Most Expensive ZIP CodesOctober 8, 2007
In case you missed it last week, Forbes published their list of the 500 most expensive zip codes in the U.S. for 2007. 07620 (Alpine, New Jersey) and 33109 (Fisher Island, Miami Beach, Florida) tied for the top spot, with a median price of $3.4 Million. The rankings are based on median sale prices from June 2006 to July 2007 and are dominated by zips in California, Florida, and the NYC metro area. If the rankings surprise you, it is worth noting that, as with all such studies, the methodology determines the results. As the author notes:
Though often shorthand for neighborhoods, ZIPs don’t change to reflect shifting neighborhood or demographic boundaries. The result? Our list is a bit slanted toward low-density enclaves like Alpine, where there are 333 people per square mile, as opposed to parts of Manhattan, where there are 45,800 people per square mile and a larger variance of home prices.
In a world of lies, damned lies and statistics, it is nice to see a bit of explanation instead of spin.