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If you need proof that the value of a dollar depends on where you live, look no further than a study of America’s wealthiest neighborhoods. Realtor.com recently did such a study, analyzing the wealthiest neighborhoods in all 50 states plus Washington, D.C. One thing it found is that there is a massive gap between states when it comes to how much you’ll have to pay for luxury homes in the most expensive neighborhoods.
The median home list price in the country’s 10 wealthiest neighborhoods is $5.69 million, according to Realtor.com. Median prices in these neighborhoods range from a low of $4.175 million to a high of $8.625 million.
By comparison, the median home list price in the 10 states whose wealthiest neighborhoods are the least expensive was $604,500. Prices in these neighborhoods range from a low of $439,990 to a high of $770,000.
For those scoring at home, that’s a difference of $5.09 million between the states with the wealthiest neighborhoods and those with the least-expensive wealthy neighborhoods
Put another way: For the price of a home in the country’s wealthiest neighborhood – ZIP code 90077 in Los Angeles, where homes list for a median $8.625 million — you could buy nearly 20 luxury homes in North Dakota’s richest neighborhood (ZIP code 58104 in Fargo, where the median price is $439,900).
The Realtor.com study, released last month, looked at the priciest ZIP code in every state based on the highest median home list price in October 2023. The analysis excluded areas with fewer than 25 listings.
Many of the priciest neighborhoods are located in upscale vacation destinations “popular with the uber-wealthy,” according to a press release. That explains why otherwise affordable states like Idaho and Wyoming are also home to some of the nation’s most expensive neighborhoods.
Here’s a look at the 10 states with the wealthiest neighborhoods:
- Los Angeles, California (ZIP code 90077): Median list price $8,625,000
- Water Mill, New York (ZIP code 11976): $7,995,000
- Wilson, Wyoming (ZIP code 83014): $6,960,000
- Boston, Massachusetts (ZIP code 02108): $5,687,500
- Mountain Village, Colorado (ZIP code 81435): $5,525,000
- Paradise Valley, Arizona (ZIP code 85253): $4,856,250
- Greenwich, Connecticut (ZIP code 06831: $4,511,250
- Stone Harbor, New Jersey (ZIP code 08247): $4,387,250
- Ketchum, Idaho (ZIP code 83340): $4,185,000
- Coral Gables, Florida (ZIP code 33156): $4,175,000
If you’re wondering where pricey Hawaii lands on the list – it’s home to the 11th most expensive neighborhood (ZIP code 96754 in Kilauea, where the median list price is $4,112,500).
For bargain hunters, here’s a look at the five states where the wealthiest neighborhoods are least expensive:
- North Dakota (Fargo, ZIP code 58104): $439,900
- Mississippi (Madison, ZIP code 38110): $525,000
- Iowa (Clive, ZIP code 50325): $575,482
- West Virginia (Shepherdstown, ZIP code 25443): $612,500
- Louisiana (New Orleans, ZIP code 70124): $618,000
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