LIVING IN NEWPORT BEACH
Newport Beach is a larger medium-sized coastal city (i.e. on the ocean, a bay, or inlet) located in the state of California. With a population of 85,326 people and 19 constituent neighborhoods, Newport Beach is the 85th largest community in California.
Newport Beach home prices are not only among the most expensive in California, but Newport Beach real estate also consistently ranks among the most expensive in America.
Newport Beach is a decidedly white-collar city, with fully 93.89% of the workforce employed in white-collar jobs, well above the national average. Overall, Newport Beach is a city of managers, sales and office workers, and professionals. There are especially a lot of people living in Newport Beach who work in management occupations (23.61%), sales jobs (19.17%), and business and financial occupations (10.79%).
Of important note, Newport Beach is also a city of artists. Newport Beach has more artists, designers and people working in media than 90% of the communities in America. This concentration of artists helps shape Newport Beach’s character.
Also of interest is that Newport Beach has more people living here who work in computers and math than 95% of the places in the US.
A relatively large number of people in Newport Beach telecommute to their jobs. Overall, about 10.80% of the workforce works from home. While this may seem like a small number, as a fraction of the total workforce it ranks among the highest in the country. These workers are often telecommuters who work in knowledge-based, white-collar professions. For example, Silicon Valley has large numbers of people who telecommute. Other at-home workers may be self-employed people who operate small businesses out of their homes.
One thing that you will notice about Newport Beach is that there is a good-sized population of people who are young, single, educated, and upwardly-mobile career starters. Many singles consider Newport Beach a good place to live without being in a really big city, with opportunities for friendships and fun with others like themselves.
Newport Beach is also nautical, which means that parts of it are somewhat historic and touch the ocean or tidal bodies of water, such as inlets and bays. Quite often, nautical areas such as these attract visitors and locals who come to enjoy the scenery and various waterfront activities.
Do you have a 4-year college degree or graduate degree? If so, you may feel right at home in Newport Beach. 66.66% of adults here have a 4-year degree or graduate degree, whereas the national average for all cities and towns is just 21.84%.
The per capita income in Newport Beach in 2010 was $90,042, which is wealthy relative to California and the nation. This equates to an annual income of $360,168 for a family of four.
Newport Beach is a very ethnically-diverse city. The people who call Newport Beach home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Newport Beach residents report their race to be White, followed by Asian. Important ancestries of people in Newport Beach include German, Irish, English, Italian, and French.
The most common language spoken in Newport Beach is English. Other important languages spoken here include Spanish and Chinese.
NEWPORT BEACH HOUSING MARKET INFORMATION
With a population of 85,326, 37,870 total housing units (homes and apartments), and a median house value of $2,618,131, Newport Beach house prices are not only among the most expensive in California, Newport Beach real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Newport Beach, accounting for 47.76% of the city's housing units. Other types of housing that are prevalent in Newport Beach include large apartment complexes or high rise apartments ( 24.34%), row houses and other attached homes ( 16.15%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 10.12%).
The most prevalent building size and type in Newport Beach are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.19% owning and 43.81% renting.
There is a lot of housing in Newport Beach built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Newport Beach built between 1940-1969 ( 34.38%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.54%). There's also some housing in Newport Beach built before 1939 ( 4.29%).
Vacant housing appears to be an issue in Newport Beach. Fully 15.47% of the housing stock is classified as vacant. Left unchecked, vacant Newport Beach homes and apartments can be a drag on the real estate market, holding Newport Beach real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
NEWPORT BEACH HOME APPRECIATION RATES
In the last 10 years, Newport Beach has experienced some of the highest home appreciation rates of any community in the nation. Newport Beach real estate appreciated 79.30% over the last ten years, which is an average annual home appreciation rate of 6.01%, putting Newport Beach in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Newport Beach definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Newport Beach appreciation rates have trailed the rest of the nation. In the last twelve months, Newport Beach's appreciation rate has been 2.11%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Newport Beach were at 1.28%, which equates to an annual appreciation rate of 5.23%.
Relative to California, our data show that Newport Beach's latest annual appreciation rate is lower than 70% of the other cities and towns in California.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Newport Beach differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Newport Beach - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Newport Beach real estate investment or home purchase decisions.
Reasons To Invest
- Popular Tourist Destination
- Increasing Rental Demand
- High Appreciation Rates
- Population Growth
- Growing Job Market
- Ethnically-Diverse City
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