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Can You Afford a Home in the Country’s Most Expensive Zip Codes?

The least expensive homes in the nation's 100 most expensive zip codes go from less than $200K to $7.5M

by Andra Hopulele
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1 min. read

The most expensive zip codes are almost always synonymous with the most desirable zip codes. These are areas of wealth and luxury where a sprawling living space is a given and the amenities are unbeatable. But, what these places are not, is available to just anyone. With price tags in the millions, homes in these areas can offer the world, but they’ll cost you the prettiest of pennies.

So, could the average homebuyer afford to buy a place in these lavish, most coveted areas? At first glance, no. According to PropertyShark’s most recent analysis, the median sale price in the country’s most expensive zip code is $7.9 million. However, Point2 analysts decided to dig deeper to find the holy grail of housing: The cheapest properties in the most expensive zip codes.

Here’s what our house hunt based on PropertyShark’s analysis brought up:

  • The median prices of homes sold in the nation’s most expensive zip codes in 2022 go from nearly $8 million to a much more modest $1.8 million.
  • The prices of the cheapest homes that are currently available on the market in the most expensive zip codes also vary widely: Although 26 zip codes boast homes with asking prices below $500,000, in 15 zip codes the cheapest homes available have price tags higher than $2 million.
  • The cheapest homes for sale on our list can be considered affordable by almost any standard: In zip codes 94904, 92663 and 10580, there are homes on the market displaying price tags below $200,000.

Take a look at the least expensive homes in the most desirable zip codes. Click on each address to see the properties. 

Finding a Home Below $1 Million in the Nation's Most Expensive Zip Codes Is a Miracle

The cheapest homes in the nation's most expensive zip codes might be a bargain, but only for the wealthy

  • The least expensive homes from the top 10 most expensive zip codes go from $680K and $795K all the way to $5.5 million.
  • Santa Monica's 90402, Beverly Hills' 90210 and Rancho Santa Fe's 92067 are the only zip codes in the top 10 list that have homes priced below $1 million.
  • They also boast the biggest differences between the zip code's median and the price of the cheapest home currently available on the market.
  • The same cannot be said about zip 11962, in Sagaponack, NY: The least expensive home here is only $255K less than the average, which is a dizzying $5.75 million, putting the price tag of the "cheapest" home at $5.5 million.

 

The Cheapest Homes in the Zip Codes with the Biggest Y-o-Y Increases in Median Sale Prices

One of the fastest-growing zip codes in the U.S. boasts a home that has an asking price of $150K

  • Five of the 10 fastest-growing U.S. zip codes have properties with asking prices well below $1 million.
  • The cheapest property available in zip code 92661 is a not so cheap $2.5 million, but it's the only property on this list that's over $2 million.
  • The smallest difference between the median price and the price of the cheapest property is in zip code 11568, where the least expensive home currently on the market is only $663K less than the median.

 

The Cheapest Homes in the Zip Codes with the Biggest Y-o-Y Median Price Contractions

Despite the 41% price drop, 02199 has a median price of over $3 million, and the cheapest home currently on the market here is only marginally cheaper

  • The cheapest homes currently available on the market in two of the zip codes on this list are truly affordable, even by old standards: In Calabasas' 91302 and New York's 10001, the least expensive homes have asking prices of $330K and $350K.
  • The most significant price differences between the median and the cheapest home available can be found in Palo Alto's 94301: Here, the least expensive home costs $899,000, a whopping $2.7 million less than the median.
  • In Boston's 02199, however, the difference is a meager 295K, meaning those who want to buy the cheapest property available might not be making the deal of a lifetime.

 

In 57 of the 90 Most Expensive California Zip Codes, Buyers Can Find Homes For Sale Below $1 Million

However, in Atherton's 94027 and in Stinson Beach's 94970, the "Cheapest" Homes Available Are $7.5 and $4.4 Million

  • The median prices in California's most expensive zip codes range from $1.78 million to $7.9 million, but the least expensive homes available here start from $149K.
  • In 14 zip codes, the lowest-priced properties available on the market have asking prices below $500K.
  • Although most zip codes have homes on the market that are much cheaper than the median price, in three zips the cheapest homes available for sale are more expensive than the median. These zip codes are Stinson Beach's 94970, Big Sur's 93920 and Summerland's 93067.

