Rents Pushed Higher as Demand for Housing Outpaces Supply
Lack of affordable rental housing can lead to crowding, household stress, and increased risk of eviction and homelessness. Less affordable rental housing also restricts the ability of renters to save for a down payment on a home, limiting their ability to generate wealth through homeownership. This indicator tracks the Riverside-San Bernardino metropolitan area’s median rents, the hourly wage needed to afford median rent, and which growth occupations are able to afford the median rent in the region.
TREND
The Riverside-San Bernardino housing wage increased by 8% from 2021 to 2022.[1] The hourly wage needed to afford a median-priced one-bedroom apartment increased from $23.06 in 2021 to $25.12 in 2022, equivalent to an annual income growing from $47,960 to $52,240. [2] Over the past 10 years, one-, two-, and three-bedroom rents increased 49%, 47%, and 42%, respectively.
SAN BERNARDINO COUNTY’S MEDIAN RENTS ARE NOT AFFORDABLE FOR LOWER-WAGE WORKERS
Monthly Median Rents in Riverside-San Bernardino Metro Area, 2013-2022
Median monthly rent for a one-bedroom apartment in San Bernardino County jumped from $1,199 in 2021 to $1,306 in 2022, an increase of $107 over the past year or 8.9%. Home health aides, retail salespersons, and transportation and materials moving occupations cannot afford a one-bedroom apartment in the region.
HALF OF GROWTH OCCUPATIONS FALL BELOW WAGE NEEDED TO AFFORD MEDIAN ONE BEDROOM UNIT
Average Salaries for Growth Occupations and Hourly Wage Needed to Afford Median One-Bedroom Rent in Riverside-San Bernardino Metro Area, 2022
GEOGRAPHIC DETAIL
Despite recent increases in regional rents, the Riverside-San Bernardino metro area continues to boast some of the least expensive rental housing in the Southern California region.
SAN BERNARDINO COUNTY’S HOUSING WAGE IS LOWER THAN MOST NEIGHBORING COUNTIES
Hourly Wage Needed to Afford Median Rent in San Bernardino and Peer Markets, 2020
Rent as a Proportion of Household Income
In San Bernardino County, 47% of renting households pay 35% or more of their income on rent. This compares to 46% statewide and 42% nationwide.
[1] The housing wage is an estimate of the hourly wage a full-time workers must earn to afford a rental home at the Department of Housing and Urban Development’s (HUD) fair market rent without spending more than 30% of their income on housing.
[2] Assumes 2,080 paid hours per year (52 weeks at 40 hours per week).