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Dec 30 2018 64206 Want To Buy A Home In The Valleys Swankiest Neighborhoods Heres What You Need To E
Want to buy a home in the Valley's swankiest neighborhoods? Here's what you need to earn
Paradise Valley 85253 is the only ZIP in the state with a median home value north of $1 million, according to data compiled by Zillow Group (Nasdaq: Z). To live there, one must earn nearly $300,000 a year, according to a Business Journals analysis of home-value data and mortgage rates in more than 15,000 ZIP codes nationally.
The analysis determined each neighborhood's minimum salary threshold by applying prevailing mortgage rates to a hypothetical home buyer scenario that included the following:
a 10 percent down payment applied to the area's median home value.
prevailing mortgage rates for conventional and jumbo loans.
a monthly mortgage payment of no more than 30 percent of the buyer's pre-tax income.
A total of eight Valley ZIP codes require minimum annual salaries of more than $100,000. Paradise Valley 85253 is the only ZIP in Arizona that requires a salary higher than $200,000, according to the analysis. Of those top eight, five are in Scottsdale, while Phoenix and Carefree have one each.
For a full rundown of the top 25 most exclusive Valley ZIP codes, click through the gallery above.
Of the top 20 ZIP codes nationwide with the highest median home value, 15 are in California. The Bay Area city of Atherton, ZIP code 94027, was tops on the list with a median home value of $6.8 million, according to research compiled by Zillow Group. That’s about $2 million more than the median home value in the second most expensive — and perhaps the most famous — ZIP code in America, 90210 in Beverly Hills.
So what sort of salary does it take to gain entry to Atherton's housing market? Roughly $1.3 million a year, according to a Business Journals analysis of home-value data and mortgage rates. Atherton was the only neighborhood in the country with a minimum salary requirement of more than $1 million, according to the Business Journals' findings.
In Atherton, that monthly mortgage payment would equal about $32,914 for the area's median home. Another 25 California neighborhoods had an annual mortgage payment of more than $150,000, based on the Business Journals' purchase scenario.
Want to see the price of entry to buy a home in the most exclusive neighborhood in each state nationwide? Click through the gallery below:
The high cost of California housing has become a major concern among residents and policymakers and appears to be contributing to the state's steady outmigration. A September report by the U.S. Census Bureau found more than 138,000 California residents moved out of the state between July 1, 2016 and July 1, 2017 — third most among states behind only New York (186,000) and Illinois (138,000).
Ranked by 2018 ACBJ Wealth Index score
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