Irvine home owners who have followed this blog or checked in on recent Irvine home values are no doubt aware that this real estate market is one of the most upwardly mobile in the entire Orange County area. But it’s not just Irvine’s real estate growth that is making this city such a commodity—job growth is booming, Irvine schools are seeing record enrollment numbers and, of course, the population only continues to grow in what the U.S. Census Bureau recently referred to as the 8th-fastest growing major city in the nation. These are just the beginnings of why a recent report from reputable Internet news site The Daily Beast ranked Irvine as No. 1 in its survey of “America’s Thriving Cities.”
Using factors including population gains, employment rates, infrastructure, market strength and intellectual capital, The Daily Beast took data from sources including the Bureau of Labor Statistics, the aforementioned U.S. Census Bureau, the U.S. Patent and Trademark Office and Moody’s Credit Services—just to name a few. What they came up with after tallying all these numbers based on the top 100 largest metros in the country was a list of the 20 “most thriving” U.S. cities.
Specific factors that put Irvine at the top of the list were an unemployment rate of only 4.6 percent, 18,000 residents gained since 2010, a 15 percent change in the median home price and 27 percent of the adult population having an advanced degree. Additionally, Irvine bested three other California cities that made the top five: San Jose (No. 2), Fremont (No. 3) and San Francisco (No. 5). Irvine also topped the other Golden State city which made the list, which was San Diego at No. 10.
As for what this survey means for Irvine home values, press coverage like this from major news sources isn’t likely to hurt a local market. And as more word-of-mouth spreads on the amazing living opportunities available in this city of more than 231,000 residents, there’s no reason why home values shouldn’t react accordingly as Irvine homes become more in-demand.