And The US Town With The Highest Average Income Is…
A few days ago, we published a Property Shark analysis of the wealthiest zip codes in America, and found that – to our complete lack of surprise – the wealthiest towns are clustered around the Bay Area and New York City A, attend their own schools, shop at their own stores and live in their own exclusive enclaves of wealth.
While those data were largely anticipated, that study also showed that midwestern and even some southern areas had seen remarkable gains.
The same pattern applies to Property Shark’s latest study, which ascertained the wealthiest zip codes in the country by median income. Contrary to what one might expect, PS found that most of the nation’s 100 most expensive zip codes were on the West Coast, while most of the wealthiest 100 zip codes were on the East Coast.
The ultimate takeaway from these data are that, as one might expect, being able to afford an expensive home doesn’t necessarily mean a wealthy family will buy one. After all, frugality is inevitably one of the traits that helped them accumulate wealth.
The East Coast Dominates The Light Of High-Earning Zips Codes
Of the nation’s top 100 earning zip codes, 70 are located on the East Coast…
Predictably, there are two areas where most zip codes are clustered: The Northeast with 48 zip codes, and the suburbs around Washington DC, with 28 spots in the top 100.
Going by state, the ranking of the most expensive zip codes for housing was dominated by California, with 77 spots on the list. However, the picture changed drastically when PS looked for the highest-earning zip codes. By that measure, Cali only took 17 spots in the top 100, while New York led with 20 codes. Of those, 8 are located in Manhattan. Most of the others cover well-established communities in Westchester County.
Maryland and Connecticut trail New York and California, each claiming 10 spots in the ranking. New Jersey and Virginia follow,further strengthening the East’s dominance, thanks to the D.C. suburbs. Washington, DC itself only managed to claim 1 spot in the ranking.
Unlike the list of priciest zip codes for home prices, the by-income scale is more heterogeneous, with 15 states taking spots on the list. Virginia, Washington DC, Delaware, Illinois, Texas, and Pennsylvania were all absent from the top 100 most expensive zip codes, but they were present in the homeowner income ranking.
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Here’s Where Zip Codes With $250k+ Income Stand In Terms Of Home Prices
The first 11 highest-earning zip codes all feature a yearly median household income of over $250,000. New York leads with 5 of the 11 zip codes that feature top-bracket median incomes, followed by California with 4 zip codes. Of the top 11 zip codes by median income,the highest ranked based on median sale price is 10013 in Manhattan, which took the 2nd spot.
On the other hand, San Diego’s 92145 did not even make the cut in the 100 priciest zips for housing, although the median income here exceeds $250,000. The median price here clocked in at $1,332,500, not enough to secure it a spot in the top 100. Furthermore, 2 of the 11 zip codes have median sale prices well below $1 million—Chappaqua’s 10514 and Chicago’s 60603. In zip code 60603, the median sale price recorded in 2017 was $495,000 and, with a median gross income of over $250,000, it stands out as the market with the smallest gap between median price and income.
Check out Property Shark’s interactive map here: