92662, Newport Beach, CA

The Newport Beach zip code 92662 has a population of about 137,000 people and an average home value of $1.2 million. The median home value in the zip code is $1.06 million, which is higher than the California statewide median home value of $748,500. The homeownership rate in the zip code is 68%, which is higher than the statewide homeownership rate of 63%.

The main drivers of home values in Newport Beach are location and size. The area is affluent and has a high demand for luxury homes. Additionally, there are many large homes available that can be purchased for a modest price compared to other areas in California. In addition, Newport Beach experiences less volatility in home values than other areas of California due to its stable economy and low unemployment rates.

Overall, the Newport Beach market remains strong with steady growth over the past few years. Home prices have increased at a rate above the statewide average, but remain relatively affordable when compared to other areas in California. If you are looking to purchase a home in this area, it may be best to start your search sooner rather than later as prices may continue to rise over time