The median home price in America is $400,000. In the most expensive metropolitan area in the United States, San Jose, the number rises to $1.1 million. In one town in California, the price jumps to $10 million.
According to The Wall Street Journal, the median home listing price in Newport Coast is $10,645 million, up 21.66% from a year earlier. The town has a population of about 7,500 people. Its ZIP code is 92657. Based on home prices, this makes it the most expensive ZIP code in America. (This is the city with the poorest middle class in each state.)
The Wall Street Journal reports that if $10 million is not enough, one home in Newport Coast is priced at $69.8 million. It has seven bedrooms and 13 bathrooms, covers 15,500 square feet, and is on a modest 0.61 acre of land. That matches the price of New York City’s most expensive apartments, which sit 70 floors or more above Central Park. Several townhouses also have similar prices. Recently, a townhouse in the Plaza Hotel was priced at $50 million.
If data on New York’s most expensive apartments is accurate, the people who buy them have hundreds of millions of dollars or more in net worth.
Get Our Free Investment Newsletter
A handful of cities have costly neighborhoods based on home prices. Several are outside the United States, including Hong Kong, Singapore and Vancouver. These are occupied by the richest people in the world as well.
ALSO READ: This American City Has Run Out of Homes for Sale
According to Henley & Partners, 9,700 people in the United States have over $100 million or higher net worth. That means a handful of Americans could buy homes in Newport Coast and that demand there is unlikely to slacken.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Source: Read Full Article