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Real Estate Prices & Overview

Irvine Terrace median real estate price is $4,503,840, which is more expensive than 99.3% of the neighborhoods in California and 99.9% of the neighborhoods in the U.S.

The average rental price in Irvine Terrace is currently $4,930, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 90.6% of the neighborhoods in California.

Irvine Terrace is an urban neighborhood (based on population density) located in Newport Beach, California.

Irvine Terrace real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and townhomes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Irvine Terrace neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.

Irvine Terrace has a 13.9% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 75.3% of American neighborhoods). A relatively large percentage of housing here is seasonally occupied (9.3%), which can occur in some markets dominated by colleges or vacation homes. If you live here year round, you will find many of the homes or apartments are empty for all or a portion of the year.

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.

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 3.8% of America's neighborhoods are wealthier than the Irvine Terrace 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. As one would expect in a considerably wealthy neighborhood such as this, Irvine Terrace also has one of the lowest ratings of child poverty in the nation.

In addition, a majority of the adults in the Irvine Terrace 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 98.5% 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 active retirees and urban sophisticates.

Also, the rate of college educated adults in the Irvine Terrace neighborhood is a unique characteristic of the neighborhood. 76.2% of adults here have received at least a 4-year bachelor's degree, compared to the average neighborhood in America, which has 34.3% of the adults with a bachelor's degree. The rate here is higher than NeighborhoodScout found in 96.5% of all U.S. neighborhoods.

Occupations

Executives, managers and professionals make up 71.3% of the workforce in the Irvine Terrace neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 96.1% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.

Real Estate

If you love row houses and attached homes, you will probably really like the Irvine Terrace neighborhood. The ambiance, the charm, of row houses is something special. And in sheer abundance of row houses, this neighborhood truly stands out. The real estate here has a higher proportion of row houses and attached homes than nearly any neighborhood in America. In fact, 27.0% of the residential real estate here is classified as row houses and attached homes.

Diversity

Did you know that the Irvine Terrace neighborhood has more Hungarian and Greek ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 4.4% of this neighborhood's residents have Hungarian ancestry and 3.3% have Greek ancestry.

Irvine Terrace is also pretty special linguistically. Significantly, 0.5% of its residents five years old and above primarily speak Persian at home. While this may seem like a small percentage, it is higher than 95.3% of the neighborhoods in America.

The Neighbors

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 Irvine Terrace 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 96.2% of the neighborhoods in America. In addition, 0.0% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 100.0% of America'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 Irvine Terrace neighborhood, 71.3% 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 21.2% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (6.5%).

Languages

The most common language spoken in the Irvine Terrace neighborhood is English, spoken by 92.3% of households. Some people also speak Spanish (3.2%).

Ethnicity / Ancestry

Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.

In the Irvine Terrace neighborhood in Newport Beach, CA, residents most commonly identify their ethnicity or ancestry as English (19.3%). There are also a number of people of German ancestry (18.7%), and residents who report Irish roots (7.8%), and some of the residents are also of Italian ancestry (5.3%), along with some Russian ancestry residents (4.8%), among others. In addition, 10.1% of the residents of this neighborhood were born in another country.

Getting to Work

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 Irvine Terrace neighborhood spend between 15 and 30 minutes commuting one-way to work (37.4% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (73.2%) 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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