Larry and Sandra Martinez had been chasing the California dream of homeownership since the pandemic began. Like many young families in Los Angeles, they watched helplessly as home prices skyrocketed by 45% and mortgage rates doubled, pushing their dream further out of reach. But the couple wasn’t ready to give up.
Larry, a truck driver with a non-traditional schedule, and Sandra, a remote worker for a healthcare company, decided to look beyond the high-priced coastal counties. That’s when they discovered San Bernardino County. Cities like Fontana and Claremont caught their eye, offering homes at sometimes half the price of comparable properties in Los Angeles. Suddenly, their dream of homeownership didn’t seem so impossible after all.
The Martinez family’s story echoes across Southern California. From young professionals to retirees, many are finding the hidden gem that is San Bernardino County – a place where the California dream of homeownership is still alive and thriving.
San Bernardino County: A Market Filled With Opportunity
Stretching from the eastern edges of the Los Angeles metropolitan area to the Nevada border, San Bernardino County is a mix of bustling suburbs, growing cities, quiet mountain communities, and expansive deserts. But what’s really putting it on the map is its housing market.
San Bernardino County fills the affordability gap in a region notorious for its sky-high real estate prices. It’s the most budget-friendly of the five Southern California counties, offering a rare chance to grab a slice of the homeownership pie without breaking the bank.
Market Snapshot: More Choices, Steady Demand
As of August 2024, San Bernardino County’s housing market is showing interesting qualities:
- Inventory Boost: There are 5,340 homes on the market, a significant 48% jump from March’s 3,472. For buyers, this means more options and less pressure.
- Sustained Demand: Despite the increased inventory, buyer interest remains strong. Demand is up 4% compared to last year, indicating the county’s enduring appeal.
- Balanced Market: We’re seeing a market that’s finding its equilibrium. More homes are available, but strong buyer interest keeps the market active. It’s not as frenzied as before, but far from stagnant.
Where Your Dollar Stretches Further
The average home price in San Bernardino County comes in at $590,000 as of July 2024. While not cheap by national standards, it’s a bargain in the Southern California context:
- Los Angeles County: $1,306,000
- Orange County: $1,483,000
- San Diego County: $1,188,000
- Riverside County: $677,000
This affordability translates to real opportunities. A $600,000 budget in San Bernardino County could net you a spacious single-family home, perhaps even with a pool. In Orange County, the same budget might only stretch to a small condo.
To give you further context on affordability in Southern California, and how San Bernardino County compares, take a look at this chart from the California Association of REALTORs:
The most important numbers to lookat on this graphic are:
- San Bernardino is the 2nd most affordable county in the Southland, next to Imperial County.
- San Bernardino County has the 2nd highest Housing Affordability Index in the Southland as well. That means more people, more than twice as many, can afford to buy a home in the county they live in. Orange and San Diego Counties have the lowest Housing Affordability Index.
Looking Ahead: Growth Potential and Influencing Factors
San Bernardino County’s housing market shows promising growth potential, driven by several factors:
- Coastal Exodus: As coastal area prices soar, inland regions like San Bernardino become increasingly attractive.
- First-Time Buyer Haven: The county offers an accessible entry point for millennials and Gen Z entering the housing market.
- Investor Interest: The combination of affordability and appreciation potential is drawing both individual and institutional investors.
- Room for Development: Unlike many coastal areas, San Bernardino County has plenty of space for new construction.
However, several factors could influence future market conditions:
- Economic Development: Growth in local job markets could accelerate housing demand and appreciation.
- Infrastructure Improvements: Planned transportation projects could enhance certain areas’ appeal.
- Interest Rates: Future rate changes could either fuel or cool demand.
- Remote Work Trends: Continued work-from-home policies could drive demand from those willing to live further from traditional job centers.
Bottom Line: The Land of Opportunity
San Bernardino County’s housing market is in a unique position of affordability and potential in a state known for its expensive real estate. For buyers, it presents an opportunity to enter the market or upgrade without breaking the bank. For current homeowners, it suggests potential for appreciation as the area grows.
Most importantly, San Bernardino County represents something increasingly rare in California: opportunity. It’s a place where the California dream of homeownership is still within reach, where families can put down roots, and where communities have room to grow and evolve.
As with any real estate decision, thorough research and careful consideration are key. But for those willing to look beyond their immediate horizon, San Bernardino County offers an attractive mix of current value and future upside. It might just be Southern California’s next real estate frontier – a place where affordability meets opportunity, and where the next chapter of Southern California’s growth story is waiting to be written.
