The most expensive ZIP codes in the country are in California and New York, according to the most recent America’s Most Expensive ZIP Codes rankings from Forbes, the business magazine, and housing market data provider Altos Research. To find the priciest enclaves, Altos analyzed listing prices for single-family homes and condos in 29,500 ZIP codes across the United States (covering 95% of the population) to calculate a median, rolling average for a 90-day period that ended Oct. 9, 2015. The 500 most expensive ZIP codes made the list.
Not surprisingly, three New York City ZIP codes – 11962, 10012 and 10013 – were among the top five most expensive. Just across the Long Island Sound, Connecticut had its share of pricey ZIPs, but only one made the top 50 on the list: Greenwich, ZIP code 06831 (two other Greenwich ZIP codes weren’t far behind). Like nearby NYC – which is just 35 miles away – Greenwich is home to many hedge funds and other financial service companies.
What $3 Million Buys You in Greenwich
The median home price in Greenwich is nearly $3 million, which is a relative bargain for the area. At that price, buyers can expect homes of about 4,000 to 5,000 square feet, with four or five bedrooms/baths, fireplaces, gourmet kitchens, pools and plenty of outdoor space – many homes in this price range sit on two or more acres. The most expensive home on the market today is an 80-acre farm estate, priced at $65 million, complete with seven bedrooms (including two master suites, each with a fireplace, dressing room, marble bathroom, and French doors), several guest houses, pool, tennis court, and a 22-stall horse stable.
With a median home price around $3 million – and plenty of inventory in the $20 million-plus range – you’d expect to find some wealthy residents. Indeed, a number of people on the Forbes World’s Billionaires list call Greenwich home, including hedge fund managers Steve Cohen (net worth: $12.7 billion), Paul Tudor Jones II (net worth $4.7 billion) and Stephen Mandel Jr. (net worth $2.5 billion), along with Lucy Stitzer, chairwoman of Waycrosse and heiress to Cargill, Inc. (net worth: $1.76 billion) and William Berkley, chairman and CEO of insurance firm WR Berkley (net worth: $1.18 billion).
Connecticut’s Priciest ZIP Codes
In addition to Greenwich, the state is well represented on the Forbes America’s Most Expensive ZIP Codes list for 2015. Here are Connecticut’s 10 most expensive ZIPs (from highest to lowest) along with the towns in which you will find them, the median home price and the average number of days on the market (according to the Forbes list). The median household income is from Esri (the Environmental Systems Research Institute), a company that provides maps, data, and apps through geographic information systems.
1. 06831 – GREENWICH
Median Price: $2,954,454
Average Days on Market: 247
Median Household Income: $142K
2. 06870 – OLD GREENWICH
Median Price: $2,546,291
Average Days on Market: 193
Median Household Income: $194K
3. 06830 – GREENWICH
Median Price: $2,259,890
Average Days on Market: 188
Median Household Income: $107K
4. 06840 – NEW CANAAN
Median Price: $2,217,146
Average Days on Market: 163
Median Household Income: $166K
5. 06878 – RIVERSIDE
Median Price: $2,082,214
Average Days on Market: 126
Median Household Income: $162K
6. 06880 – WESTPORT
Median Price: $1,861,214
Average Days on Market: 169
Median Household Income: $161K
7. 06820 – DARIEN
Median Price: $1,662,689
Average Days on Market: 162
Median Household Income: $192K
8. 06853 – NORWALK
Median Price: $1,547,064
Average Days on Market: 200
Median Household Income: $196K
9. 06807 – COS COB
Median Price: $1,328,167
Average Days on Market: 123
Median Household Income: $158K
10. 06890 – SOUTHPORT
Median Price: $1,160,904
Average Days on Market: 177
Median Household Income: $156K
The Bottom Line
The bulk of Connecticut’s most expensive ZIP codes – such as Greenwich – are part of the New York City metropolitan area. Many people who work in NYC live in Connecticut, where they’ll get a lot more house for their money. For $3 million in Greenwich, Conn., you can get into a home that is 4,000-plus square feet with four or five bedrooms on two acres. At that price in Manhattan, you’ll probably be looking at a modest two-bedroom condo. And Connecticut offers plenty of green space to enjoy the outdoors and get away from the city.
Thinking of relocating across the country? You may want to check out The Most Expensive Neighborhoods in Los Angeles and The Most Expensive Neighborhoods in San Francisco.