How much you need to earn to live in the most expensive zip code in every state
- Beverly Hills, 90210, may be America's most famous zip code, but it isn't the only area with expensive and luxurious real estate.
- GoBankingRates recently found the most expensive zip code in every state — and just how much money you need to make to live comfortably there.
- It's costly to be near the waterfront — the top 10 most expensive zip codes are all coastal.
90210 may arguably be America’s most famous zip code; associated with fancy cars and even fancier homes, those five numbers are known to symbolize wealth and prestige — but it's not the only zip code to do so.
GoBankingRates recently found how much money you need to make to live in the most expensive zip code in every state, and 90210 has some competition.
To rank the list, they determined the most expensive zip code according to median home values for April 2018, sourced from Zillow. They then compared the monthly cost-of-living for one person based on housing, groceries, utilities, transportation costs, and healthcare expenditures. Housing costs were sourced from Zillow, while the other four costs were pulled from the Bureau of Labor Statistics.
The monthly costs were combined and multiplied by 12 to get the annual cost of necessities in each zip code. Following the 50-30-20 budgeting guideline, the cost of necessities was doubled to find the amount of income one needs to live comfortably in each zip code, which determined the list rankings. Thus, necessities made up 50% of the yearly income, splurges made up 30%, and savings comprised 20%.
The top 10 most expensive zip codes all happen to be coastal areas.
Below, see the annual income you need to live in the most expensive zip code in every state, ranked from lowest to highest.
51. 26508: Brookhaven, West Virginia
Total income needed: $79,786
Median listing price: $319,000
50. 57702: Rapid City, South Dakota
Total income needed: $83,064
Median listing price: $349,900
49. 39110: Madison, Mississippi
Total income needed: $84,322
Median listing price: $367,000
Read the full article from it’s original source: http://uk.businessinsider.com/cost-of-living-most-expensive-zip-code-every-state-2018-7