0.4
- vs U.S.
- 23.3%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
tight
Cap rate proxy
3.10%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs California
- 3.10%=
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.24%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs California
- -0.03%+0.27
- vs U.S.
- 0.03%+0.21
Benchmark
IRS net migration ÷ population
strong
Permit pipeline
5.11
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs California
- 2.39+2.72
- vs U.S.
- 3.52+1.59
Benchmark
Census BPS permits TTM ÷ population × 1,000
softening
Unemployment
5.8%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs California
- 5.2%
- vs U.S.
- 3.9%
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+21.4%
homeValues.yearOverYear
+1.5%
Median home value
$408,700
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,270 | $15,240 | 22.2% |
| 2 BR | $1,625 | $19,500 | 28.4% |
| 3 BR | $2,260 | $27,120 | 39.5% |
Labor market direction
Unemployment
5.8%
Median household income
$68,574
What's being built
Total TTM
1,092
+65.0% YoY
Single-family
678
2–4 unit
40
5+ unit
374
All 1 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Butte County | 213,605 | $408,700 | $68,574 | 1,092 | +65.0% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Chico | 213,605 | $68,574 | 5.96× | 3.10% | +21.4% | 5.11 | 5.8% |
| Columbia, MO | 211,078 | $69,463 | — | — | +56.3% | — | 2.6% |
| Lake Charles, LA | 216,217 | $67,010 | — | — | +14.4% | — | 4.2% |
| Elkhart-Goshen, IN | 206,841 | $65,617 | — | — | +55.4% | — | 2.7% |
| Medford, OR | 222,604 | $71,443 | — | — | +32.7% | — | 5.5% |
| Houma-Thibodaux, LA | 206,082 | $64,269 | — | — | +18.3% | — | 3.5% |
Where people are moving in from
Net migration
+514
+0.24% of population
| Origin county | Tax returns |
|---|---|
| Sacramento County, CA | 393 |
| Sutter County, CA | 247 |
| Glenn County, CA | 228 |
| Tehama County, CA | 204 |
| Los Angeles County, CA | 172 |
| Shasta County, CA | 167 |
Who lives in Chico
- Median age
- 36
- Bachelor's+
- 31.7%
- Owner-occupancy
- 58.3%
- Vacancy rate
- 9.7%
- Rent burdened (30%+)
- 53.7%
- Median household income
- $68,574
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.