F
isher Island, Florida, tops the list of ZIP codes with the highest home prices in the US, according to Realtor.com. California, New York, and Florida continue to have the most expensive real estate, but other metrics reveal a different picture of prosperity.
High average incomes are found in Miami Beach-Fisher Island, an exclusive enclave in Florida, where the mean household income is just under $800,000. Other high-earning zip codes include downtown New York City and its surrounding suburbs, as well as less expected locations like Kelly, Wyoming, and Glenview, Kentucky.
However, wealth isn't evenly distributed in these areas. When looking at the share of households earning $200,000 or more, a different mix emerges. Six locales - Short Hills, NJ; Purchase, NY; Villanova, PA; Paeonian Springs, VA; Glenview, KY; and Kenilworth, IL - rank high for both mean household income and the share of households earning $200,000 or more.
The value of real estate also provides insight into where the affluent live. Miami Beach-Fisher Island tops the list of most expensive listings compiled by Realtor.com, followed by Los Altos Hills in California. Many residents in these areas earn high incomes, but may need to make even more money to afford a new home due to high prices.
Proximity to water and limited construction are factors that contribute to high prices in these communities. Every house in some neighborhoods is worth at least $1 million, showing wealth bifurcation.
Researchers at the Economic Innovation Group took a holistic look at affluence, using seven data points covering education, job market strength, poverty, and housing. Utah, Colorado, and Montana lead the country with the highest share of their populations living in prosperous zip codes. Prosperity has moved westward and southward, with pockets growing in major metro areas like Dallas, Austin, Atlanta, and Nashville.
Despite coastal metro areas dominating lists of most expensive real estate and highest incomes, there are pockets of economic growth and well-being across the country. "Prosperous communities are much more evenly spread across the map than distressed communities are," said Kenan Fikri, a senior fellow at EIG.
