Whether someone is a first-time homebuyer or an investor looking for a rental property, navigating the real estate market can be overwhelming. Local schools, mortgage rates, and the size/condition of the property are a few factors that influence the price tag, but more than anything else, it’s “location, location, location” that dictates the cost of real estate.
In many cases, a desirable location outweighs other factors that would otherwise decrease the price of a house. Take, for example, this “distressed” teardown that went on the San Francisco market in June of 2017 for $7 million and sold for slightly less than asking price. The reason for the astronomical cost? Its large lot is a contributing factor, but most importantly it’s the property’s proximity to Dolores Park and the home of tech billionaire Mark Zuckerberg. The median list price of residential property in the U.S. is $150 per square foot, meaning that this same 1,071 square foot home might sell for just $160,000 in another location.
Looking at housing costs nationwide, coastal areas such as California, Hawaii, Massachusetts, the District of Columbia, and Washington have the highest median home values, while Southern and Midwestern states tend to have the lowest median home values. In addition, large coastal cities and their affluent suburbs are known to command high prices, whereas sparsely populated rural areas are known for their low housing costs. This helps explain why 70 percent of the 200 most expensive zip codes in the country are in California, and just two zip codes—60043 in the Chicago metro and 85253 in Scottsdale—are outside of coastal states.
TRENDING ON CONSTRUCTION COVERAGE
Planning a new construction project? Read our complete guides to takeoff software and estimating software.
Even in already expensive cities like San Francisco and Seattle, the differences among neighborhoods that are in close proximity to each other is striking. In San Francisco, there is more than a $1.6 million spread in the median home value across its zip codes. Similarly, in Seattle the difference is over $700,000. For some homebuyers, this could mean that expanding the search just a few blocks away could literally save tens (or hundreds) of thousands of dollars.
To gain a better understanding of the hyper-locality of the real estate market, Construction Coverage analyzed data from Zillow and the U.S. Census Bureau to determine the most expensive zip code in every state, as measured by highest median home value. With a more than $6 million spread across these zip codes, the price differences reveal just how much location matters when searching for a home. Here’s what they found:
The Priciest Zip Code in Every State
Alabama
- Most expensive zip code: 35213
- City: Mountain Brook
- Metro: Birmingham-Hoover
- Median home value: $537,000
- Median price per sq. foot: $224
- Median household income: $110,696
Alaska
- Most expensive zip code: 99516
- City: Anchorage
- Metro: Anchorage
- Median home value: $495,100
- Median price per sq. foot: $196
- Median household income: $153,946
Arizona
- Most expensive zip code: 85253
- City: Paradise Valley
- Metro: Phoenix-Mesa-Scottsdale
- Median home value: $1,547,400
- Median price per sq. foot: $409
- Median household income: $136,558
Arkansas
- Most expensive zip code: 72223
- City: Little Rock
- Metro: Little Rock-North Little Rock-Conway
- Median home value: $331,700
- Median price per sq. foot: $135
- Median household income: $96,372
California
- Most expensive zip code: 94027
- City: Atherton
- Metro: San Francisco-Oakland-Hayward
- Median home value: $6,520,700
- Median price per sq. foot: Insufficient data
- Median household income: $250,000+
Colorado
- Most expensive zip code: 81654
- City: Aspen
- Metro: Glenwood Springs
- Median home value: $1,013,600
- Median price per sq. foot: Insufficient data
- Median household income: $50,417
TRENDING ON CONSTRUCTION COVERAGE
If you use your vehicle for work, you might need a commercial auto insurance policy. Review our guide and recommendations of the best companies for commercial auto insurance.
Connecticut
- Most expensive zip code: 06820
- City: Darien
- Metro: Bridgeport-Stamford-Norwalk
- Median home value: $1,334,100
- Median price per sq. foot: $510
- Median household income: $208,848
Delaware
- Most expensive zip code: 19807
- City: Wilmington
- Metro: Philadelphia-Camden-Wilmington
- Median home value: $732,800
- Median price per sq. foot: $207
- Median household income: $126,031
Florida
- Most expensive zip code: 33109
- City: Fisher Island
- Metro: Miami-Fort Lauderdale-West Palm Beach
- Median home value: $3,227,600
- Median price per sq. foot: $1,344
- Median household income: $177,000
Georgia
- Most expensive zip code: 31561
- City: Sea Island
- Metro: Brunswick
- Median home value: $2,440,100
- Median price per sq. foot: $613
- Median household income: Insufficient data
Hawaii
- Most expensive zip code: 96821
- City: Honolulu
- Metro: Urban Honolulu
- Median home value: $1,377,800
- Median price per sq. foot: $721
- Median household income: $129,713
Idaho
- Most expensive zip code: 83340
- City: Ketchum
- Metro: Hailey
- Median home value: $715,300
- Median price per sq. foot: $539
- Median household income: $58,245
Illinois
- Most expensive zip code: 60043
- City: Kenilworth
- Metro: Chicago-Naperville-Elgin
- Median home value: $1,321,100
- Median price per sq. foot: $458
- Median household income: $203,750
Indiana
- Most expensive zip code: 46077
- City: Zionsville
- Metro: Indianapolis-Carmel-Anderson
- Median home value: $405,700
- Median price per sq. foot: $147
- Median household income: $128,642
Iowa
- Most expensive zip code: 51355
- City: Okoboji
- Metro: Spirit Lake
- Median home value: $377,600
- Median price per sq. foot: Insufficient data
- Median household income: $59,667
DID YOU KNOW?
