Certain parts of the country are more desirable to live in than others. High quality public works, top notch schools, and safety are factors that prospective home owners look for when moving to a new area — and people often are willing to pay top dollar for them.
High-priced homes tend to cluster in certain areas — particularly in areas that have high-paying jobs. Recently, many of those jobs have been concentrated in California, which has become the hub of technological innovation, particularly in San Jose’s Silicon Valley area, which is home to tech companies like Apple, Google, Oracle, and others.
24/7 Wall St. reviewed data on the median home price in each of America’s zip codes from real estate and property data provider Attom Data Solutions to determine the country’s 50 most expensive place to buy a house.
San Francisco has the greatest concentration of the most expensive zip codes, with four. New York City and Los Angeles are just behind it with three each. Six other California cities — Los Altos, Los Gatos, Redwood City, San Jose, Palo Alto, and Newport Beach — have two zip codes that rank among the top 50 in median home price.
Home price data was collected as of the end of the third quarter of 2018. After that time, a series of destructive and fatal wildfires burned through many parts of California, including some on this list.
Daren Blomquist of Attom said the fires were too recent and it is difficult to yet assess how they will affect the housing markets of the affected areas. However, he expects the fires to have a “dampening effect, particularly in markets that are more dependent on revenue from vacationers.” Blomquist added that places with more diverse economies outside of tourism will likely not be affected to the same extent.
To determine the most expensive zip codes, 24/7 Wall St. reviewed data provided by Attom Data Solutions, a real estate and property data provider. Zip codes were ranked based on median sales prices of condos and single family homes from 2018’s first quarter through the third quarter. Only zip codes with at least 1,000 single family homes and condos and where 100 of those single family homes and condos were sold in that time frame were considered. The estimated market value is determined by Attom’s automated valuation model.