The Big Apple is massive, by far the largest city in the United States. Its population is nearly 8.26 million, compared to the second largest city, Los Angeles, whose population is over 3.82 million. New York City contains a lot of people as well as a lot of land.
New York City also has a large number of zip codes, more comparable to the number of zip codes that some states have. Studying New York City’s zip codes in terms of wealth and asset values is a fun task, in part because many of the city’s most expensive zip codes cover small parcels or a few city blocks. Another explanation for why this question is worth investigating is that New York City’s real estate market has taken a very different turn due to the pandemic than many other real estate markets across the country.
Read on to find out the most expensive ZIP codes in New York in 2024, according to the latest data from the Zillow Home Value Index.
Using data from Zillow’s Home Value Index as well as the Census Bureau’s 2023 American Community Survey, we analyzed thousands of ZIP codes across the United States as part of an overall investigation. From there, we focused our attention on New York. The Zillow Home Value Index tracks (as of November 2024) the home values of 172 ZIP codes in New York City, which is a number.
As part of our analysis, we took into consideration the latest monthly home values Zillow has — November 2024 — as well as the average of 12 months of median home values from December 2023 to November 2024. While home values have grown immensely across America since the pandemic-induced buying spree, New York City’s experienced has been more mixed.
Some very transparent trends emerge from this analysis. Most of New York City’s most expensive ZIP codes experienced a moderate to very significant decline in home values. This was largely due to the effect of the pandemic; In fact, New York is not the only urban domain experiencing a decline in population and housing values.
The estimated maximum No. 1 ZIP code in New York is 10013, focused on Canal Street in Lower Manhattan, from Chinatown in the east to Hudson in the west and from Tribeca in the south to Hudson Square in the north. Income in this component of Manhattan shows a giant gap between median and median household income. The first is $159,474 and the second is $385,678. However, this zip code has seen a marked decline in housing costs. From a median home cost of more than $3. 883 million in November 2019, it fell 13. 5% to around $3. 357 million. Clearly this is still expensive, even if the average value has decreased year on year since 2022.
The second most expensive ZIP code in New York City is 10007. This borders the No. 1 most expensive ZIP code to the south. It covers an area that includes Civic Center. If you want to see some high incomes, look no further. The Census Bureau only tracks median incomes up to $250,000; above that, it’s merely denoted as “$250,000+”. And that’s the case with the median household income here. More stunning is the average household income: $512,350. In ZIP code 10007, the home value decline has been much slower than in the No. 1 ZIP code. Since November 2019, the median home value decreased by only 2.4%, from over $3.082 million to nearly $3.009 million in November 2024.
The third most expensive ZIP code in New York is small, right in the same place as the two most sensitive ZIP codes. ZIP code 10282 covers a small area in Hudson, adding Rockefeller Park and Teardrop Park; It also includes the Brookfield Place terminal, from which several ferries depart. Two-thirds of families in ZIP code 10282 earn $200,000 or more per year. The median household income earner is more than $250,000, while the median household earner income is $468,406. Home prices here, unlike the more expensive No. 1 and No. 2 ZIP codes, have increased: from a median home price of more than $2. 004 million in November 2019, they have increased 22. 5%. It is expected to reach $2,456 million in November 2024.
The No. 4 most expensive ZIP code in New York City is 10012, which is also in the same vicinity as the other most expensive ZIP codes. This ZIP code covers Soho, Nolita, north up to Washington Square Park. Incomes are high here, though not as much as in the top three ZIP codes. The median household income is $130,938 and the average household income is $219,222. Just over one-third of households earn $200,000 or more. Home values fell noticeably over the last few years. In November 2019, the median home value was well over $2.823 million. The median then fell by 15.8%, reaching approximately $2.378 million in November 2024. However, this trend was not remotely linear. Home values rose year-on-year from 2019, attaining a high of $2.913 million in November 2022. Then, not coincidentally, values began to fall after this as interest rates were raised to combat inflation.
The fifth most expensive ZIP code in New York City is 10069, which covers the part of Manhattan along the Hudson River, with Riverside Park South roughly at its center. The 10069 zip code is located between Hell’s Kitchen to the south and the Upper West Side. north. Home prices here reveal a trend toward the fourth most expensive ZIP code: The pandemic hit, prices fell, but then recovered and surpassed $2 million in November 2022. Then, however, the median price of space decreased slightly, so it is now around $1,959 million.
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