Is the Riverside/San Bernardino, CA metro the #1 real estate market in Southern California right now? Home buyers and real estate investors in Southern California looking for a location that is both affordable and growing – while the rest of the state is in a Housing Crisis – might want to consider Riverside as an option!
California home buyers and investors have had a tough time in 2020/21. Especially in SoCal markets such as Los Angeles and San Diego, where home prices are reaching all-time highs just as a record number of people are migrating out. This nasty combination of high prices and declining growth makes Los Angeles and San Diego look like a Housing Bubble that is set to crash.
Those buyers might want to consider the Riverside metro area – comprising San Bernardino County and Riverside County – as another option. The typical price of a home in Riverside is $461k in May 2021, nearly half the price of Los Angeles. Meanwhile, Riverside is actually the #1 job growth market in America over the last 10 years, growing jobs at a 5x faster rate than Los Angeles.
This combination of 1) relative affordability and 2) economic growth is a rare combination for a city in California. While most of the state is experiencing an exodus, Riverside is still adding people every single year. The fact that Riverside has grown its job count by more than cities such as Phoenix and Dallas in the last decade is a great sign for its real estate market.
But investing in Riverside comes with risks. The first is its reliance on migration from Los Angeles County and Orange County to sustain growth. If real estate prices were to correct in these two metros, you can expect that it might slow migration to Riverside and even cause a simultaneous correction in Riverside as well.
The other issue is that Riverside has several neighborhoods which rank high on crime and low on quality of life. These locations – many of such are located in urban San Bernardino – could present challenges for real estate investors. But not every neighborhood has crime! Cities like Chino, Chino Hills, Moreno, Eastvale, and Temecula have strong underlying demographics!
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0:00 #1 Housing Market in CA?
1:45 Quick Geography Lesson
3:12 Booming Economy in Riverside
5:51 Shortage of Housing!
7:10 Riverside Housing Market History
10:15 Wages are Keeping Up
12:34 Los Angeles / Riverside Relationship
13:51 AVOID These Locations in Riverside
16:40 Key Metric: Poverty Rate
17:55 2009 Poverty v. 2009 Crash
20:11 1-on1 Coaching Right for You?
#RiversideCA #SouthernCalifornia #SoCalHousingMarket