Rent to Own Homes in Riverside

Locals also appreciate Riverside’s various activities and attractions. Downtown Riverside features many of the city’s most popular attractions, from the Riverside Metropolitan Museum and the legendary Mission Inn to the Riverside Convention Center. There are plenty of activities outside of the downtown Riverside area as well. Residents delight in college sports match-ups at the Riverside Sports Complex and the three campuses of the Riverside Community College District. Other local favorites including hiking Sycamore Canyon Park, strolling through the California Citrus State Historic Park and marveling at the incredible views from Mt. Rubidoux.

Buying a Home in Riverside

Riverside house hunters can expect about 459 new listings to come onto the market during any given month. With a total monthly inventory of about 875 homes, the city’s low 3-month housing inventory creates a seller’s market. The median home price rose 8 percent over the past year to $320,000, and the sales volume of homes in the area is up 7 percent. Homes currently sell in a quick 38 days. There are 1,065 Riverside homes in the foreclosure process, and those homes carry a median sale price of $255,000.

Popular Neighborhoods in Riverside

The walkability, vibrant social scene and unique river views of Downtown Riverside draw many of the city’s younger set, with 35 percent of the neighborhood aged 20 to 39. Nearby, Magnolia Center is home to many families and couples who like the array of restaurants, stores and entertainment, although crime is slightly higher here. College students and recent graduates often prefer the convenience of the University neighborhood, while couples and young professionals also enjoy University Highlands. For families with school-aged children, Arlington South is a good choice. Its schools are good, and the neighborhood features several parks, ample shopping and a low crime rate.

Buying vs. Rent to Own Homes

Entering the Southern California housing market can be intimidating, but renting to own a home can make the process less daunting. With a rent-to-own agreement in place, buyers can arrange to buy the home at the current price but rent the property for the intervening one to three years. During that time, part of the elevated rent is put toward the downpayment due at the end of the contract, and buyers can take their time resolving financial issues and finding a suitable mortgage.

Cost of Living in Riverside

The price of essentials like housing, transportation and utilities can be costly in Riverside. Overall, the cost of living is 22 percent above the national average. Much of that expense is related to housing, which is 55 percent more expensive than the norm across the country. Utilities, groceries and transportation are 7, 10 and 11 percent higher than average, respectively, but healthcare is actually 1 percent cheaper than the national average.

Summary

Tucked into Southern California’s Inland Empire, Riverside flourishes with the Santa Ana River winding through town and the San Bernardino Mountains in the background. Like many other Southern California towns, homes in this welcoming city can be pricey. The Riverside median home price of $320,000 is about 46 percent higher than the national median of $219,400. There are some more affordable neighborhoods, and some bargains can be found in the city’s foreclosed homes. This housing expense contributes to a higher-than-average cost of living, but the city’s cost of living is about 40 percent less than in nearby Los Angeles.