The city of Brea is found in orange county in California; it is a part of the Los Angeles metro area 30 miles southeast of downtown LA. The city started as a small town in the late 1700s; it was named Randolph. Today Brea has developed and is now covering an area of approximately ten sq. miles with a population of around 48000 people.
The city is still growing, with some recent development being a $120 million expansion, including the Brea mall and other development projects underway throughout the city. But the real estate market is the most exciting part that has drawn many people’s attention. Over the past few years, home prices have hit high records.
And since home prices rose by an average of 19.7 percent in 2021, the real estate in Brea remains the best home seller’s market. With the help of real estate groups such as Ardent Real Estate Group, it has become so easy to purchase real estate in Brea, California. This article guides you through everything you need to know about real estate in Brea city, California, and what is fun about this exciting city.
The Population of Brea City
The population of Brea has constantly been growing since the late 1700s when the majority of people came into the city since it was rich in oil production. A recent census indicates that the city’s population is 47325 and is still growing at a rate of 1.7 percent per annum. Since the 2010 census, the number of people in the city has increased by 3.4 percent, much higher than Los Angeles, which only grew by 0.27 percent through the same period.
Brea has a population density of 3243 people per sq. mile, which is way too high compared to the average national density in California, which sits at 251 people per sq. mile. The city’s high population offers a market to real estate investors, and Ardent Real Estate Group makes the purchasing process seamless.
The Demographic Information of Brea City
If you are an investor looking for homes for sale in Brea, it is essential to know more about the area’s demographic information. The good thing is that the demographics of Brea city are so favorable to investors. This is indicated by low to average unemployment in the town and a relatively high household income.
The average household income for residents in the city was $82000 in 2010, but it has increased to slightly over $100000. Few residents live in poverty, which stands at 6.1 percent. Even though Brea is not the most ethnically diverse city, 62 percent of the residents are white, 24 percent are Asian, and the remaining percentage is a mix of other ethnicities.
Out of 14266 households, 57 percent are occupied by opposite-sex couples, and 35 percent of the households have children under the age of 18 years. The average family size in 10369 homes is 3.23, making up 73 percent of Brea’s total number of households.
The Housing Statistics for Brea
The real estate market in Brea is so promising to investors and homeowners, which is why Ardent Real Estate Group has stepped in to help you purchase real estate properties. A recent census shows that about 35 percent of all housing units are occupied by renters, which is an excellent opportunity for investors to capitalize on catering to the increasing number of people moving into Brea seeking rentals.
There is also an influx of young business people setting up businesses in the area and young professionals looking for employment opportunities. Many college students are moving into the city to pursue their education, therefore a high demand for rentals.
Brea city also has some leading employer companies such as Albertson, Bank of America, and the mercury insurance group, which all have attracted a high number of workers in the area, posing a high demand for housing. And the Ardent Real Estate Group is there to help investors and homeowners venture into this opportunity for growth.
The Cost of Living in Brea
Whether you are a homeowner holding it as an investment property or purchasing it as your primary residence, the real estate market in Brea has always been the strongest in Orange County, northern California. However, with the rising cost of living, new home buyers may find it challenging to own a home in the area; however, Ardent Real Estate Group will make the entire process easier for you.
Like other parts of the country, Brea is also faced with rising inflation. You can feel the rising cost of living when paying for your energy supplies, at a grocery store, and also when dining out. According to Ardent Real Estate Group, the cost of living in Brea is slightly higher than the average cost of living in the whole of California and even across the united states at large.
With housing being a major contributing factor, investors seeking to buy a home in Brea are likely to sell them at a higher price than they would sell if they bought it in other parts of California. Even though the prices of groceries and transportation expenses are slightly higher in Brea than in other parts of United States, utility expenses and healthcare costs are slightly below the average cost in other parts of California and across the united states.
The average selling price of a home in Brea is $900000, higher than the average price in California and across The United States, where a similar home would cost an average of $684,800 and $291,700, respectively. The lack of affordable housing in the area also significantly contributes to high prices for real estate.
Education and Learning Facilities in Brea
Brea has a unique education system; families can find at least six elementary schools, one high school for public students, and one for junior high. There are also several faith-based schools and kindergarten schools with high ratings.
Many universities and colleges in Brea city host thousands of students who move into the city every year to pursue their studies. Some of Brea’s top colleges and universities include the Fullerton community college, Chapman university, Cal Poly Pomona, University of California, Irvine, and California state university, Fullerton.
The Recreational Activities in Brea
There are lots of recreational and outdoor activities available for residents of Brea city, suitable for singles, young families, and old adults. One of the places of interest you can visit is the Brea gallery, which is filled with artworks of brightly colored exhibits from local artists featuring the element of pop culture in the area.
If you enjoy the work of art, you can spend your afternoon strolling through the art gallery. Brea mall is yet another exciting shopping experience you can have as a resident of Brea. You will have an exciting shopping moment in Brea mall, especially with the $ 120 million expansion which was completed recently. The expansion features stores like express, H&M, coach, and Lululemon.
The mall has excellent dining options just in case you want a different feel or want to take a break from dining at a local restaurant. It also offers a variety of clothes, making it a great place to shop for your favorite attire.
The Carbon Canyon Regional Park is yet another perfect place for picnics and tennis matches and also an excellent place for afternoon fishing off one of the two piers in the park. Group hikes and tours are available all around the year at the park.
Houses for Sale in Brea, California
The median sales price increased by 3.79 percent for single-family homes, which stands at $1,012,000, 19.85 percent for townhomes which stands at $785,000, and 11.86 percent for condos which stands at $660,000.
Purchasing a Home in Brea, California
If you are looking to buy a home in Brea, knowing what you qualify for and what type of home you can get for your budget is essential. Currently, the median price listing in the market is $897,000 and $523 per square foot.
When buying a median-priced home, you must put in a 20 percent down payment of $179,400. However, you should note that this is not included in your closing costs; closing costs differ depending on the purchase price and the amount of your mortgage. However, the Ardent Real Estate Group will help you through your home-buying process.
When purchasing real estate in Brea, California, there are several things you need to know. Most importantly, the area’s population, Brea city, has recorded the highest population growth compared to other parts of California. There is a population of around 48000 people and a population density of 3243 people per square mile, making the city suitable for real estate investors.
You also need to know about the demographic information of the area, the housing statistics, the cost of living, the availability of educational and learning institutions, and the availability of sporting and recreational activities. All these considerations have been discussed in the article, and Ardent Real Estate Group will help you find the best real estate in Brea.
Alex is fascinated with “understanding” people. It’s actually what drives everything he does. He believes in a thoughtful exploration of how you shape your thoughts, experience of the world.