As many as 94% of Americans say they don't currently live in their dream homes, but this is something we all aspire to.

Just finding your dream home is difficult enough, but being able to afford it is something else entirely. It depends on both what you want out of the home itself, as well as where you want to live. Riverside, CA, has become an incredibly desirable area, and you might be thinking about moving there yourself.

Before you do, it's important to make sure you have a good understanding of the area. Researching the local market will help you find the right home.

In this guide, we'll explore the cost of living in Riverside, CA, so you can determine if it's the right place for you.

House Prices in Riverside, CA

If you're considering making a move to Riverside, CA, there are plenty of expenses to think about. The first thing you'll want to look at is Riverside housing costs. This will be your largest initial expense by far and may determine if it's even a viable option for you.

According to BestPlaces, the average price for a home in Riverside is $590,700. The national average is $338,100, so the typical home in Riverside costs about 74.7% more. It's worth noting, however, that this is 19.5% less than the average price across California which is $733,500.

The average rental price of a two-bedroom unit in Riverside is $2,040 per month. This is 42.7% more than the average across the US which is $1,430. It's just 5.4% less than the average rental price in California of $2,150.

This means that while it's fairly expensive in contrast to the rest of the country, it's cheaper than most of the rest of the state. If you want to invest in a rental property at any point, you'll want to consider the average rental prices in your decision.

Additional features like garages and pools can have a sizable impact on the price. You should also take the time to research different neighborhoods. House prices will vary depending on their specific location and how close they are to various amenities like schools, hospitals, and public transport hubs.

It's a good idea to work with a local real estate agent. They have an in-depth understanding of the local market, so they can help you find a home that meets your needs. They can also assist with things like inspections and price negotiations to help you get the best home for your money.

Grocery Shopping

Everyone has different needs, which means overall Riverside living expenses can vary quite a bit. With that said, everyone needs to do grocery shopping. On top of this, you'll likely want to eat out from time to time.

For a family of two parents and two children, the average yearly cost of food in Riverside is $12,019 (as stated by the MIT Living Wage Calculator). This equates to about $1002 per month. A single adult living on their own will have things a bit easier and can expect to spend an average of about $4,089 a year (about $341 per month).

Transportation

You'll need to get around some way. If you drive, you should take gas prices into account. Gas prices change with time and can vary between different gas stations, so you may need to search around a bit if you want to get the best prices.

According to Way, the average price of a gallon of regular gas (at the time of writing) is $4.70, which is down from $4.79 at the same time last year. Other types are as follows:

• Mid-grade: $4.92

• Premium: $5.10

• Diesel: $4.97

• E85: $3.28

The MIT Living Wage calculator has determined that the average Riverside transportation costs over the course of a year is $19,871 for a family of two adults and two children. For a single adult with no children, it's $11,860. This works out to about $1,656 for a family and $988 for an individual. It's important to bear in mind that this can vary a lot depending on your needs and how you prefer to get around.

Healthcare

Healthcare may not be the first expense that comes to mind when thinking of your Riverside cost breakdown. Despite that, it's something you should definitely factor in.

For a family of two adults and two children, the MIT Living Wage Calculator states that this is an average of $7,814 per year (or $651 per month). For an individual, it's closer to $2,412 (or $201 per month).

The most important thing to understand here, however, is that this can vary a lot - typically much more than the other costs on this list. While these averages can give you an idea of how much most people spend on healthcare, your own circumstances may mean that you'll need to spend a considerable amount more.

Utilities

After buying your home, you'll need to think about your Riverside utility expenses. According to EnergySage, the average Riverside, CA, resident spends about $2,868 per year ($239 per month) on electricity. This is about 30% more than the national average of $2,209 per year.

Internet and mobile costs will depend on your provider and the plan you opt for. The MIT Living Wage calculator states the average cost of these as $2,026 a year for a family and $1,431 for an individual ($169 and $119 per month, respectively).

Child Care

If you don't have any children, this isn't something you'll need to think about. Any parents moving to Riverside, however, may want to take this into account.

The average cost per year for childcare is $11,691 for one child, $23,382 for two children, and $34,195 for three children. This works out to around $974.25, $1,948.50, and $2,850 per month, respectively.

Understanding the Cost of Living in Riverside, CA

When looking at the cost of living in Riverside, CA, you need to note that things can vary a lot. Ultimately, your costs will come down to the needs of you and your family as well as what you want out of your new home.

Mogul Real Estate is a leading real estate company that operates throughout Temecula Valley, San Diego, Riverside, Orange County, and Los Angeles, CA area. We have a proven track record from years of experience and a selection of current listings available. Take a look at what we have available in Riverside, CA, right now.