Summary
Some of the most expensive cities in the U.S. require high incomes to afford housing, with California cities dominating the list. Median home prices in these areas can exceed $10 million, and prospective residents need to earn millions annually to manage house payments.
Key Facts
- Some U.S. cities see home prices surpassing $10 million, mainly in coastal areas.
- California has 7 of the top 10 most expensive ZIP codes in the U.S.
- Newport Coast, California, has the highest median listing price of nearly $11.9 million.
- To afford a home in Newport Coast, an income of about $2.4 million is needed.
- Fisher Island in Miami Beach, Florida, ranks second with median home prices near $11.7 million.
- Bridgehampton, New York, is the third most expensive, with median prices at $8.5 million and needing a $1.7 million income.
- Factors like Proposition 13 in California impact housing costs by tying property taxes to the original purchase price.
