Housing growth surges in SLO and Santa Barbara counties

May 3, 2023


San Luis Obispo and Santa Barbara counties saw an uptick in their housing market in 2022, according to a state demographic report released Monday. Developers in densely populated urban areas built the highest number of new residential units last year.

Noting the largest increase in new housing since 2008, California added 123,350 residential units. New housing constructed in 2022 includes 20,683 accessory dwelling units, 51,787 multi-family units, 63,423 single family homes and 1,473 mobile homes.

California reported an .08% gain in housing units in 2022.

Experiencing a gain of 0.8%, San Luis Obispo County had the highest per-capita housing growth on the Central Coast, followed by Santa Barbara County at 0.7% and Monterey County at .06%.

From Jan. 1, 2022 through Jan. 1, 2023, SLO County gained 947 new housing units, with the largest growth in the City of San Luis Obispo.

New housing units in San Luis Obispo County:

  • Arroyo Grande – 17
  • Atascadero – 137
  • Grover Beach – 10
  • Morro Bay – 4
  • Paso Robles – 49
  • Pismo Beach – 15
  • San Luis Obispo – 587

From Jan. 1, 2022 through Jan. 1, 2023, Santa Barbara County gained 1,123 new housing units, with the largest growth in Santa Maria.

New housing units in Santa Barbara County:

  • Buellton – 2
  • Carpenteria – 9
  • Goleta – 204
  • Guadalupe – 45
  • Lompoc – 20
  • Santa Barbara – 132
  • Santa Maria – 381
  • Solvang – 24

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Please don’t let the central coast become like LA sprawl! Let’s preserve our charm.

I’m unsure what view everyone sees, but I have this article about homes built next to people fleeing California.

And just think how many more we can squeeze in when Sac passes a bill being considered to eliminate requiring off street parking.

2000+ new homes, but only 550 new residents. Does not seem to be a sustainable market.

So, San Luis Obispo coming in at nearly 5x new home build volume than the county average.

Median home prices near 900k, average median household income at $45k (aggressive amounts of data behind these numbers).

Logically the only answer to that equation are qualified home buyers that are clearly not generating their income within this county. The local economy absolutely cannot sustain that kind of median home price.

These MASSIVE new track home developments are direct responses to the decentralized work force. Target home prices, targeting specific homeowners.

Interesting plot twist:

The current corporate trend of revoking work from home ordinances across the nation is becoming more real each month, and if not to comply, mass layoffs happen.

There has been relative equilibrium with the current supply/demand for new homes in SLO county, massively due to a paradigm shift in the workforce. What happens when that is quickly reversed? When supply spikes, but demand falls…..

The state of SLO county’s brand new home development is propped up by extremely shaky grounds at the moment.

Then there is the rental market: I have two indoor cats or indoor lapdogs, like family, my partner and I are getting married and we both work long hours and are never home. Really, this is a true sales pitch! There is a glut for rental home but there is a shortage for kennels.

A great start, but not nearly enough.