Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Newport Beach | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,000,000 | $642,203 | $242,182 |
| Price Trend (Annual %) | 6.5% | 10.0% | 8.2% |
| Median Gross Rent | $3,155 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.2% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Newport Beach is about 211% higher than in California. Rent is about 61% higher than the California average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Newport Beach, up about 6.5% and 6.2% a year respectively. Home prices are changing faster.
Median rent in Newport Beach rose about 55.9% between 2015 and 2023, from $2,023 to $3,155. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 12.9 yearly household incomes in Newport Beach.
Buying the median-priced home in Newport Beach costs roughly 52.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Newport Beach. The price-to-rent ratio in California is about 27.4.
| Metric | Newport Beach | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,000,000 | $642,203 | $242,182 |
| Median Household Income | $155,554 | $96,718 | $78,145 |
| Price-to-Income Ratio | 12.9 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Newport Beach rose about 60.0%, while median household income rose about 44.3% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Newport Beach | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.7% | 51.6% | 58.2% |
| Rental Rate | 40.3% | 40.9% | 31.3% |
| Vacancy Rate | 16.0% | 7.6% | 10.6% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Newport Beach has a homeownership rate of 43.7%, lower than the California average of 51.6%. Its housing vacancy rate is 16.0%, compared with 7.6% in California.
Housing Stock
| Metric | Newport Beach | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.21 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1976 | 1975 | 1978 |
| Median Number of Rooms | 5.3 | 5.0 | 5.5 |
The typical housing unit in Newport Beach was built around 1976. On average, 2.2 people live in a home with about 5.3 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Newport Beach, California.
What is the median home price in Newport Beach, California?
The median home price in Newport Beach, California is $2,000,000, higher than the California average of $642,203.
What is the average home price in Newport Beach, California?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Newport Beach, California?
The median gross rent in Newport Beach, California is $3,155 per month, higher than the California average of $1,955.
What was the median gross rent in Newport Beach in 2020?
In 2020, the median gross rent in Newport Beach, California was $2,423 per month.
What is the price-to-rent ratio in Newport Beach, California?
The price-to-rent ratio in Newport Beach, California is about 52.8, meaning it would take roughly 52.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Newport Beach.
Are home prices or rent rising faster in Newport Beach, California?
Both home prices and rent are rising in Newport Beach, up about 6.5% and 6.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Newport Beach, California?
43.7% of households in Newport Beach, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Newport Beach, California?
The housing vacancy rate in Newport Beach, California is 16.0%, higher than the California average of 7.6%.