These past few years have been crazy no doubt, but has the pandemic changed the Norco real estate market?
Norco is a medium-sized city located in the state of California. With a population of 26,604 people and seven constituent neighborhoods, Norco is the 263rd largest community in California.
Housing costs in Norco are among some of the highest in the nation, although real estate prices here don’t compare to real estate prices in the most expensive communities in California.
Unlike some cities where white-collar or blue-collar occupations dominate the local economy, Norco is neither predominantly one nor the other. Instead, it has a mixed workforce of both white- and blue-collar jobs. Overall, Norco is a city of sales and office workers, managers, and professionals. There are especially a lot of people living in Norco who work in management occupations (14.41%), sales jobs (12.59%), and office and administrative support (12.36%).
A relatively large number of people in Norco telecommute to their jobs. Overall, about 8.37% of the workforce works from home. While this may seem like a small number, as a fraction of the total workforce it ranks among the highest in the country. These workers are often telecommuters who work in knowledge-based, white-collar professions. For example, Silicon Valley has large numbers of people who telecommute. Other at-home workers may be self-employed people who operate small businesses out of their homes.
In Norco, however, the average commute to work is quite long. On average, people spend 34.83 minutes each day getting to work, which is significantly higher than the national average.
The percentage of adults in Norco who are college-educated is close to the national average for all communities of 21.84%: 20.01% of the adults in Norco have a bachelor’s degree or advanced degree.
The per capita income in Norco in 2018 was $34,494, which is middle income relative to California, and upper middle income relative to the rest of the US. This equates to an annual income of $137,976 for a family of four. However, Norco contains both very wealthy and poor people as well.
Norco is an extremely ethnically-diverse city. The people who call Norco home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Norco residents report their race to be White, followed by Black or African-American. Norco also has a sizeable Hispanic population (people of Hispanic origin can be of any race). People of Hispanic or Latino origin account for 32.95% of the city’s residents. Important ancestries of people in Norco include German, Irish, English, European, and Italian.
The most common language spoken in Norco is English. Other important languages spoken here include Spanish and Langs. of India.
Norco Real Estate Trends
Norco Consists of 7119 homes and apartments, with a Apr 2021 median home price of $694,564
Norco Home Appreciation Rates
In the last 10 years, Norco has experienced some of the highest home appreciation rates of any community in the nation. Norco real estate appreciated 79.50% over the last ten years, which is an average annual home appreciation rate of 6.02%, putting Norco in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Norco definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout’s data show that during the latest twelve months, Norco’s appreciation rate, at 6.00%, has been at or slightly above the national average. In the latest quarter, Norco’s appreciation rate has been 2.19%, which annualizes to a rate of 9.06%.
Relative to California, our data show that Norco’s latest annual appreciation rate is higher than 80% of the other cities and towns in California.