Newport Beach Named Wealthiest U.S. City

Coastal city Newport Beach was named the country's top wealth center last week by business news provider Portfolio.com, beating out dozens of major cities and economic centers for the title.

The survey made use of a point system using such factors as family income, property values, and local industries. In most cities, the percentage of families with incomes over $200,000 and homes valued over $1 million played the biggest roles.

Newport Beach got a wealth score of 22.7, with 28.6 percent of its households exceeding the $200,000 mark. Its main industries--tourism, banking, and technology--also helped boost its economy score compared to its competitors.

Also contributing to Newport Beach's score is its wealth of high-end homes, most of them concentrated in Newport Coast and Corona del Mar. Its median price as of last month was $1.3 million, well above the countywide and national averages.

Newton, Massachusetts, just outside Boston, was ranked second in the list, followed by Pleasanton, California; Arlington, Virginia; and Santa Monica, California. San Francisco, one of the most coveted locations for business and residence, came in eighth.

Two other California cities--Thousand View and Mountain Oaks--came in seventh and sixth respectively, bringing the total to six. Strong California contenders which didn't top the list include Los Angeles, Palo Alto, and Santa Barbara.

The survey used information from the 2008 American Community Survey of the U.S. Census Bureau, and covers 420 cities, unincorporated urban areas, and incorporated towns with populations over 75,000.

 

Earlier in Newport Beach Real Estate News:
Newport Beach Home Prices Up Over Year
Newport Beach Among O.C.’s Slowest Markets
Newport Beach ZIP Sees Sales Spike as Prices Plunge