Like so many other cities across the United States, Riverside-San Bernardino in California is also being affected by the housing crisis. The industrial city has experienced high rates of unemployment and as a result, not many people have been moving to the city. In fact, many have actually relocated away.
The main reason behind so many people moving out of the San Bernardino area is the high unemployment rate – it’s at about 13.7%. Because of this high rate of job loss, rental vacancy and home vacancy rates are also high. With this comes plummeting home prices. Prices of homes are actually down over 55% from the peak in 2006. They are expected to drop even more – up to 16% – in the coming year. That translates to about $30,000 off the average home price.
Though plummeting home prices doesn’t bode well for people trying to sell their home and move, it could be a good deal for some investors and first-time homebuyers. If you have a good amount of money saved and can get a mortgage loan at the right rate, you might be able to find a new home at a really good price.
If you are thinking of moving to Riverside-San Bernardino, California, then here are some statistics you might want to know:
- Median family income is the 190th highest – $59,700
- Median home price is at the 70th highest – $181,000
- Experts project the housing prices to hit lowest level in the first quarter of 2012