New Monterey median real estate price is $1,360,409, which is more expensive than 79.1% of the neighborhoods in California and 95.5% of the neighborhoods in the U.S.
The average rental price in New Monterey is currently $3,366, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 44.3% of California neighborhoods.
New Monterey is an urban neighborhood (based on population density) located in Monterey, California. This is a coastal neighborhood (i.e., is on the ocean, a bay, or inlet).
New Monterey real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) small apartment buildings and apartment complexes/high-rise apartments. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the New Monterey neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.
Vacant apartments or homes are a major fact of life in New Monterey. The current real estate vacancy rate here is 16.2%. This is higher than the rate of vacancies in 82.4% of all U.S. neighborhoods. In addition, most vacant housing here is vacant year round. This can sometimes be the case in neighborhoods dominated by new construction that is not yet occupied. But often neighborhoods with vacancy rates this high are places that can be plagued by a protracted vacancy problem. If you live here, you may find that a number of buildings in your neighborhood are actually empty.
When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.
New Monterey 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, New Monterey 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, three-deckers, duplexes, old Victorian homes cut up into apartments. Independent stores on the corner selling pizza. These are some of the hallmarks of neighborhoods with lots of small 2, 3, and 4 unit apartment buildings. The New Monterey neighborhood really stands out in this regard, however, as it is dominated by such small apartment buildings more than nearly any other neighborhood in America. This is a stunning visual and lifestyle example of this type of neighborhood. In fact, 50.0% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 98.5% of America's neighborhoods.
Furthermore, the New Monterey neighborhood is very unique in that it has one of the highest proportions of one, two, or no bedroom real estate of any neighborhood in America. Most neighborhoods have a mixture of home or apartment sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With 87.6% of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique, along with just a handful of other neighborhoods in the U.S. that share this characteristic.
Also of note, renter-occupied real estate is dominant in the New Monterey neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 86.6%, which is higher than 95.8% of the neighborhoods in America. If you were to buy and live in the property you bought here, you would be almost alone in doing so.
One of the most interesting things about the New Monterey neighborhood is that it has a greater concentration of residents who live alone than most all neighborhoods in America. With 49.8% of the households here made up of people living alone, NeighborhoodScout's research reveals that this is a larger proportion of people living alone than in 95.2% of the neighborhoods in America.
Did you know that the New Monterey neighborhood has more Welsh and Iranian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 3.3% of this neighborhood's residents have Welsh ancestry and 1.8% have Iranian ancestry.
New Monterey is also pretty special linguistically. Significantly, 1.9% 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 99.0% of the neighborhoods in America.
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 New Monterey neighborhood in Monterey are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 49.8% of the neighborhoods in America. In addition, 2.8% 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 71.5% 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 New Monterey neighborhood, 42.0% 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 26.8% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (17.5%), and 13.7% in clerical, assistant, and tech support occupations.
The most common language spoken in the New Monterey neighborhood is English, spoken by 56.0% of households. Some people also speak Spanish (27.0%).
Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.
In the New Monterey neighborhood in Monterey, CA, residents most commonly identify their ethnicity or ancestry as Mexican (24.5%). There are also a number of people of Asian ancestry (18.3%), and residents who report Irish roots (10.5%), and some of the residents are also of Italian ancestry (9.7%), along with some German ancestry residents (9.1%), among others. In addition, 22.9% of the residents of this neighborhood were born in another country.
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 New Monterey neighborhood spend under 15 minutes commuting one-way to work (37.7% of working residents), one of the shortest commutes across America.
Here most residents (69.8%) 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.