Founded in 1860 by newly rich General John Bidwell, Chico has been named a great place to live by Forbes Magazine, has a lively arts scene, lovely tree-lined neighborhoods, the 16,000-student-strong California State University and the expansive, 3,600 acre Bidwell Park, the third largest municipal park in the country and the centerpiece of the city.   The cost-of-living is slightly higher than the national average, but it is13% less expensive than Sacramento, 4% less expensive than Fresno, 12% less expensive than Bakersfield and 30% to 50% less expensive than coastal communities.  The town has a somewhat youthful population, due in part to the University, but those aged 45 to 64 comprise 15% of the residents, and those 65 years of age or better comprise 10% of the residents.

Real estate has been in somewhat short supply because Chico is growing, but new construction is beginning to catch up and inventory is opening up.  Prices are above the national average ($317,000 is the median single-family home price), but small (1,000 square feet) condominiums and town homes in well-kept neighborhoods can be found for under $200,000.  HOA fees appear to run in the $185-$215 per month range.  Modest, single-family homes under $250,000 tend to have 1,000 to 1,300 square feet, 2 to 3 bedrooms with 1 to 2 baths and have small lots without a lot of landscaping.   Many are tract housing from the 1940s and 1950s, but a good number are in very good condition in quiet neighborhoods.  

Homes in the $350,000 range are larger (1,500 to 2,200 square feet) with bigger bedrooms, more updated features and larger lots, and while they are very comfortable homes, they would not be considered luxurious.  Many of these are bi-level and tri-level dwellings.  $450,000 starts to buy more upscale houses (4 to 5 bedrooms, 2 to 3 baths, higher-end kitchens, more upgrades, etc.) in more upscale, manicured neighborhoods.  Luxury homes begin at around $500,000.  Real estate prices have been climbing at nearly 15% per year over the last 3 to 4 years, and prices are currently up 11% over 2005, but new building has started to temper prices a little and that trend is expected to continue.  Generally speaking, the north and east sides of town are the more livable areas.

Chico has at least twenty-two manufactured/mobile home communities, four of which cater to those 55 and above.  These include Almond Grove (530-342-6056), Casa de Flores (530-343-5551) and Chico Mobile Country Club (530-343-3705).  

There are a number of well-kept apartment houses and complexes but not many rentals available, at least as of this writing.  Of the units currently for lease, one bedrooms start at about $710 per month and 2 bedrooms start at $850 per month.

Real estate in Chico is taxed at a rate of 1% of assessed value, which gives property owners the security of knowing that their taxes will never exceed a certain amount.  Property is assessed in terms of its value when it was purchased, not in terms of its real value, and real estate can only be reassessed when it is sold.  As a result, the owners of a house sold (and purchased) yesterday for $300,000 can expect to pay $3,000 annually in taxes.   This rate is less than the national average.  Sales taxes are slightly above the national average and state income taxes are slightly below it.

Chico, California Continued...

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