Using census data from the period of 2006-2010, a study revealed the richest neighborhoods in the United States. Comparing metrics such as average household income and property values, it should be no surprise that many of them are located in California.
Coming in high on the list were coastal communities located in the Los Angeles and San Diego areas. The entertainment industry, balmy weather, white sandy beaches, and palm trees entice many folks to buy their next home in one of Southern California’s wealthiest neighborhoods. Luxuries such as an in-ground pool, private security, gates at all entrances, and guest houses are often part of the amenities offered to homeowners.
- Cameo Shores / Cameo-Highlands: Reporting an average household income of $555,000 annually, these two Orange County communities have access to private, gated beaches and the homes often come with spectacular ocean views.
- Pelican Hill / Pelican Crest: With nearly the same mean household income, these two neighborhoods are located within the exclusive Newport Beach area of Orange County. There are approximately 100 homes tucked into these gated communities, many of which were designed to provide 180 degree ocean views.
- Beverly Park-Beverly Crest: In L.A. County, recording a slightly lower average annual household income of $502,000, the Beverly Park and Beverly Crest neighborhoods are located in the hills above the city. They are quite popular among wealthy celebrities and businessmen, because as part of the HOA, there are armed guards patrolling the streets.
- Corona del Mar Beach, Newport Beach: Like many of the wealthiest communities in Southern California, Corona del Mar Beach sits within the Orange County limits. The average household income is $441,627, and the neighborhood itself is perched on a steep hillside with easy access to several exclusive beaches.
- La Jolla Farms-Torrey Pines. Rounding out the top five, with a mean household income of $408,000, the La Jolla Farms-Torrey Pines neighborhood is located near the UCSD campus in San Diego. Boasting a swanky downtown area, lovely beaches, and a PGA quality golf course, La Jolla attracts wealthy individuals from all over.
What They Have in Common
Many of the wealthiest communities in Southern California are positioned to provide ocean views, access to beautiful beaches, and security. High net worth individuals are generally interested in the privacy that an enclave with gates and round-the-clock security can provide. A home is a large asset in an individual’s portfolio, so it should be included when planning asset protection strategies.
The Jeffrey M. Verdon Law Group in Newport Beach specializes in asset protection for high net worth individuals. As estate planning lawyers, we help our clients formulate a comprehensive estate plan to protect their wealth for generations to come. Contact our office today to hear more about the services we provide.