Southern California's Inland Empire, once the home of inexpensive tract homes, is attracting more high-end development, leaving more homebuyers priced out of region.
"Known as a magnet for skilled laborers seeking affordable homes, San Bernardino and Riverside counties dubbed the "Inland Empire" in the 1950s for a Riverside bank's advertising campaign slowly are transforming into a haven for young professionals seeking housing. Last year, about 33% of new homes sold in San Bernardino and Riverside counties were priced at $300,000 and higher, compared with 5% in that category just five years ago, according to DataQuick Information Systems, a real estate research firm. As a result of this transformation, lower-income, first-time buyers who work in service, manufacturing and distribution jobs increasingly are forced to search the outskirts of the counties for affordable homes in Hesperia and Victorville, Banning and Beaumont, housing experts say."
Thanks to Christian Peralta
FULL STORY: Empire Building
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