#3 Fastest Growing U.S. Market for 2007
July 1, 2000: 3,279,297
July 1, 2006: 4,026,135
Percent change: 22.77 percent
* Population statistics from the U.S. Census Bureau
Percent change: 28.61 percent
* Job statistics from the Bureau of Labor Statistics
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|Table of Contents|
|The Top 10 Fastest Growing Markets in America|
|1.||Las Vegas, Nevada|
|7.||Charlotte, North Carolina|
With real estate prices so high throughout California, it is no surprise that a more affordable area of the state is seeing population growth. The Riverside-San Bernardino-Ontario MSA contains some of the most affordable real estate in southern California, and many residents are likely moving there because they can’t afford to live in other parts of southern California.
The average existing single family home price in Riverside/San Bernardino was $396,800 in the second quarter of 2007, compared to $593,000 in nearby Los Angeles, according to a report by the National Association of Realtors (NAR). The MSA was ranked fourth in the nation in its foreclosure rate during the first half of 2007, according to RealtyTrac.
Riverside, San Bernardino and Ontario all saw significant growth in the key 25 to 34-year-old age group from 2000 to 2006. That population grew by 55.10 percent in Riverside, 30.86 percent in San Bernardino and 13.66 percent in Ontario. This population is a positive indicator for the area’s future; these are the people who are beginning their adult lives and careers, finding mates and having weddings and babies. Many of those people are likely attracted to this area for its affordability compared to the rest of southern California.
In addition, many other age groups saw large growth, particularly in retirement age and those nearing retirement. With nice weather and affordable prices, this area will likely continue to attract retirees.
Overall, Riverside grew by 22.11 percent, while San Bernardino grew by 13.30 percent and Ontario declined slightly. Much of the area’s growth took place in the suburbs.
The area is also seeing substantial business growth, particularly in construction, which grew by 67.04 percent in Riverside, 140.55 percent in San Bernardino and 49.25 percent in Ontario. All three cities also saw more than 50 percent growth in transportation and warehousing and utilities.
Both beautiful and afforable, Riverside real estate is attractive to many age groups| alt=|This area offers beautiful weather year round for much cheaper than nearby counties |]The national housing market slowdown has hit the area hard, however; single family building permits declined by 51 percent and multi-family by 19 percent for a total decline of 47 percent—far greater than the national average decline of 24 percent, according to the National Association of Home Builders (NAHB).
Riverside also saw substantial growth of 43.87 percent in retail trade; 82.36 percent in finance and insurance, and real estate and rental and leasing; 76.22 percent in professional, scientific, and management, and administrative and waste management services; 25.04 percent in educational services, and health care, and social assistance; and 28.43 percent in wholesale trade.
San Bernardino experienced 53.28 percent growth in wholesale trade; 34.64 percent in finance and insurance, and real estate and rental and leasing; 56.38 percent in professional, scientific, and management, and administrative and waste management services; and 40.22 percent in arts, entertainment, and recreation, and accommodation, and food services.
The MSA posted substantial job growth every year from 2000 to 2006; growth was consistently in the 3 to 6 percent range every year. Strong business growth and population growth in many age groups—particularly in young adults and retirees—are promising signs for the future of the area.