The Riverside Press-Enterprise
Seekers of houses are taking baby steps
California may be a tough spot to buy a home — but don’t tell that to house hunters in the Inland Empire.
When my trusty spreadsheet looked at homeownership data from the Census Bureau for 75 large U.S. metropolitan areas — including six from California — comparing 2023 results with pre-pandemic 2019, it found the region comprising Riverside and San Bernardino counties moving up the charts.
Last year, Inland Empire ownership averaged 70.7%, the 14thhighest rate among the 75 metros. That share was up sharply from 64.3%, in 2019 when it ranked No. 41. This 6.3 percentage points improvement was seventh-best among the 75.
Consider how the coronavirus rearranged the economy — notably an extended period of historically cheap mortgages as health concerns created demands for larger living quarters.
The Inland Empire’s housing market benefited from its relatively affordable housing — selling prices for single-family homes ran $562,000 last year, according to the California Association of Realtors, versus $815,000 statewide.
Plus there’s been a major push by homebuilders to create more residences. The IE had 19% of California building permits for single-family residences during the past four years.
And the work-from-home rush allowed Southern California’s coastal workers to consider owning a home farther inland.
Geographically speaking
Other California locales far from the Pacific also grew ownership sharply.
Fresno’s 54% ownership rate may have been the nation’s fourth-lowest, but it was up from 49% in 2019 (secondworst). That 5 percentage point jump ranked No. 13 among the 75.
Sacramento ownership also surged to 64.4% (No. 47) from 61.7% in 2019 (No. 54). The 2.7-point gain ranked No. 32.
Two Bay Area markets had growing ownership, too — but that may be due to an exit of renters in the pandemic era.
San Francisco’s 55% ownership rate (No. 70) was up from 52.8% (No. 71) — a 2.1-point gain. (No. 36). San Jose’s 53.5% (No. 73) versus 52.5% (No. 72) was up 1.1 points (No. 46).
The inland surge may help explain other Southern California declines.
Los Angeles’s 48% rate was the national low, versus 48.2% (also last) — off 0.2 point (No. 54). And San Diego’s 54.5% (No. 71) versus 56.8% (No. 68) was down 2.3 points (No. 65).
Statewide uptick
California’s progress toward making the state friendlier for