Living in California comes with a high price tag, and it’s no surprise that some of the country’s priciest ZIP codes can be found in the Golden State. Clever recently analyzed Zillow’s Home Value Index to determine the top 10 most expensive ZIP codes in the US, and California dominated the list with seven entries.
Atherton, located in the San Francisco Bay Area, clinched the top spot with a typical home value of $7.36 million. Meanwhile, Beverly Hills ($5.11 million), Los Altos Hills ($4.26 million), and Santa Monica ($4.17 million) also made it into the top 5. The other Californian ZIP codes in the top 10 are Montecito, Rancho Santa Fe, and Newport Beach.
The analysis also showed that the average American’s income of $63,214 a year is nowhere near enough to afford homes in these areas, as the average home value in the US remains lower than the costs in any of the top 10 ZIP codes. Additionally, the report found that while home prices continue to soar, homeownership is becoming increasingly unattainable for many Americans.
Despite the hefty price tags, the popularity of some of these areas remains high. According to the report, Los Angeles and New York are the top two cities Americans would move to if money were no object, with 19% and 15% of respondents choosing the cities, respectively.
While California may be a hotspot for sky-high home prices, it wasn’t the only state represented in the top 10. Two New York ZIP codes and one in Washington state also made the cut. To compile the list, Clever used the Median Sales Price of homes sold in the US (MSPUS) and the Zillow Home Value Index.