What is the Real Cost of Living in Newport Beach?

 

If you are looking for a city that offers the quintessential Southern California lifestyle, look no further than Newport Beach. The vibrant city is nestled along the Pacific coastline and has a rich arts and culture scene, stunning beaches, recreational activities, and abundant dining options. With all that the city offers, it is no wonder many people love to call it home. Before packing your bags and moving to this amazing city, finding out the cost of living in Newport Beach is important.

While living in Newport Beach has a lot to offer, you typically pay for those benefits; the city is one of the most expensive cities in California. The serene, resort-like feel of Newport Beach makes it one of the best places to live in Southern California, and 54% of people in the city own their homes.

Many homes for sale in Newport Beach are beachfront properties built in a variety of styles, including California Contemporary to California Bungalows. A single-family home can sell for $1,713,766. There are also apartments for rent throughout the city, which provides residents with more options based on location. Approximately 46% rent their homes in the city. The average rent for a one-bedroom apartment is $2,496, which is significantly higher than the average rent across the United States.

Thanks to Newport Beach’s incredible year-round weather, the cost of utilities is not too high. The average utility bill for one person is around $50 per month, and the average utility bill for a family is about $84 per month.

Newport Beach offers a wide variety of cuisine, which can add to your monthly food expenses. The culinary scene offers an array of cuisines, from seafood to Italian to European fare. Locals love Cucina Enoteca, known for its authentic Italian dishes and classic interior. On average, one person spends $590 on food, and the average food cost for a family of four is $1,537. In California, a single adult spends approximately $3,468 a year on food and $10,016 on food for a family of four.

While you can bike and walk around the city all year, sometimes driving or taking public transportation might be more convenient, especially if you commute to work, which 85.4% of residents do. Thus, some feel owning a car is a must. Thankfully, Newport Beach has easy access to the Pacific Coast Highway and is ideally positioned between Los Angeles and San Diego.

This easy access gives residents easy access to a weekend getaway, whether they are itching for a shopping spree or want to spend an afternoon unwinding on the Balboa Peninsula. For one person, the average transportation cost is almost $60, and about $149 for a family of four. While it is easy to travel to other cities in California from Newport Beach, the city is also home to iconic places that make the city an excellent place for recreation and entertainment.

The median household income is $133,849, and the median after-tax salary is $3,846, which covers about two months of expenses.

There is plenty to love in Newport Beach. The city is renowned for its miles of pristine coastline and beaches, providing residents and visitors with ample opportunities to enjoy the outdoors. You can enjoy the sand, surf, and sunshine from your backyard to Newport Pier and Corona del Mar State Beach. You can also go hiking along the city’s numerous trails, including the Huntington Beach Trail and the Bluff Trail at Crystal Cove State Park. The park spans three acres of beach, where you can swim, sunbathe, or surf. The trail offers uninterrupted views of the Pacific Ocean and is considered one of the most beautiful parks in the area. There are 2,400 acres of undeveloped land, which is perfect for backcountry hiking or camping.

 

The city hosts numerous events throughout the year, including live music and art exhibits. In the summer, the annual Newport Beach Jazz Festival takes place at the Back Bay Amphitheatre and the Back Bay Golf Course. The festival features the top contemporary R&B, jazz, and soul music. There is also an international food court and many vendors that visitors can enjoy while enjoying the music. The city also hosts the Newport Beach Film Festival, which features over 100 independent and international films and has parties catered by over 60 restaurants. The Concerts on the Green Summer series takes place in the summer, which is a local favorite. The series features a variety of performers and is a great way to enjoy a summer evening. You can bring a picnic or order food from one of the many gourmet food trucks.

 

Newport Beach is home to thriving local businesses, with numerous shops, services, and companies in the area. Fashion Island is a premier outdoor shopping center featuring world-class shopping and restaurants. You can shop at stores like Balenciaga, Chanel, and Nordstrom before heading to lunch at Joey Newport Beach, which serves a globally inspired menu crafted by a team of award-winning chefs. After lunch, you can explore the mall, go to the movie theater, or pick up your next read before heading to the beach. You can also explore South Coast Plaza, which is the largest shopping mall on the West Coast. There are over forty restaurants, including Vaca and Water Grill, and 250 one-of-a-kind boutiques and shops.

There is lots to love about living in Newport Beach. The city is a great place to call home, from its endless recreational opportunities to its thriving shopping and arts scene. If you are planning to relocate to Newport Beach, working with a trusted advisor is crucial, as you want to avoid navigating Newport Beach real estate by yourself. Contact Carol Lee today to begin your house-hunting journey.