Why 2022 Is A Perfect Time to Buy Land in San Bernardino
Most everyone has at least heard about the record-breaking property values in San Francisco and Los Angeles. But in recent years, both SF and LA have seen population decreases. Meanwhile, other California counties have seen population increases. One of those counties is San Bernardino. And these recent changes are just one reason 2022 is a perfect time to buy land in San Bernardino.
San Bernardino is Growing
The Inland Empire is a metropolitan area that includes the city of San Bernardino and some of San Bernardino County. It borders Los Angeles County, making it a logical place for people to move when looking for places outside of Los Angeles. Lower cost of living is the primary driver for people heading out of LA, San Francisco, and San Diego. And the numbers reflect this.
Estimates put population growth for the Inland Empire at around 9%. Compare this to the estimated 4.8% estimate for the entire state of California, and you get a good idea of what’s happening in San Bernardino. Los Angeles County is expected to grow less than 2% in the same timeframe. By 2030, experts predict the Inland Empire will see a 400,000-person increase in population.
As Goes Housing, So Goes Land Investments
While home prices in Los Angeles are still exorbitant, there’s a different story to be told in San Bernardino. The region has seen healthy growth and has quickly bounced back after a loss during the pandemic. Home prices in the area hit a record high of $529,000 in 2021. This is still significantly cheaper than the $1 million median home price in nearby Los Angeles.
This combination of growth and relatively cheap home prices is a recipe that savvy investors should pay close attention to. Even those who aren’t interested in buying land purely for investment purposes should consider land purchases in this part of the state. There are lots of attractions in San Bernardino County to enjoy. And owning land as a camping or hunting getaway is an attractive prospect for anyone who enjoys the outdoors. And if the land is well chosen, it will likely grow significantly in value by the end of the 2020s.
Lots to Do In San Bernardino
Cheaper homes and lower cost of living aren’t the only reasons people are flocking to San Bernardino County. There are also a lot of activities and attractions in the county to enjoy. Much of Joshua Tree National Park is located in the county. The desert landscape is an excellent place to check out unique plants and wildlife, hike, and rock climb.
Big Bear Lake is also situated in San Bernardino County. Depending on the time of year, you can enjoy water sports on the lake, skiing at nearby resorts, camping in the pristine wilderness, or a relaxing vacation in the pine-studded mountains.
There are also tons of museums and festivals in quaint-but-growing towns around the county. You can check out the very first McDonald’s restaurant, walk along the Santa Ana River Trail, or catch a minor-league baseball game at San Bernardino’s San Manuel Stadium. Really, it’s no wonder that Airbnbs are popping up and doing nonstop business all around San Bernardino County.
Houses Are in High Demand
San Bernardino provides plentiful opportunities for those looking to invest in raw land. Whether you want to buy land and develop it yourself or you want to purchase land and sell or lease it to a developer for a profit, this California county is shaping up to be an ideal market. Mainly because the demand for homes is expected to outpace the supply.
And while it’s true that mortgage rates are going up thanks to the battle against high inflation, San Bernardino County is in a unique position to take advantage of this. As inflation rises, people living in cities like Los Angeles and San Diego are expected to head for greener pastures. Or at least pastures where their dollar goes further. And since San Bernardino County is so close to LA, those looking to purchase homes will find the lower home prices particularly attractive.
Demand Expected to Outpace Supply
Experts predict that the Inland Empire will need to add around 13,500 new units every year for the next eight years to meet the rising demand as the area grows. This is nearly 30% higher than the national housing growth average.
What does this mean for land investors? That a little bit of research before buying land in San Bernardino County could yield a great investment in a relatively short amount of time.
Developers will be struggling to meet demand, and well-chosen land investments will be at a premium. And this goes not just for residential lots. Commercial lots will also see increased demand as businesses expand to serve the booming population of the Inland Empire. In fact, recent development projects in Twentynine Palms are excellent signs of what is expected for the populous California county.
At Land Elevated, we’re always on the lookout for high-growth areas with high-quality American land for sale. And since we own all the land we sell, we’re able to provide flexibility in terms of financing. We offer massive cash discounts for buyers, as well as substantial discounts for large down payments.