There are two ways to look at it: You could say Newport Beach has the second most expensive housing market in the nation, or Newport Beach has the nation’s 2,748th least affordable housing market.
Either way, the average cost of a Newport Beach home is $1.66 million, making the coastal haven one of the priciest places to call home, according to a report released by Coldwell Banker this week.
Home to rich and famous residents such as Kobe Bryant, Newport Beach is second only to Bay Area’s Los Altos, a city where the average home lists for $1.7 million.
Other Newport tidbits from Coldwell:
The median household income in Newport Beach is $113,404. 53% of residents are married and families with children reside in 22% of Newport Beach households. Half the population of Newport Beach commutes 19 minutes or more to work, with 82% of residents holding white-collar jobs and 18% residents holding blue-collar jobs.
The median age of homes in Newport Beach, CA is 29 years, with 49% of those homes owned, 38% rented and 12% not occupied. In the previous year, 3258 Newport Beach properties were sold. The median sale price of a home in Newport Beach in the previous year was $1,140,000.