Updated 2026 · Based on median market data for San Bernardino, CA
Home values in San Bernardino, CA have appreciated at 2.5% per year. Appreciation is modest, meaning total returns will be driven primarily by cash flow rather than equity gains. This is actually preferred by many investors who want predictable, income-based returns.
If San Bernardino continues appreciating at 2.5% annually, the current median of $380,000 would reach approximately $429,935 in 5 years — an equity gain of $49,935 on a property purchased at the median. With a 20% down payment of $76,000, that represents a 66% return on invested equity from appreciation alone. Combined with 5 years of NOI totaling approximately $63,618, the projected total return is $113,553 — a 149% cumulative return on the initial investment.
Population growth in San Bernardino is minimal at 0.4%. Appreciation here is more likely driven by regional economic factors, inflation, and housing stock constraints rather than population-driven demand.
Smart investors evaluate both cash flow AND appreciation. In San Bernardino, the 3.35% cap rate provides modest ongoing cash flow, while 2.5% annual appreciation adds an equity component. Conservative underwriting is essential. Focus on deals where the cash flow stands on its own, and treat any appreciation as a bonus.