Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Riverside County | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $477,744 | $642,203 | $242,182 |
| Price Trend (Annual %) | 9.3% | 10.0% | 8.2% |
| Median Gross Rent | $1,813 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.0% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Riverside County is about 26% lower than in California. Rent is about 7% lower than the California average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Riverside County, up about 9.3% and 6.0% a year respectively. Home prices are changing faster.
Median rent in Riverside County rose about 53.9% between 2015 and 2023, from $1,178 to $1,813. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 5.3 yearly household incomes in Riverside County.
Buying the median-priced home in Riverside County costs roughly 22.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Riverside County. The price-to-rent ratio in California is about 27.4.
| Metric | Riverside County | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $477,744 | $642,203 | $242,182 |
| Median Household Income | $90,321 | $96,718 | $78,145 |
| Price-to-Income Ratio | 5.3 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Riverside County rose about 104.2%, while median household income rose about 54.5% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Riverside County | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.1% | 51.6% | 58.2% |
| Rental Rate | 27.5% | 40.9% | 31.3% |
| Vacancy Rate | 11.4% | 7.6% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Riverside County has a homeownership rate of 61.1%, higher than the California average of 51.6%. Its housing vacancy rate is 11.4%, compared with 7.6% in California.
Housing Stock
| Metric | Riverside County | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.16 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1989 | 1975 | 1978 |
| Median Number of Rooms | 5.5 | 5.0 | 5.5 |
The typical housing unit in Riverside County was built around 1989. On average, 3.2 people live in a home with about 5.5 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Riverside County, California.
What is the median home price in Riverside County, California?
The median home price in Riverside County, California is $477,744, lower than the California average of $642,203.
What is the average home price in Riverside County, California?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Riverside County, California?
The median gross rent in Riverside County, California is $1,813 per month, lower than the California average of $1,955.
What was the median gross rent in Riverside County in 2020?
In 2020, the median gross rent in Riverside County, California was $1,447 per month.
What is the price-to-rent ratio in Riverside County, California?
The price-to-rent ratio in Riverside County, California is about 22.0, meaning it would take roughly 22.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Riverside County.
Are home prices or rent rising faster in Riverside County, California?
Both home prices and rent are rising in Riverside County, up about 9.3% and 6.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Riverside County, California?
61.1% of households in Riverside County, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Riverside County, California?
The housing vacancy rate in Riverside County, California is 11.4%, higher than the California average of 7.6%.