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Real Estate Prices & Overview

Balboa median real estate price is $4,365,540, which is more expensive than 97.7% of the neighborhoods in California and 99.6% of the neighborhoods in the U.S.

The average rental price in Balboa is currently $4,420, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 81.2% 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 small (studio to two bedroom) to medium sized (three or four 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 36.4%. This is higher than the rate of vacancies in 96.8% of all U.S. neighborhoods. A relatively large percentage of housing here is seasonally occupied (18.4%). 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.

Notable & Unique Neighborhood Characteristics

The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.

Real Estate

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, vacant homes and apartments are a significant characteristic of this neighborhood. In fact, with 36.4% of the residential real estate vacant, the Balboa neighborhood claims the distinction of having a higher vacancy rate than 96.8% of the neighborhoods in America. This can either be because much of the property is seasonally occupied, like in many vacation areas, or that much of the real estate is more permanently abandoned.

Length of Commute

Regardless of the means by which residents commute, this neighborhood has a length of commute that is notable. 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. 18.2% 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.

People

If you come to know the people here, you will recognize that you're in the company of one of the wealthiest communities in the nation. In fact, a mere 1.8% of America's neighborhoods are wealthier than the Balboa neighborhood. Real estate here is exceedingly well-maintained, and similarly, tends to maintain its value over time. The cars driven are mostly luxury brands like Mercedes, Audi, BMW, and Lexus. If the public schools aren't up to snuff, the residents of this neighborhood preferentially send their children to private preparatory schools. Vacation to Disney? Yes, but equally popular are summers in Europe.

In addition, a majority of the adults in the Balboa neighborhood are wealthy and educated executives. They own stately homes that tend to maintain high real estate appreciation rates. Their upper-level careers keep them busy, but allow them to live comfortably. If you're an executive and want to keep similar company, consider settling in this neighborhood, rated as an executive lifestyle "best choice" neighborhood for California by NeighborhoodScout's analysis, which rated it as better for executive lifestyles than 95.3% of the neighborhoods in California. In addition to being an excellent choice for highly educated executives, this neighborhood is also a very good choice for urban sophisticates and active retirees.

Occupations

The Balboa neighborhood has a greater proportion of government workers living in it than 97.6% of the neighborhoods in America, according to NeighborhoodScout's exclusive analysis. This is a unique feature of this neighborhood, and one that shapes its character.

Diversity

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, 4.5% of this neighborhood's residents have Austrian ancestry and 21.9% 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.

The Neighbors

There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a 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 98.2% of the neighborhoods in America. With 25.4% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 76.0% of U.S. neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the Balboa neighborhood, 55.7% 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 37.2% of the residents employed. Other residents here are employed in government jobs, whether they are in local, state, or federal positions (15.8%), and 4.9% 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 84.2% 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 (21.9%). There are also a number of people of German ancestry (13.4%), and residents who report Irish roots (13.0%), and some of the residents are also of Mexican ancestry (7.2%), along with some Italian ancestry residents (4.8%), among others.

Getting to Work

Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in Balboa neighborhood spend between 15 and 30 minutes commuting one-way to work (42.8% 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 (18.2%) who commute over an hour in each direction.

Here most residents (76.9%) 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.


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