Buying is way cheaper in Santa Barbara than the bay area like half to two-thirds depending on where you compare to. The only thing even close to Santa Barbara prices for sale when I checked a year ago were "unique" properties in East Palo Alto. Rents are pretty insane here though. It's a total flip from when I moved here (I was paying $50/month more in rent than a friend who got a job in the Indianapolis. I lived walking distance from downtown).