Corona, California

In the city of Corona, California, $475,740 is the average median house value. The value of Corona houses has increased quite a bit in the last year, and that is 9.2 percent. And there is the prediction that house values will increase 6.1 percent in the following year.

This is a massive increase which makes it so difficult for many aspiring home buyers to enter the real estate market. The big increases can dislodge the savings plans of an aspiring buyer to purchase a home. This home buyer has to substantially increase the amount of money needed to purchase a home, especially with big home value increases.

In Corona, the per square foot list cost median is $247. The metro area of Riverside has a lower per square foot list cost median of $202. In Corona, $499,900 is the cost median for houses presently listed. $465,900 is the cost median of houses that have sold.

In Corona, the rent cost median is $2,295. The metro area of Riverside has a lower rent cost median of $2,100.

The foreclosure rate impacts home values. How? The more foreclosures you have in an area, the lower the value of real estate for that area.

1.3 houses are foreclosed in Corona for every 10,000 houses. The Riverside Metro area has a higher foreclosure rate of 2.1 homes foreclosed for every 10,000 houses. The United States foreclosure rate is 1.6.

There is a first step that occurs in the process of foreclosure. That first step is called mortgage delinquency. The definition of mortgage delinquency is the act of a homeowner not making a mortgage payment.

In Corona, there is the mortgage delinquency rate of 1.3 percent. The United States has a higher mortgage delinquency rate of  1.6 percent.

The 2008 recession caused the values of houses to drop a greater amount than 20 percent in the United States. This resulted in a large number of owners of houses experiencing being underwater regarding their home mortgage. Being underwater on a mortgage means that the home owner owes a greater amount on the mortgage than their house is worth.

There are 8.4 percent of owners of houses in Corona, California who are presently experiencing being underwater on their mortgages. This is lower than the metro area of Riverside which has 10.1 percent of its homeowners being underwater on their mortgages.

The median household income in Corona, California is $77,021.

In the commercial real estate market, Corona has a new industrial tenant. It’s Sunshine Metals, Inc., who was in Orange County and is relocating to Corona. It is a 68,395 square foot industrial warehouse that is freestanding and it has an 8 year lease.
This building has 10,655 square feet of office space, a showroom, 2000 amps of power, and 6 dock-high loading doors. In addition, there is a bonus mezzanine of 1000 square feet. The lot size is 157,250 square feet. The address is 1228 Sherborn Street, located in Corona.