Balboa median real estate price is $4,278,505, which is more expensive than 97.8% of the neighborhoods in California and 99.6% of the neighborhoods in the U.S.
The average rental price in Balboa is currently $4,623, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 82.8% of the neighborhoods in California.
Balboa 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).
Balboa real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and small apartment buildings. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Balboa neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.
Vacant apartments or homes are a major fact of life in Balboa. The current real estate vacancy rate here is 37.4%. This is higher than the rate of vacancies in 97.2% of all U.S. neighborhoods. A relatively large percentage of housing here is seasonally occupied (19.2%). This can occur in vacation areas, and occasionally it is also found in neighborhoods that are primarily filled with college students, as some apartments could be vacant when school is not in session. If you live here year round, you may find that a number of buildings in your neighborhood are actually empty.
Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Newport Beach, the Balboa neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
Balboa 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, Balboa 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, despite all of the residential real estate here in the Balboa neighborhood, NeighborhoodScout has discovered that much of it is vacant. In resort or second-home vacation areas, this naturally occurs because homes and apartments are seasonally occupied, and empty for a portion of the year. In non-vacation or resort areas, however, this can be an indicator of property abandonment or a weak real estate market. The vacancy rate here is 37.4%, which is higher than 97.2% of all U.S. neighborhoods.
Whether walking, biking, riding, or driving, the length of one's commute is an important factor for one's quality of life. The Balboa neighborhood stands out for its commute length, according to NeighborhoodScout's analysis. Long commutes can be brutal. They take time, money, and energy, leaving less of you for yourself and your family. The residents of the Balboa neighborhood unfortunately have the distinction of having, on average, a longer commute than most any neighborhood in America. 17.9% of commuters here travel more than one hour just one-way to work. That is more than two hours per day. This percentage with two-hour + round-trip commutes is higher than NeighborhoodScout found in 99.3% of all neighborhoods in America.
Wealth makes most things in life easier, and a few things harder. If you are wealthy and enjoy keeping up with the Jones', this neighborhood will interest you. In fact, according to NeighborhoodScout's research, the Balboa neighborhood is wealthier than 98.3% of the neighborhoods in the United States. Residents here are truly in a unique situation even when compared to other Americans, based on the sheer amount of wealth concentrated here. Even in times of economic downturn, residents of this neighborhood, as a group, suffered less and recovered more quickly. This is indeed a stand-out characteristic of this neighborhood.
In addition, if you're a regular supporter of the arts and enjoy outings to the theatre, weekend boutique-ing, or even a finely aged wine with dinner, than you're in good company with the people of the Balboa neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 95.6% of neighborhoods across the country. The people here truly stand out as a class among their own. They are an exclusive community characterized by refined tastes, cultural inclinations, and the means to live well. Urban sophisticates live a big city lifestyle, whether or not they live in or near a big city. They are educated executives or managers by week, and serial patrons of the arts by weekend. If this lifestyle pertains to you, than you'll certainly feel right at home in the Balboa neighborhood. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for active retirees and highly educated executives.
The government often provides some of the more stable jobs in the economy. From local, to state, to federal government workers, the government can also be a major employer. What NeighborhoodScout's analysis revealed, is that the Balboa neighborhood in particular stands out when compared nationally for the proportion of its working residents who are employed by the government. At 14.1% of its workforce, this neighborhood has a greater concentration of government workers than 96.5% of U.S. neighborhoods.
Did you know that the Balboa neighborhood has more Austrian and English ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 4.7% of this neighborhood's residents have Austrian ancestry and 24.3% have English ancestry.
Balboa is also pretty special linguistically. Significantly, 3.4% of its residents five years old and above primarily speak Russian at home. While this may seem like a small percentage, it is higher than 99.5% of the neighborhoods in America.
How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.
The neighbors in the Balboa 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 98.3% of the neighborhoods in America. With 22.2% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 72.8% of U.S. neighborhoods.
The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.
In the Balboa neighborhood, 59.4% 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 31.2% of the residents employed. Other residents here are employed in government jobs, whether they are in local, state, or federal positions (14.1%), and 5.7% in clerical, assistant, and tech support occupations.
Languages
The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the Balboa neighborhood is English, spoken by 86.6% of households. Other important languages spoken here include Spanish, Russian and German/Yiddish.
Ethnicity / Ancestry
Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.
In the Balboa neighborhood in Newport Beach, CA, residents most commonly identify their ethnicity or ancestry as English (24.3%). There are also a number of people of German ancestry (13.5%), and residents who report Irish roots (10.7%), and some of the residents are also of Mexican ancestry (7.8%), along with some Italian ancestry residents (6.3%), among others.
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 Balboa neighborhood spend between 15 and 30 minutes commuting one-way to work (47.8% of working residents), which is shorter than the time spent commuting to work for most Americans. However, there is also a significant group of residents (17.9%) who commute over an hour in each direction.
Here most residents (72.1%) 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.
