Riverside is a large city located in southwest California. It is in Riverside County and inside the Inland Empire metro area. With a population of just over 300,000 people, Riverside is the 12th largest city in California and 59th largest in the United States. Riverside is also part of the Greater Los Angeles Area, which is the second largest metro area in the country with a population of nearly 19 million people.
Those that live in Riverside enjoy the countless professional opportunities, warm weather, and access to a variety of local amenities. These factors have helped to ensure that Riverside has had a good economy and housing market.
Options for Mortgage Loans in Riverside, CA
For those that move to Riverside, taking out a mortgage will likely be a necessity to buy a home. Riverside has a large VA population, many of which end up taking advantage of the VA home loans available. There are also a lot of people that take advantage of FHA home loans, which are frequently used by first-time homebuyers.
Similar to other areas in California, the average interest rate received on a mortgage tends to be higher than the national average. This is partly due to the higher taxes and also due to the higher amount of jumbo loans, which have higher rates than conventional mortgages. There are several major mortgage lenders in Riverside, which include Bank of the West, Bank of America, and Chase Bank.
Median Income and Housing Prices in Riverside
Compared to other cities in southern California, Riverside has some very affordable homes. Riverside as a whole has a median household income of $62,000. This is just below the state average of $65,000 and above the national average of $55,000.
While incomes in Riverside are strong, housing prices in Riverside are lower than many other areas in the region. The median sales price and value for a home in Riverside is $300,000, which makes buying a home very affordable for the average resident. This is compared to several areas of the Los Angeles area that have median home values well above $1 million.
Riverside Education System
Unlike many major cities across the country, Riverside is served by two different school districts. The two school districts in Riverside are the Riverside Unified School District and the smaller Alvord Unified School District. The two districts have over 60,000 students that attend nearly 70 different schools on a combined basis. The city provides strong funding per pupil of around $7,000. However, the student to teacher ratio in the city is 23 to 1, which is higher than many other districts in the area and country.
Those that are looking for other education options will be able to attend one of 10 different private schools located throughout the city. For those that are looking to further their education, there are over a dozen different options. The largest college in the city is the University of California, Riverside, which has nearly 15,000 students. There are also several community colleges, private colleges, and trade schools.
While many larger cities in the United States have problems with crime, Riverside has seen a significant drop in crime in recent years. The city’s overall crime index has dropped more than 20% in just the past five years. The city is now ranked among the safest of all large cities in the country. While the city has had some issues with drug-related offenses, the overall rate of violent crimes in the city are very low.