An owner controlled insurance program (OCIP) is a single insurance plan designed to cover nearly all liability arising from a construction project. Sometimes set up as a contractor controlled insurance program (CCIP), these insurance policies combine the coverage benefits of several individual insurance policies normally used for construction, including builders risk insurance.
Kansas
- Most expensive zip code: 66211
- City: Leawood
- Metro: Kansas City
- Median home value: $819,000
- Median price per sq. foot: Insufficient data
- Median household income: $97,344
Kentucky
- Most expensive zip code: 40059
- City: Prospect
- Metro: Louisville/Jefferson County
- Median home value: $416,100
- Median price per sq. foot: $162
- Median household income: $135,190
Louisiana
- Most expensive zip code: 70115
- City: New Orleans
- Metro: New Orleans-Metairie
- Median home value: $509,300
- Median price per sq. foot: $292
- Median household income: $59,985
Maine
- Most expensive zip code: 04110
- City: Cumberland
- Metro: Portland-South Portland
- Median home value: $703,600
- Median price per sq. foot: Insufficient data
- Median household income: $162,227
Maryland
- Most expensive zip code: 20816
- City: Bethesda
- Metro: Washington-Arlington-Alexandria
- Median home value: $936,400
- Median price per sq. foot: $484
- Median household income: $192,066
Massachusetts
- Most expensive zip code: 02554
- City: Nantucket
- Metro: N/A
- Median home value: $1,679,000
- Median price per sq. foot: $1,098
- Median household income: $92,327
Michigan
- Most expensive zip code: 49654
- City: Leland
- Metro: Traverse City
- Median home value: $557,400
- Median price per sq. foot: Insufficient data
- Median household income: $65,234
Minnesota
- Most expensive zip code: 55424
- City: Edina
- Metro: Minneapolis-St. Paul-Bloomington
- Median home value: $755,000
- Median price per sq. foot: Insufficient data
- Median household income: $167,527
Mississippi
- Most expensive zip code: 39110
- City: Madison
- Metro: Jackson
- Median home value: $275,500
- Median price per sq. foot: $143
- Median household income: $104,012
Missouri
- Most expensive zip code: 63124
- City: Ladue
- Metro: St. Louis
- Median home value: $836,900
- Median price per sq. foot: $270
- Median household income: $149,423
Montana
- Most expensive zip code: 59715
- City: Bozeman
- Metro: Bozeman
- Median home value: $489,500
- Median price per sq. foot: $320
- Median household income: $53,649
Nebraska
- Most expensive zip code: 68523
- City: Lincoln
- Metro: Lincoln
- Median home value: $411,700
- Median price per sq. foot: Insufficient data
- Median household income: $99,635
Nevada
- Most expensive zip code: 89413
- City: Glenbrook
- Metro: Gardnerville Ranchos
- Median home value: $2,203,300
- Median price per sq. foot: Insufficient data
- Median household income: $91,442
New Hampshire
- Most expensive zip code: 03854
- City: New Castle
- Metro: Boston-Cambridge-Newton
- Median home value: $1,231,600
- Median price per sq. foot: Insufficient data
- Median household income: $113,281
New Jersey
- Most expensive zip code: 07620
- City: Alpine
- Metro: New York-Newark-Jersey City
- Median home value: $2,487,400
- Median price per sq. foot: $617
- Median household income: $118,068
New Mexico
- Most expensive zip code: 87506
- City: Santa Fe
- Metro: Santa Fe
- Median home value: $734,100
- Median price per sq. foot: $290
- Median household income: $67,997
New York
- Most expensive zip code: 11975
- City: Wainscott
- Metro: New York-Newark-Jersey City
- Median home value: $3,835,900
- Median price per sq. foot: $727
- Median household income: $71,875
North Carolina
- Most expensive zip code: 28207
- City: Charlotte
- Metro: Charlotte-Concord-Gastonia
- Median home value: $936,200
- Median price per sq. foot: $335
- Median household income: $131,164
North Dakota
- Most expensive zip code: 58503
- City: Bismarck
- Metro: Bismarck
- Median home value: $323,700
- Median price per sq. foot: $204
- Median household income: $82,291
Ohio
- Most expensive zip code: 44040
- City: Gates Mills
- Metro: Cleveland-Elyria
- Median home value: $475,600
