Explore “cheapest” in the most expensive zip codes in the United States
Across the country, certain postal codes are associated with an affluent lifestyle. In some cases, it may be an entire municipality. For example, Alpine, New Jersey has a modest population that includes a host of prominent actors and executives. In others, a zip code in a large city may refer to an affluent neighborhood, such as Austin, Texas, 78701.
In these areas, are all the homes equally luxurious – or are there some bargains to be found? A recent PropertyShark study analyzed the most expensive postal codes in the country. Now, a follow-up study from Point2 explores the other side of that same data – namely, what are the cheapest homes for sale in the postal codes in question?
As with so many things involving real estate, the answer is relative. The study cites two zip codes – 02199 in Boston and 11962 in Sagaponack – where the median price of a home is around $ 5 million. Either way, the cheapest homes available were significantly cheaper, but still priced around $ 1.5 million.
Some other useful lessons from the study:
Sometimes affordable homes coexist with more luxurious homes. In Redwood City, the median price of a home in 94062 is $ 2.5 million, but the study authors found a home available for $ 600,000. This same phenomenon appears elsewhere, notably in New York and Paradise Valley, Arizona.
In a few cases, the cheapest house in a particular postal code was Following than the median house price. The median price for homes in Summerland, Calif. 94087 is $ 2.19 million, but the cheapest home currently on sale was much higher. And by that we mean it has a list price of over $ 10 million.
The whole study is fascinating read – and contains more than a few surprises.
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