Home / Daily Dose / How Deep Are Your Pockets?
Print This Post Print This Post

How Deep Are Your Pockets?

To live comfortably in the U.S. doesn’t mean one has to be rich, but if homeowners aspire to live amongst America’s elite ZIP codes, a heavy paycheck is a requirement.

A recent report by GOBankingRates used data developed from Zillow to survey monthly living expenses in the most expensive ZIP codes in each state.

Expenses including transportation, utilities, health care, and groceries. The 50-30-20-budget rule was used to determine the yearly income necessary to cover necessities, discretionary income, and savings.

Is it at all surprising that America’s most expensive ZIP code belongs to the Golden State? Leave it to California’s Bay Area to home the most posh suburb to live in the nation. Atherton, California, ZIP code 94027, requires a total income close to $670,000 a year to cover living expenses, and to have money left to spend and save.

The Hamptons are known as the hot spot for New York’s wealthiest inhabitants and high-priced homes. Located on Long Island, one can find the ZIP code 11976 in Water Mill. With costly utilities, median home values close to $4 million, and an average mortgage payment of $16,275 a month, to live comfortably in this area will cost $440,000 total income needed.

Alpine, New Jersey has a median home value of over $2.6 million. The cost of living in this ZIP code is close to five times the U.S. average, while its average mortgage payment is almost $12,000 per month, making ZIP code 07620 the third highest in the U.S.

ZIP code 98039 cost of living is almost five times greater than the U.S. overall, making Medina, Washington the fourth most expensive ZIP code in the U.S. How much will it cost to call Microsoft co-founder Bill Gates, who lives with his family in a 66,000-square-foot mansion, your neighbor? A total income of $297,905.

With the fifth highest median home value in this study, Greenwich, Connecticut finalizes the top spots for richest ZIP codes in the country, with a total income needed of $222,002. Fun fact, the top three most expensive ZIP codes in Connecticut are all in Greenwich.

About Author: Staff Writer

x

Check Also

House Committee Hosts Panel on Closing the Racial Homeownership Gap

The Federal Reserve estimates that home equity reached a record $27.8 trillion by early 2022, however many Americans were denied this opportunity. A recent House Committee examined why these trends threaten to further increase racial wealth and homeownership gaps.

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.