Residents here pay higher tax bills for their homes, which generally mean better schools and other local services. Newport Beach offers a lot of one-person housing. You'll feel comfortable in the city if you're sixty five since the city is home to many people that age or older. The vote was 42-12 to become the city of Newport Beach . Back then, bay front houses sold for as little as five hundred dollars. Today, the median price of homes in Newport Beach is approximately $545,000. Residents identify closely with their "villages" which includes Corona del Mar, west Newport and the Harbor, Lido and Balboa islands. Homes are separated from busy commercial areas such as Lido Village, Mariner's Mile and Newport Center.