It is more than finding a place to live in Newport Beach, CA; it is about choosing an exciting way of life. This lovely coastal village of 82,000 people offers many entertainment opportunities. These include award-winning hotels, outdoor shopping malls, and hundreds of tiny specialty stores. Daytime temperatures average 80 degrees in the summer. The weather only reaches around the 60s in the winter, making for a near-perfect climate. With fewer rainy days each year, there are plenty of sunny days to enjoy the city.
Quick Facts
- The city of Newport Beach is in the heart of Orange County's coastline region.
- The poverty rate in Newport Beach is 7.13%, with an average household income of $214,047.
- The median rental rate has been $2,251 per month, with a median house value of $1.90 million.
- Newport Beach's population has declined by -2.67% and is currently falling at a rate of -0.65% per year. It has a population of 82,914 people.
Newport Beach, CA in a Nutshell
Newport Beach is in the coastal area, with Los Angeles County to the north and San Diego County to the south. It has a total land area of 53 square miles, with water covering more than half. Balboa Island, Balboa Peninsula, West Newport are some areas within its jurisdiction. Costa Mesa, Laguna Beach, Dana Point, and Huntington Beach are some nearby cities. The climate in Newport Beach is very Mediterranean, with warm to hot summers and mild to cold winters. Many rental homes in Newport Beach serve as vacation homes, and some even offer ocean views. The city sees a 20% increase in population during the summer, with an average of 20,000 tourists every day.
Economy
Newport Beach is one of Orange County's economic powerhouses. The city boasts of its tech, tourist, healthcare, and finance-based economy. Many individuals in the county commute to work in Newport Beach, which has a strong job market. Newport Beach has 76,000 payroll workers. There are also around 20,000 licensed enterprises and 12,400 local firms in its population. Healthcare accounts for 16% of all jobs in Newport Beach. Then, lodging and food services follow this close behind at around 15%. Banking and insurance also account for many of the city's highest-paying positions.
The tourism industry is the main contributor to Newport Beach's economy. The tourism business is an integral part of the city's economy, providing jobs and revenue. Moreover, tourists frequent the town thanks to its fantastic coasts. Newport also has a thriving hospitality industry, like hotels and recreational facilities. This industry has also seen significant revenue growth in recent years. As a result, it provides economic benefits to other sectors. These industries include construction, finance, real estate, business services, and transportation.
Employment
Because of the employment opportunities available, more people are considering relocating here. Statistics say that the unemployment rate here is 27% lower than the national average. Furthermore, this city's income per capita is higher than the national average. And its median household income is likewise higher. Newport Beach is always searching for new workers due to its increasing job demands. Some of these opportunities come from the hospitality sector. And Newport Beach has plenty of job options in the hospitality and tourism industry.
Real Estate in Newport Beach, CA
Newport Beach real estate is one of the most expensive in California and the United States. It has an estimated 37,605 total housing units and a typical house value of $1.90 million. The most frequent housing type is single-family detached homes. They make up about 48% of the city's housing units. Large apartment complexes and high-rise apartments are also common in Newport Beach. Three and four-bedroom houses are the most common building size and type in Newport Beach. Owners and renters coexist in the city, with 56.40% owning and 43.60% renting.
Real Estate Trends
There are currently 184 active home listings and 22 new homes for sale in Newport Beach. Additionally, In February 2022, homes in Newport Beach sold for a median price of $5,449,500. Moreover, Houses in Newport Beach sell on average after 36 days on the market, compared to 62 days last year. In February 2022, 62 homes sold in Newport Beach, up from 165 last year.
Final Thoughts
In the end, what makes a great place to live in is a personal choice. Some prefer a smaller city with a close-knit community. But, others may pick a bigger metropolis with a broader range of opportunities. What matters is that a city caters to its citizens' needs and desires. A city becomes a terrific place to live if it has everything a person needs. Newport Beach is a fantastic place to call home, and many vacation there to further prove that point. Yet, as expected, living in such a desirable location comes at a price. But, if Newport Beach sounds like the perfect place, do not give up yet. With preparation and financial planning, living in Newport can become a reality.
Have a comment, tip, or concern?
Thanks for reading Elite Informer! Here's more where that came from.