Real Estate Prices and Overview
Corona del Mar median real estate price is $3,301,142, which is more expensive than 98.6% of the neighborhoods in California and 99.7% of the neighborhoods in the U.S.
The average rental price in Corona del Mar is currently $3,953, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 93.5% of the neighborhoods in California.
Corona del Mar is an urban neighborhood (based on population density) located in Newport Beach, California. This is a coastal neighborhood (i.e., is on the ocean, a bay, or inlet).
Corona del Mar real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) single-family homes and townhomes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Corona del Mar neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.
Corona del Mar has a 15.8% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 76.9% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are empty.
The Neighborhood
Corona del Mar is a neighborhood that is on the ocean, a bay, or inlet. Many times, such places have amenities that bring locals and visitors to the waterfront for recreational activities or to check out the scenery. In some densely populated areas that are less financially well-off, the neighborhood waterfront can be relatively industrial and less open to recreation. In addition to being coastal, Corona del Mar is a very nautical neighborhood, meaning that it is somewhat historic, walkable, densely populated and on the water. This gives the neighborhood a very nautical feel, with some seaside and shipping feel, which some may really enjoy the sights and sounds of.
In addition, many people dream of living along a street lined with row houses or other attached homes. Such places do often have an abundance of charm. If you are one of these people, the Corona del Mar neighborhood could be your paradise. With 23.4% of the homes and real estate here classified as rowhouses or other attached homes, this neighborhood brims with opportunity to find the right place for you. Only 4.9% of U.S. neighborhoods have more row houses than this neighborhood, making it one of the most interesting things about this special neighborhood.
People - For many reasons, Corona del Mar may be considered a retiree's dream neighborhood. According to NeighborhoodScout's exclusive analysis and metrics, it's peaceful and quiet, has above average safety from crime compared to other neighborhoods in California, while also offering a diverse range of housing options. This, along with the vibrant mix of very educated seniors and other age groups who choose to live here, makes the neighborhood more retiree-friendly than 97.5% of neighborhoods in CA. If a California retirement is in your future, this neighborhood should be one of the places you visit. In addition to being an excellent choice for active retirees, this neighborhood is also a very good choice for urban sophisticates and highly educated executives.
Income - There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.
The neighbors in the Corona del Mar neighborhood in Newport Beach are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 93.5% of the neighborhoods in America. In addition, 0.0% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 100.0% of America's neighborhoods.
Occupations - What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.
In the Corona del Mar neighborhood, 68.5% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 21.8% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (6.1%), and 3.6% in clerical, assistant, and tech support occupations.
Getting To Work - How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Corona del Mar neighborhood spend under 15 minutes commuting one-way to work (40.1% of working residents), one of the shortest commutes across America.
Here most residents (96.2%) drive alone in a private automobile to get to work. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
Reasons To Invest
- Popular Tourist Destination
- Coastline and Beach Areas
- Growing Job Market
- Population Growth
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