What are the most expensive ZIP codes in the United States? Most people can think of the Golden State or the Big Apple when it comes to expensive homes. But while the costs there are sky-high, they’re not the only places with big home price tags.
That’s according to real estate website Property Shark, which used data from the US Census Bureau to analyze residential transactions.
Yes, California and New York rank high at the top of the list: Atherton, California’s 94027 ZIP code, took the top spot for the fifth consecutive year with $7.4 million. And Sagaponack, 11962 New York, in the Long Island town of Southampton, took third place with $5 million.
In the middle is Boston’s 02199 ZIP code, part of the Back Bay neighborhood. The second most expensive neighborhood in the country boasts a median sales price of $5.5 million, a new record for the area.
For the first time, according to Property Shark data, no New York City ZIP codes made the top 20.
The 10 Most Expensive ZIP Codes In The United States
Here are the 10 most expensive ZIP codes in the US, ranked by median home sales price. Each far exceeds the national median home value of $312,700.
10. Medina, Wash. (98039)
Median home sales price in 2021: $4,000,000
9. Los Altos, California (94022)
Median home sale price in 2021: $4,052,000
8. Santa Monica, California (90402)
Median home sales price in 2021: $4,058,000
7. Santa Barbara, California (93108)
Median home sales price in 2021: $4,103,000
6. Beverly Hills, Calif. (90210)
Median home sales price in 2021: $4,125,000
5. Miami Beach, Florida (33109)
Median home sales price in 2021: $4,475,000
4. Ross, Calif. (94957)
Median home sales price in 2021: $4,583,000
3. Sagaponack, New York (11962)
Median home sales price in 2021: $5,000,000
2. Boston, Massachusetts (02199)
Median home sales price in 2021: $5,500,000
1. Atherton, Calif. (94027)
Median home sales price in 2021: $7,475,000
A 20% down payment would cost $1.1 million in Boston 02199
It’s no surprise that houses in California and New York cost a lot. Of the 127 most expensive ZIPs in the Property Shark ranking, 70% are in California and about 13% in the Empire State. Parts of Boston, however, are gaining ground. Home values in the city jumped 4.9% in the past year and while Back Bay missed the list in 2020 due to depressed sales activity, it re-emerged this year to its highest position yet.
A traditional 20% down payment on the median house 02199 would cost you $1.1 million.
How to save on a mortgage
Even if you’re not shopping in one of the most expensive places in the country, you may feel that way right now. The hot housing market continues to drive prices through the roof and push eager buyers into a bidding war. Buying a home can be a significant expense, especially for young people who are simultaneously trying to build emergency funds, stockpile retirement savings, and prepare to restart student loans.
In general, experts suggest that you don’t get a mortgage of more than three times your annual household income, or have a monthly payment of more than 28% of your gross monthly income.