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SLO if the housing is not significantly higher. Otherwise, Sac town. SLO definitely has the edge weather wise as well as proximity the LA and the ocean.
Sac town is also a good option with Tahoe/Reno a hop and a skip away as well as the Bay Area for day trips. Plus if you are close to your family, living in the same town is a bonus even if you move out. And you can go to Davis to get all the university chicks you want. Don't ask me how I know.
Thanks again everyone for the well thought out replies. I spent the last two weekends looking for housing in SLO. I forgot how competitive it is to land housing there especially mid way through the year. I didn't know it at the time but SLO was the only location of the three with a promotion packaged in, oh how sweet that was. Unfortunately, I can't afford to buy in SLO, as many others cannot. As such I will be renting, living within my means, and spending like a college student. Happy to be living the SLO life again.