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Real Estate Prices & Overview

New Monterey median real estate price is $1,087,006, which is more expensive than 66.1% of the neighborhoods in California and 92.2% of the neighborhoods in the U.S.

The average rental price in New Monterey is currently $4,388, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 80.6% of the neighborhoods in California.

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 single-family homes. 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.

Home and apartment vacancy rates are 7.6% in New Monterey. NeighborhoodScout analysis shows that this rate is lower than 50.2% of the neighborhoods in the nation, approximately near the middle range for vacancies.

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.

Real Estate

Do you like a coastal setting? If so, this neighborhood may be to your liking. The New Monterey neighborhood is on the ocean, a bay, or inlet. Often such coastal places have amenities and recreational activities on the waterfront that are attractive to residents and visitors alike. 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, 56.9% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 99.0% 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 82.3% 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, 84.3% of the real estate in the New Monterey neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.

People

Of note is NeighborhoodScout's research finding that the New Monterey neighborhood has some of the lowest rates of children living in poverty of any neighborhood in the United States. In a nation where approximately 1 in 4 children are living in poverty, the New Monterey community truly stands out from the rest in this regard.

In addition, the types of households in a neighborhood can tell a lot about the character and lifestyle of those living here. NeighborhoodScout's exclusive analysis reveals that this neighborhood, above nearly every neighborhood in America, has a greater percentage of its residents living alone: 51.6%. This is a higher percent living alone than we found in 96.4% of all U.S. neighborhoods. Often residents who live alone are new arrivals to an area who are single, and often senior citizens who have lost a spouse.

Diversity

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, 3.2% 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.

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 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 52.9% 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.

The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.

In the New Monterey neighborhood, 41.9% 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 25.8% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (17.0%), and 15.3% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the New Monterey neighborhood is English, spoken by 60.1% of households. Some people also speak Spanish (27.2%).

Ethnicity / Ancestry

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 (22.7%). There are also a number of people of Asian ancestry (16.8%), and residents who report Irish roots (14.2%), and some of the residents are also of Italian ancestry (11.5%), along with some German ancestry residents (9.9%), among others. In addition, 18.3% 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 New Monterey neighborhood spend under 15 minutes commuting one-way to work (39.8% of working residents), one of the shortest commutes across America.

Here most residents (67.1%) drive alone in a private automobile to get to work. In addition, quite a number also hop out the door and walk to work to get to work (5.2%) . 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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