Affordable Living and Expanding Opportunities Drive Growth and Innovation in Riverside County
September 19, 2024
Younger professionals and their families are increasingly seeking affordable housing near employment centers, schools, shopping districts, and quality healthcare. As Riverside County continues to attract a growing labor pool, the demand for improved goods and services rises, which in turn draws new companies and investment to the area.
In 2024, Riverside County remains the most affordable housing market in Southern California, according to the California Association of Realtors. While San Bernardino County offers slightly lower home prices, Riverside County saw a moderate 1.9% year-on-year increase in housing costs—significantly lower than the increases seen in neighboring counties like Imperial, Orange, and Los Angeles. The median price for existing single-family homes in Riverside County stands at $630,000, compared to $1,400,000 in Orange County, highlighting a major affordability gap. This balance of affordability and job growth makes Riverside County a highly attractive place to live and work.
Total employment across all industries in the county reached 832,000 in 2023, reflecting a 13.4% increase since 2020. The Private Education and Health Services sector leads as the largest employer, with 143,900 jobs and a 20.3% growth rate. Meanwhile, the Leisure and Hospitality industry—previously hard-hit by the pandemic—recorded the highest growth rate at 34.3%, employing 104,200 people. Other sectors, including Construction, Transportation/Warehousing, and Business Services, also saw steady growth, further supporting the region's demand for housing and services.
Beyond its strengths in traditional industries, Riverside County has positioned itself as a hub for innovation in high-tech sectors such as clean technology, agtech, biotech, and healthcare. Startups are capitalizing on the region’s agricultural resources to develop advanced technologies that maximize crop yields, conserve water, and address climate change challenges. In addition to agtech, the county is fostering innovation in clean energy, with startups focused on solar and wind energy solutions, battery storage technology, and energy-efficient systems.
In the biotech and healthcare sectors, companies are advancing medical devices, diagnostics, and therapies to improve patient outcomes. Riverside’s proximity to top-tier research institutions like UC Riverside and its access to a skilled talent pool are pivotal in driving these innovations. Emerging companies are also working on sustainable building materials, electric vehicle infrastructure, and advanced logistics technology, further establishing Riverside County as a leader in forward-thinking industries.
At the forefront of this transformation are the University of California Riverside’s Center for Environmental Research and Technology (CE-CERT) and the California Air Resources Board (CARB). CE-CERT leads groundbreaking research on energy systems, transportation, and sustainability, offering local startups access to cutting-edge resources and expertise. CARB’s regulatory efforts to reduce greenhouse gas emissions and promote zero-emission technologies create a favorable environment for clean tech businesses to thrive.
Together, CE-CERT and CARB form a unique synergy that combines academic research, industry innovation, and regulatory oversight. Complementing these efforts are Riverside ExCITE and other key incubators such as the Murrieta Innovation Center, Inland Empire Center for Entrepreneurship (IECE) in Temecula, Coachella Valley iHub, Palm Desert iHub, and the Pass Biz Hub in Beaumont. These incubators support entrepreneurship and technological advancements across sectors, including agriculture, healthcare, and advanced manufacturing.
This comprehensive network of incubators, combined with cutting-edge research and regulatory support, creates an environment where startups can thrive and bring transformative ideas to market. With its focus on affordable housing, robust job growth, and innovation, Riverside County enhances the overall quality of life for its residents. Its affordability compared to neighboring Southern California counties continues to make it a magnet for families, workers, and forward-thinking businesses seeking long-term success. Riverside County - where you can still achieve the California Dream.
