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 ton of ZIP codes, more on par with the number of ZIP codes some states have. Investigating the ZIP codes in New York in terms of wealth and property values is a fun endeavor, in part because many of the most expensive ZIP codes in the city cover tiny tracts or a couple of blocks. Another reason why it’s interesting to investigate this is because the real estate market in New York City has taken a very different turn in the wake of the pandemic compared to so many other housing markets in the country.
Read on to find out the most expensive ZIP codes in New York City in 2024, based on the latest data from Zillow’s home value index.
The Most Expensive ZIP Codes in New York City
Turning to 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 U.S. as part of a general survey. From there, we focused our attention on New York City. The Zillow home value index tracks (as of November 2024) the home values of 172 ZIP codes in New York City — which is an incredible amount.
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 clear patterns emerge from this analysis. The majority of the most expensive ZIP codes in New York City have witnessed moderate-to-substantial declines in home value. Much of this was due to the impact of the pandemic; indeed, New York is hardly the only urban area to see declines in both population and home values.
The Top 5 Most Expensive ZIP Codes in New York City
The No. 1 most expensive ZIP code in New York City is 10013, which is centered on Canal Street in lower Manhattan, from Chinatown in the east to the Hudson in the west and from Tribeca in the south to Hudson Square in the north. Incomes in this part of Manhattan reveals a big gap between median and average household income. The former is $159,474 and the latter is $385,678. However, this ZIP code has seen a marked decline in home values. From a median home value of over $3.883 million in November 2019, it fell by 13.5%, down to around $3.357 million. Still expensive, obviously, though the median has declined 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 City is tiny, right in the same neck of the woods at the first two most expensive ZIP codes. ZIP code 10282 covers a small area on the Hudson, including Rockefeller Park and Teardrop Park; it also includes Brookfield Place Terminal, where several ferries operate out of. An incredible two-thirds of households in ZIP code 10282 earn $200,000 or more a year. The median household income is over $250,000, while the mean household income is $468,406. Home values here, unlike in the No. 1 and No. 2 most expensive ZIP codes, have increased: From a median home value of over $2.004 million in November 2019, it rose by 22.5%, reaching $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 a sliver of Manhattan along the Hudson, with Riverside Park South more or less at its center. ZIP code 10069 is sandwiched between Hell’s Kitchen to the south and the Upper West Side to the north. Home values here reveal a similar trend to the No. 4 most expensive ZIP code: The pandemic hit, values dipped, but then rebounded and surpassed $2 million as of November 2022. Then, however, the median home value receded a bit, so it now stands at around $1.959 million.
Read the full article here
