9 Reasons Riverside Real Estate Is Booming

As noted in our post, 7 Surprising Inland Empire Real Estate Predictions for 2018, the Inland Empire is a red hot real estate market, and is unlikely to cool off anytime soon. But what is the secret? Why not Ontario or Cucamonga? Here are some thoughts on that subject. 

Riverside is the centroid or hub of a new urban region 

 

Like it or not, Riverside is not about oranges anymore. Every major city in America is now

surrounded by other urban centers. Unlike suburbs, these cities have their own high-rise city centers, freeway interchanges, and culture. LA has several, including Long Beach, Santa Monica, and Pasadena. Riverside is now in that group. Ontario, Rancho Cucamonga, Parris, Fontana, San Bernadino, Redlands, Moreno Valley, Corona, Norco, and Jurupa Valley surround the city and feed into and off of the resources unique to Riverside. Taken together these communities now have a population of 1,700,000 folks. 

Riverside has the largest population by over 100,000 at 313,000 compared to San Bernadino with only 209,000, and in total land mass. But more important that sheer numbers, Riverside’s location serves as a hub to the surrounding area. The next closest hubs are Anaheim and Irvine.
Riverside is the historic center

Only the Cities of San Bernadino could compete with Riverside for the historic center of the Inland Empire. Founded a few years earlier and sitting at the foot of the highest local mountains, San Bernadino had a very different set of attributes. But the Mission Inn created a cultural center that would serve to create a great deal of national attention to Riverside, including visits by multiple US presidents and movie stars. 

Riverside Chamber of Commerce

 

As one of the most influential chambers in the state, the Riverside Chamber works closely with local government and other entities to strengthen the local economy. The Chamber is pro-actively involved in every important issue facing Riverside business. One of the largest Chambers in Southern California, the Riverside Chamber is comprised of nearly 1,300 business enterprises, civic organizations, education institutions, and individuals.

Riverside is diverse

 

Riverside is amazing diverse with almost 50% Hispanic or Latino, 34% white, 7% black, 7% Asian, and 1% Native American.

Riverside is largely Christian and home to Catholic, Eastern Orthodox and Protestant churches, and an Islamic mosque, Mormon churches, Jewish synagogue, Hindu temple, several Buddhist temples, and a Universalist Unitarian church. Riverside is also home to the Inland Empire Atheists and Agnostics organization.

Riverside is an education center

 

With four major colleges or universities and 50,000 students attending institutes of higher learning, Riverside is truly a college town. This concentration of brains and talent has led to a very active business community and helped to spawn the cities claim of being a center of arts and innovation.

The business community, educational leadership, and city government have joined together in a successful attempt to keep the graduates of the local schools in the Riverside area. The overall combination of resources is beginning to draw larger enterprises to Riverside. 

Riverside is at the crossroads of America’s best playland

 

In an hour or less you can be in the snow, at the beach, crossing sand dunes, doing Disneyland, fresh water fishing, or at the top of the tallest building in the West. In under 2 hours you can add San Diego, Malibu, and be halfway to Las Vegas by car.

Within that two hour drive you have so many icons of SoCal that it would take a book to write them all down. Beverly Hills, Hollywood, the Getty museums, LACMA, LA and San Diego Zoos, Venice, the Rose Bowl, and so much more. 

Riverside has great weather 10 months of the year

 

Sure, it gets hot in Riverside. But compared to the rest of the US, Riverside is paradise. Today is December 30 and it was 76 for the high. Take that Seattle or Chicago, or Denver.

You can be sure that many who live in SoCal for the weather would prefer to live in West Los Angeles or Newport, but the housing cost is double that of Riverside in those more perfect weather locations. $700,000 gets you 3000 square feet on a half-acre in Riverside. That might buy a one bedroom condo in Santa Monica. 

Riverside still feels like a community

 

No one can predict whether this will still be true in 20 years or even 10, but at least for now, there is still a small city feel in Riverside. You can run into your friends at the Regal or Stater Brothers. The Festival of Lights at the Mission Inn is a community event. 6% of the residents are veterans and the local March Field Air Museum is a rare treasure. 

 

Riverside is thinking about the future and doing something about it 

 

Here are recent distinctions that Riverside has earned:

#2 Millennial Boomtown – Forbes 2014 #8 Coolest City in America – Forbes 2014 California Association for Local Economic Development - Award of Merit, Small Business Direct Installation Program – 2013 # 1 for Job Growth in 2013- Riverside and the surrounding metro area topped the nation with 4% job growth according to a report by Professor McPheters from the W.P. Carey School of Business at Arizona State University. Intelligent Community of the Year 2012 – Selected from over 400 of the world’s best cities, Riverside was recognized by the Intelligent Community Forum (ICF) for its efforts to improve the quality of life and is confirmed as a community that is a great place for people to work, do business, and raise a family. #3 in America’s 20 Can-Do Cities by Newsweek Top 25 City for Business – Executive Outlook Magazine named Riverside as a top 25 city for business and identified it as a bright spot in a tough economy. Great Places in America – The American Planning Association listed Fairmount Park as one of the great places in America. Public Spaces and City Parks wrote that revitalization efforts in Fairmount Park, “Exemplified the catalytic power of parks to transform urban areas.” #2 in Cities with the Fastest Broadband – Business Insider listed Riverside as #2 of 10 U.S. cities utilizing broadband technology. #6 Happiest City for Young Professionals by Forbes – Riverside earned an impressive 6th place ranking out of the top 10 cities in the U.S. 2013 Playful City USA Award – Riverside has been recognized five consecutive years by KaBoom! National Campaign for Play for American cities that have made innovation play for children a priority for the community.