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Posted by Pete Evering on May 12, 2022
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All Things Riverside, California

Located within the Inland Empire metropolitan area, Riverside is the county seat of Riverside County, California. Named after its proximity to the Santa Ana River, Riverside sits just 50 miles southeast of the Los Angeles downtown area. It is the 12th most populous city in the state, with a population of almost 315,000. Founded in the early 1870s, Riverside is the birthplace of the citrus industry in California, as well as the home of the largest Mission Revival Style building in the U.S., the Mission Inn.

The economy in Riverside is largely reliant on light industry and production, including the manufacture of aircraft components, automotive parts, electronic equipment, medical devices, and food products. Several industrial parks support the manufacturing sector, such as Sycamore Canyon Industrial Park and Hunter Industrial Park. The city also supports a number of accounting, legal, engineering, and banking firms. Although the citrus production industry is in decline, there are still citrus packing houses and production facilities within Riverside.

The University of California is also one of the top employers in Riverside. Sitting in the northeastern corner of the city, the university hosts a number of popular sporting events at the Riverside Sports Complex. Other Riverside hotspots include the Fox Performing Arts Center, Museum of Riverside, California Museum of Photography, Castle Park, and the California Citrus State Historic Park. The Parent Washington Navel Orange Tree is a well-known tourist destination, as it is the last remaining of the two original navel orange trees in California.

As for the housing market, the median home price in Riverside is $605K, an 18% increase from 2021. On average, houses sell for 3-5% above asking price, and only stay on the market for about 20 days, with hot homes selling in as little as 7 days. The median apartment rent in 2022 is $2,074, a 21% increase from the previous year. Approximately 46% of properties in Riverside are renter-occupied, making for a fairly even split between rentals and owner-occupied housing. Most rental properties in the city have 2 bedrooms, making up about 36% of the rental market. Rental housing is mostly occupied by families, and 41% renters live with children under the age of 18.

Best Neighborhoods in Riverside, California

Downtown Riverside: Home to more than a dozen historical sites and over 30 designated landmarks, walking around downtown Riverside is like stepping into the past. Visit famous landmarks such as Fox Theater, the Mission Inn Hotel, and Riverside County Historic Courthouse. The cultural hub of the city, downtown offers a plethora of restaurants, activities, and nightlife for young people and families alike.

Wood Streets: This neighborhood is conveniently located next to downtown Riverside, known for its beautifully landscaped homes and strong community. Many homes in this suburb were constructed before World War II, and the architectural styles reflect the first half of the 20th century.

Canyon Crest: One of the biggest and most diverse neighborhoods in the city, Canyon Crest offers everything from beautiful vistas to bustling commercial areas. The hills in the area create stunning views filled with modern homes, and the town center offers restaurants, shopping, and more. There are also a number of nearby hiking trails and parks, such as the Sycamore Canyon Wilderness Park.

Get Riverside California Property Management

For Riverside California Property Management Contact Utopia Management today by calling us at (800) 294-4656 or click here to connect with us online.

 

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