A new "America's Most Expensive Zip Codes" by Forbes was just issued. (renters, homes)
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1. 07620 Alpine, New Jersey (Avg median home price, $4,139,041)
2. 94027 Atherton, California (Avg median home price, $3,849,133)
3. 10014 New York, New York (Avg median home price, $3,521,514)
4. 91008 Duarte, California (Avg median home price, $3,444,773)
5. 90210 Beverly Hills, California (Avg median home price, $3,367,167)
6. 92067 Rancho Sante Fe , California (Avg median home price, $3,362,493)
7. 93108 Santa Barbara, California (Avg median home price, $3,284,652)
8. 94024 Los Altos, California (Avg median home price, $3,277,500
9. 10065 New York, New York (Avg median home price, $3,176,534)
10. 07926 Brookside, New Jersey (Avg median home price $3,121,115)
I would guess that there are very few homes in some of these areas at those prices, as the median income in a lot of them is below 100,000. How can that be? There were only 3 cities with median incomes over 200,000 - Atherton, CA, Miami Beach, and Kenilworth, IL.
I would guess that there are very few homes in some of these areas at those prices, as the median income in a lot of them is below 100,000. How can that be? There were only 3 cities with median incomes over 200,000 - Atherton, CA, Miami Beach, and Kenilworth, IL.
In Manhattan there are many renters and renters on rent control. They do not own properties, but to buy in their neighborhoods it would lost millions. This drops the median income. If you had the medium income for owners in Manhattan it would be much higher than renters.
Also, keep in mind the median is not the average. If they stated the average income the outcomes would be much different. Since median is the middle it factors out the very wealthy. New York county(Manhattan) has either the highest or 2nd highest average household income in the U.S. It's medium is nowhere near the top. It completely changes the picture.
Last edited by Allan Trafton; 08-28-2009 at 12:28 PM..
How can those New York zip codes be that wealthy but still maintain an insanely high population density? Those numbers can't be right...
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