Salary Requirements for America’s 10 Most Costly Cities
America’s real estate market features some of the most expensive ZIP codes worldwide. Across the country, these high-value areas share common characteristics: oceanfront locations, luxury homes, and affluent buyers. A recent analysis by Realtor.com® has revealed the top ten most costly ZIP codes and the salaries required to live comfortably within them.
Salary Requirements for America’s 10 Most Costly Cities
These elite areas are defined not just by their price but by their exclusivity. Anthony Smith, a senior economist with Realtor.com, insights that factors like scarcity and unique land qualities drive prices up. True oceanfront properties are limited and thus command higher premiums.
Top Expensive ZIP Codes and Associated Salaries
- Newport Coast, CA (92657)
- Median Listing Price: $11,888,000
- Required Income: $2,365,263
- Fisher Island, FL (33109)
- Median Listing Price: $11,650,000
- Required Income: $2,317,910
- Bridgehampton, NY (11932)
- Median Listing Price: $8,475,000
- Required Income: $1,686,205
- Beverly Hills, CA (90210)
- Median Listing Price: $7,995,000
- Required Income: $1,590,703
- Bel-Air, CA (90077)
- Median Listing Price: $7,995,000
- Required Income: $1,590,703
- Water Mill, NY (11976)
- Median Listing Price: $6,120,000
- Required Income: $1,217,649
- Santa Barbara, CA (93108)
- Median Listing Price: $6,047,500
- Required Income: $1,203,224
- Malibu, CA (90265)
- Median Listing Price: $5,995,000
- Required Income: $1,192,778
- Santa Barbara, CA (93110)
- Median Listing Price: $5,995,000
- Required Income: $1,192,778
- Rancho Santa Fe, CA (92067)
- Median Listing Price: $5,950,000
- Required Income: $1,183,825
California dominates this list, claiming seven of the ten most expensive ZIP codes. Areas like Beverly Hills, with its unparalleled shopping and dining, attract affluent buyers year-round. Meanwhile, Malibu remains a highly sought-after destination despite recent challenges from wildfires.
In addition, Fisher Island in Miami Beach stands out as a prestigious community, accessible only by private means. This exclusivity enhances its allure for wealthy residents, who enjoy top-notch amenities in a secure environment.
The high costs in these locales stem from various factors, including limited inventory and strong demand from both domestic and international buyers. Consequently, the prices persist even in fluctuating market conditions.
In conclusion, living in these luxurious cities requires considerable financial resources, often driven by accumulated wealth rather than standard income. As market dynamics evolve, these areas will likely retain their top-tier status in terms of real estate value.