 

From $189K to $5.5 Million, New York's Cheapest Homes from the Most Expensive Zip Codes have Something for Everyone

In Sagaponack's 11962, the cheapest home is almost as expensive as the median home

  • Sagaponack's 11962 boasts a median sale price of $5.75 million and the least expensive home available right now has an asking price of $5.5 million, which is only $255K less than the median.
  • In five other zip codes, the least expensive homes currently on the market have price tags that reach $2.2 million.
  • However, in the remaining 11 expensive zip codes, the cheapest homes available are all under $1 million.
  • The biggest difference between the median price and the price of the cheapest home currently for sale is in zip code 10013 - $3.3-million.

 

At Almost $3 Million, the Least Expensive Home for Sale in Boston's 02199 Can Hardly Be Called Cheap

However, three of the most expensive Massachusetts zip codes currently have homes on the market priced below $1 million

  • At $699K, the least expensive home for sale in zip code 02493 could actually be a bargain given that the median in the area is nearly $2.2 million.
  • The price difference is quite impressive in zip codes 02481 and 02554, as well: The cheapest homes here are $1.16 million and $1.14 million less expensive than the median prices.

 

Washington's 98040 Boasts a Home for Sale at $349,000, Although the Area's Median Is Almost $2.3 million

Two other expensive zip codes have homes for sale below $500K

  • In Washington's most expensive zip codes, the median prices range from $1.9 million to $4.75 million, but the cheapest homes available have asking prices as low as $349K, $399K and $499K.
  • 98039 is the most expensive zip code in Washington, but the cheapest home available for sale here has an asking price of $2.998 million, $1.75 million lower than the median.
  • At $1.93 million, the biggest price difference between the median and the least expensive home currently on the market is in zip 98040.

 

The Least Expensive Home for Sale in New Jersey's Most Expensive Zip Code Is Asking $1.36 Million Less Than the Median

The median sale prices in New Jersey's most expensive zip codes hover around $2 million, but the cheapest homes on the market have much lower asking prices

  • At $360K, the least expensive property for sale in zip 08202 is $1.64 million cheaper than the zip code's median price.
  • The cheapest home for sale zip code 07078 has an asking price above $1 million, but the other three zip codes boast properties for sale with prices below that threshold.

 

Connecticut's Most Expensive Zip Codes Have Medians Around $1.8 Million, but the Cheapest Homes Available Here Are At Least $1 Million Cheaper

At $385K and $390K, the cheapest homes in zip codes 06830 and 06870 give buyers some hope

  • The most expensive Connecticut zip code also has the most significant difference between its median price and the price of the cheapest home currently on the market: At just $385K, the property at 3 Putnam Hill Rd. is $1.47 million cheaper than the median.

 

Although many of these homes truly are a bargain given their location, a lot of them can't be considered affordable in the least. Luxury comes at a steep price, and sometimes it takes a miracle to find a home that's both within your budget and in one of the most coveted locations in the nation.

Take a look at 2021's rankings, as well.

Methodology

  • The 2022 edition of the 100 most expensive zip codes in the U.S. includes a total of 128 zip codes due to multiple ties.
  • Median sale prices in the 127 most expensive zip codes were sourced from sister division PropertyShark, which took into consideration all residential transactions closed between January 1, 2022, and October 22, 2022, for condo, co-ops, and single- and two-family homes.
  • Only zip codes that registered a minimum of three residential transactions were taken into account.
  • Point2 analysts then looked at MLSs, local brokerages and listings websites that displayed property prices, to identify the lowest priced listing from each zip code.

Fair use and redistribution

We encourage you and freely grant you permission to reuse, host, or repost the story in this article. When doing so, we only ask that you kindly attribute the authors by linking to Point2Homes.com or this page, so that your readers can learn more about this project, the research behind it and its methodology.

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