- Median price per sq. foot: $154
- Median household income: $150,625
Oklahoma
- Most expensive zip code: 73151
- City: Oklahoma City
- Metro: Oklahoma City
- Median home value: $427,600
- Median price per sq. foot: Insufficient data
- Median household income: $172,500
Oregon
- Most expensive zip code: 97034
- City: Lake Oswego
- Metro: Portland-Vancouver-Hillsboro
- Median home value: $788,100
- Median price per sq. foot: $312
- Median household income: $118,566
Pennsylvania
- Most expensive zip code: 19035
- City: Lower Merion
- Metro: Philadelphia-Camden-Wilmington
- Median home value: $965,000
- Median price per sq. foot: $261
- Median household income: $195,862
Rhode Island
- Most expensive zip code: 02807
- City: New Shoreham
- Metro: Providence-Warwick
- Median home value: $1,165,400
- Median price per sq. foot: $717
- Median household income: $76,174
South Carolina
- Most expensive zip code: 29482
- City: Sullivan’s Island
- Metro: Charleston-North Charleston
- Median home value: $1,847,700
- Median price per sq. foot: $745
- Median household income: $120,850
South Dakota
- Most expensive zip code: 57030
- City: Garretson
- Metro: Sioux Falls
- Median home value: $280,000
- Median price per sq. foot: Insufficient data
- Median household income: $75,577
Tennessee
- Most expensive zip code: 37215
- City: Nashville
- Metro: Nashville-Davidson–Murfreesboro–Franklin
- Median home value: $657,500
- Median price per sq. foot: $247
- Median household income: $112,047
Texas
- Most expensive zip code: 75205
- City: University Park
- Metro: Dallas-Fort Worth-Arlington
- Median home value: $1,170,100
- Median price per sq. foot: $398
- Median household income: $129,406
Utah
- Most expensive zip code: 84060
- City: Park City
- Metro: Summit Park
- Median home value: $875,500
- Median price per sq. foot: $772
- Median household income: $104,645
Vermont
- Most expensive zip code: 05445
- City: Charlotte
- Metro: Burlington-South Burlington
- Median home value: $542,800
- Median price per sq. foot: Insufficient data
- Median household income: $117,407
Virginia
- Most expensive zip code: 22066
- City: Great Falls
- Metro: Washington-Arlington-Alexandria
- Median home value: $1,073,200
- Median price per sq. foot: $334
- Median household income: $218,638
Washington
- Most expensive zip code: 98039
- City: Medina
- Metro: Seattle-Tacoma-Bellevue
- Median home value: $2,817,700
- Median price per sq. foot: Insufficient data
- Median household income: $186,484
West Virginia
- Most expensive zip code: 25443
- City: Shepherdstown
- Metro: Washington-Arlington-Alexandria
- Median home value: $284,600
- Median price per sq. foot: $149
- Median household income: $85,085
Wisconsin
- Most expensive zip code: 53726
- City: Madison
- Metro: Madison
- Median home value: $491,800
- Median price per sq. foot: Insufficient data
- Median household income: $40,712
Wyoming
- Most expensive zip code: 82009
- City: Cheyenne
- Metro: Cheyenne
- Median home value: $323,600
- Median price per sq. foot: $179
- Median household income: $82,797
District of Columbia
- Most expensive zip code: 20015
- City: Washington
- Metro: Washington-Arlington-Alexandria
- Median home value: $1,039,000
- Median price per sq. foot: $546
- Median household income: $158,401
Methodology
The home price data used in this analysis is from Zillow. The median home value is the most recent Zillow Home Value Index, accessed on February 25, 2019. This statistic includes all homes in a given zip code. The median price per square foot was calculated using Zillow’s median price per square foot by month for 2018. This statistic only includes homes listed in 2018. Both the median home value and median price per square foot include single-family, condominium and co-operative homes with a county record. Median household income for each zip code is from the U.S. Bureau 2017 American Community Survey 5-Year Estimates.
For each state, the zip code with the highest median home value was identified and used as the basis for this list. Some data is missing for certain, smaller zip codes as a result of insufficient data.