Cost of Living in Riverside, CA: A Homebuyer's Guide to Riverside Living Expenses

Riverside, CA, modern kitchen floor plan
Riverside, CA, modern kitchen floor plan

If you’re looking to move to this vibrant city in SoCal's Inland Empire, keep in mind the cost of living in Riverside, CA. In this guide, we'll break down the cost of living in Riverside so you can make an informed decision about calling this Southern California gem home.

Summary:

  • Cost of Living in Riverside, CA

  • Other Living Expenses in Riverside, CA

  • Average Cost to Build a New Home in Riverside by Neighborhood

Cost of Living in Riverside, CA

While not quite as pricey as its neighbors, Los Angeles and Orange County, the Riverside cost of living is 17% higher than the national average in 2023, per Salary.com®, and experienced a 3% increase compared to 2022, particularly in transportation, food, and housing costs.

As of November 2023, Realtor.com® reports Riverside saw an increase in median home prices, with an average median listing of $655K and a median sale price of $649.3K. 

For renters, apartment costs can also contribute significantly to the overall cost of living in Riverside. Apartment List® finds the median rent for a 1-bedroom apartment in December 2023 to be $1,544, while a 2-bedroom apartment rents for approximately $1,902, reflecting a 3% increase in the past year.

To live in Riverside, the required annual income (before taxes) for one person with no children is $39,237, while for two working adults with two children, it’s $113,343, according to 2023 data from the Massachusetts Institute of Technology® (MIT®) Living Wage Calculator. That breaks down to an hourly living wage of $18.86 for a single adult and $27.25 for a family of four with two working parents.


Owner’s suite of Shelton Riverside, CA, floor plan
Owner’s suite of Shelton Riverside, CA, floor plan

Other Living Expenses in Riverside, CA

Moving to a new home means more than just paying the mortgage or rent; there are day-to-day expenses, too. Let’s dive deeper into other living expenses that factor into Riverside’s cost of living:

  • Grocery shopping and dining out in Riverside: The estimated monthly cost for food to sustain a family of two parents and two children in 2023 is $1,150, calculated by the MIT Living Wage Calculator. The monthly food cost is approximately $391 for a single adult without children. 

  • Transportation options and fuel costs in Riverside: Per AAA, as of December 2023, the average price for a gallon of regular unleaded gas is $4.533. MIT reports a 2023 annual transportation cost of $5,316 for one adult with no children and $14,058 for a family of two working parents and two children. Those yearly figures break down to approximately $443 per month for an individual and $1,172 monthly for the family.

  • Healthcare and insurance costs in Riverside: In 2023, annual medical costs range from about $3,136 for a single person to $9,411 for two working adults with two children, per MIT. That means monthly costs are roughly $261 for an individual and $784 for a family of four.

  • Utilities, internet, and phone expenses in Riverside: As of December 2023, electricity costs average $219 per month, totaling $2,328 annually, according to EnergySage. Monthly internet expenses can vary but run approximately $50 per month in 2023, according to Allconnect and based on the four primary providers in the area. Phone plans can also vary significantly, with options like Mint Mobile starting at $15 per month in 2023, while major companies like Verizon or T-Mobile may exceed $100 per month plus the cost of a cell phone.

Tax rates in the Riverside area: The combined 2023 sales tax rate for Riverside, California, averages 8.75%, encompassing state, county, and local sales tax rates, according to Avalara.
Exterior of new home in California
Exterior of new home in California

Average Cost to Build a New Home in Riverside by Neighborhood

If you're considering building a new home in Riverside, looking at different areas around the city can be helpful. There are plenty of great options for new construction homes in Riverside County, CA, so let's check out the average cost to build a new home in some of Riverside's lovely neighborhoods:

  • Lake Hills-Victoria Grove: With an easy drive to established retail and entertainment centers, including the Galleria at Tyler and downtown Riverside, Lake Hills-Victoria Grove provides a balance of privacy, recreation, and accessibility. The cost to build a new home in Lake Hills-Victoria Grove in 2023, according to NewHomeSource, ranges from the mid $700Ks to upwards of $1.1M. Our new construction homes at Haciendas at Highland Grove start in the mid $700Ks. 

  • Summit Canyon: This neighborhood provides convenient access to major commuter corridors, including the I-215, I-10, 60 Freeway, and 91 Freeway. Surrounded by local amenities, the community offers residents dining and retail options and friendly parks. For outdoor enthusiasts, Summit Canyon is close to scenic hiking trails in areas like the Box Springs Mountain Reserve. The cost to build a new home in Summit Canyon, per NewHomeSource in 2023, runs from the upper $500Ks to $700Ks. Our new construction homes at Compass at Summit Canyon start in the higher $500K range.

  • La Sierra: Just southwest of Riverside’s city center and conveniently located by the 91 Freeway is La Sierra. With local parks, educational institutions, and abundant amenities, La Sierra provides residents with a well-rounded living experience. NewHomeSource’s 2023 data finds the cost to build a new home in La Sierra ranges from the mid $500Ks to the upper $800Ks. Our new construction homes at Manors at Highland Grove start in the mid $700Ks.

  • Orangecrest: This residential neighborhood is known for its suburban character and friendly feel. Distinguished by well-maintained streets and a mix of single-family homes, the community offers a range of amenities, such as parks, schools, and shopping centers. The cost to build a new home in Orangecrest in 2023, according to NewHomeSource, runs from the low $600Ks to the high $900Ks. Our new construction homes at Villas at Highland Grove start in the mid $700Ks.

  • Mission Grove: A suburban neighborhood recognized for its residential character and community-oriented environment, Mission Grove offers a mix of housing options. The area features proximity to numerous local amenities, such as parks and shopping centers. In 2023, the cost to build a new home in Mission Grove starts in the low $600Ks and can reach the upper $1.1M range, per NewHomeSource. Our new construction homes at Haciendas at Highland Grove begin in the mid $700Ks. 

Exterior of new home in Riverside, CA
Exterior of new home in Riverside, CA

Conclusion

When you’re thinking of moving to a new place, whether it’s a new city or just a different neighborhood, there are a lot of factors to consider, especially when it comes to the living expenses involved.

If you want to be close to everything Southern California offers without breaking the bank, Riverside could be the perfect place for you.

Explore new construction homes in Riverside today or browse more Pulte blogs. You can also discover affordable home builders in Riverside County with Centex.

Written By: Jordan Thomson, Orange County-Based Freelance Writer

Last Updated: 4/8/2024