Just a bit East of L.A., Riverside, California is part of the Inland Empire which also includes San Bernadino and Ontario. It's been the subject of lots of investment speculation in recent years because, even after large price run-ups since the pandemic started, it's still relatively inexpensive when compared with the rest of Southern California. Being part of the vast megalopolis centered around Los Angeles and its countless amenities keeps demand high.
Like so many places in the U.S., Riverside has seen major price increases for real estate properties. Depending on when you begin measuring, prices have increased 22-25% in the last year. When considering the right economic environment for an investment, you'll want to consider the price-to-rent ratio. A low price-to-rent ratio indicates that demand is sufficient to support rents at a high level. With a suggested ratio of about 23, Riverside is just beyond the 22 price-to-rent ratio threshold for ideal conditions.
Riverside is one of the most competitive rental markets in the U.S. with 97% occupancy and 28 prospective renters per rental, according to RentCafe. And more appreciation may be on the way as Realtor.com predicts a decrease in overall number of sales but a 5% increase in prices. With rising prices, low inventory, and rentals in demand, it appears to be a generally favorable time to own in Riverside.
The top of our Riverside list is all mobile homes. These are not the drivable mobile homes you may be thinking of, they are normal homes in appearance but modularly movable in a technical sense. They have very low asking prices and have the added advantage of being taxed at a much lower level than a conventional home. You'll notice that the cash-on-cash return numbers are outlandishly high for these homes. Despite the low prices, homes like these can command normal rents in some cases, but, of course, our cash-on-cash return and cap rate numbers are rough estimates and any buyer would need to independently confirm them before making a buying decision.
For single family homes, you'll want to take a look at our #16 property. It's a huge move-in-ready 4000 sqft home on half an acre. It's also in one of Riverside's most desirable zip codes. Property #18 is an interesting option as well. Offered at considerably less than the median price, it's a large home in great condition.
- Forbes: The Best Markets For Real Estate Investment In 2022
- Top 50 Most Competitive Rental Markets in 2021
- Realtor.com: 2022 Housing Market Predictions
- Florida Atlantic University's School of Business: 100 Top Housing Markets Ranked by Most Overpriced
- Housing Market Data from Housing Tides
- Federal Housing Finance Agency's House Price Indexes
|Median List Price||Median Sqft||Median Lot Size(SqFt)||Median HOA Fee|
|Score**||Property||ZipX**||Type||Cap Rate*||SqFt||Cash-On-Cash Return*||Price|
1560 Massachusetts Ave Spc 96
4080 Pedley Rd Spc 21
4041 Pedley Rd Spc 3
4041 Pedley Rd Spc 144
4080 Pedley Rd Spc 192
3700 Buchanan St Spc 182
4080 Pedley Rd Spc 211
15181 Van Buren Blvd Spc 211
5100 Queen St
3701 Fillmore St Spc 175
11518 Waterwell Ct
9520 Lost Grove Rd
11514 Trailway Dr
1196 Fountain St
9391 California Ave Spc 64
6659 Sunset Cir
20815 Orchid Way
9265 Dauchy Ave
3585 Dixie Ln
16418 Limerick St
12657 Sierra Creek Dr
9686 Tuco Ln
8722 Barnwood Ln
8196 Aliso Ct
4210 Riverview Dr