Each year, Moreno Valley obtains the most current figures in population, household size and income, workforce and occupation and more. Figures for 2021 were just released, and a comparison of demographics from 2015 to 2021 shows the following:
- Growth Beyond Compare: Moreno Valley’s estimated population for 2021 is 214,982, and the City will grow by nearly 4%! Between 2015 and 2021, Moreno Valley’s population increased by more than 11,000 residents. That’s a growth rate of 5.46%. In total, 2.4 million residents are located within 20 miles of Moreno Valley.
- Young and Dynamic: Moreno Valley’s median age in 2021 is 32.66 years. This has increased slightly from 30.3 in 2015. We are seeing an influx of young families purchasing homes due to Moreno Valley’s affordability compared to Los Angeles, Orange and San Diego Counties. Average home resale value is $386,000 as of November 2020.
- Education is Key: 47% of residents continue with college education after high school in Moreno Valley. In 2015, 90,000 residents were high school graduates (GED) or higher. By 2021, 104,185 residents were high school graduates (GED) or higher. This is a 29% improvement in the rate of GED completion. And 33,421 residents earned a college degree.
- Promising Career Paths: 48% of Moreno Valley residents work in white collar professions. This has increased 93% since 2015. Conversely, blue collar employment dropped by almost 30% between 2015 and 2021. Many of the Fortune 500 and international companies expanding in Moreno Valley are corporate headquarter facilities and seek to hire highly-skilled professionals.
- Large Workforce: Moreno Valley has a workforce population of 104,000. And there are more than 1.1 million skilled workers within a 20 mile radius.
- More Prosperity: Average household income jumped from $63,000 in 2015 to more than $86,000 in 2021. Similarly, median household income jumped from $51,000 to $71,000. Both figures show a 38% increase. Nearly 18,000 households are at $100,000 or more.
What does this mean for new businesses considering an expansion in Moreno Valley?
- A bigger workforce of skilled professionals
- A sustained pipeline for a future workforce
- A higher demand for goods, services and entertainment
- An increased discretionary spending capability
If you are considering starting or expanding a business, 2021 is the ideal time to do so in Moreno Valley. Visit www.morenovalleybusiness.com or call (951) 413-3460 today.