At the end of the third quarter, America’s homeownership rate was 63.7 percent — the lowest it’s been since 1993. However, the improving job market has led to stronger salaries and an increased housing demand. Unfortunately for buyers, they are competing for a limited resource. There are not enough homes for sale to meet their demand.
This is good news for sellers, but for younger buyers with lower average salaries and high student loan debts, this competition is less than ideal. This lack of supply, compounded with the fact that home builders are focusing on higher-end residences, has kept the portion of first time buyers at 30 percent — much lower than the historical average of 40 percent.
So, for better or for worse, today’s housing market caters to the older and more affluent. To see how age and income relate to median home price, the experts at real estate website FindTheHome dug into the data.
Using public county records, they evaluated zip codes in each state that have had at least five home sales every month of 2015. Combining this home record data with additional demographic information from the U.S. Census, they found the zip codes in the top 25 states with the highest median home sale price, and the median age and percentage of wealthy households in each.
#25. Zip Code 97034 in Lake Oswego, OR
Median Home Price: $568,374
% of Households with Annual Incomes > $125,000: 42.2%
Median Age: 47.5
#24. Zip Code 03870 in Rye, NH
Median Home Price: $585,450
% of Households with Annual Incomes > $125,000: 36.9%
Median Age: 51.3
#23. Zip Code 37014 in Williamson County, TN
Median Home Price: $585,798
% of Households with Annual Incomes > $125,000: 30.9%
Median Age: 44.5
#22. Zip Code 84060 in Park City, UT
Median Home Price: $606,339
% of Households with Annual Incomes > $125,000: 36.8%
Median Age: 39
#21. Zip Code 19807 in New Castle County, DE
Median Home Price: $619,625
% of Households with Annual Incomes > $125,000: 57.9%
Median Age: 48.6
#20. Zip Code 55424 in Edina, MN
Median Home Price: $632,107
% of Households with Annual Incomes > $125,000: 55.3%
Median Age: 40
#19. Zip Code 28480 in New Hanover County, NC
Median Home Price: $637,100
% of Households with Annual Incomes > $125,000: 25.9%
Median Age: 38.2
#18. Zip Code 30327 in Atlanta, GA
Median Home Price: $652,964
% of Households with Annual Incomes > $125,000: 53.1%
Median Age: 43.8
#17. Zip Code 83353 in Sun Valley, ID
Median Home Price: $662,534
% of Households with Annual Incomes > $125,000: 22.5%
Median Age: 52.4
#16. Zip Code 19085 in Radnor Township, PA
Median Home Price: $805,863
% of Households with Annual Incomes > $125,000: 61.4%
Median Age: 21.6
#15. Zip Code 33149 in Key Biscayne, FL
Median Home Price: $1,070,000
% of Households with Annual Incomes > $125,000: 47.8%
Median Age: 40.9
#14. Zip Code 81657 in Eagle County, CO
Median Home Price: $967,179
% of Households with Annual Incomes > $125,000: 19.1%
Median Age: 43.5
#13. Zip Code 60022 in Glencoe, IL
Median Home Price: $981,071
% of Households with Annual Incomes > $125,000: 63.1%
Median Age: 42.8
#12. Zip Code 20816 in Bethesda, MD
Median Home Price: $991,857
% of Households with Annual Incomes > $125,000: 65%
Median Age: 44.6
#11. Zip Code 22066 in Great Falls, VA
Median Home Price: $1,026,571
% of Households with Annual Incomes > $125,000: 73.4%
Median Age: 43.5
#10. Zip Code 77005 in West University Place, TX
Median Home Price: $1,053,656
% of Households with Annual Incomes > $125,000: 57.8%
Median Age: 38.5
#9. Zip Code 85253 in Paradise Valley, AZ
Median Home Price: $1,061,421
% of Households with Annual Incomes > $125,000: 44.1%
Median Age: 51
#8. Zip Code 96821 in East Honolulu, HI
Median Home Price: $1,239,307
% of Households with Annual Incomes > $125,000: 45.4%
Median Age: 48
#7. Zip Code 02468 in Newton, MA
Median Home Price: $1,310,750
% of Households with Annual Incomes > $125,000: 68.1%
Median Age: 50.4
#6. Zip Code 29482 in Sullivan’s Island, SC
Median Home Price: $1,323,950
% of Households with Annual Incomes > $125,000: 42.6%
Median Age: 51.9
#5. Zip Code 07078 in Short Hills, NJ
Median Home Price: $1,501,522
% of Households with Annual Incomes > $125,000: 71.5%
Median Age: 40.9
#4. Zip Code 06878 in Riverside, CT
Median Home Price: $1,837,625
% of Households with Annual Incomes > $125,000: 61.6%
Median Age: 40.1
#3. Zip Code 98039 in Medina, WA
Median Home Price: $2,105,111
% of Households with Annual Incomes > $125,000: 62.9%
Median Age: 44.2
#2. Zip Code 10013 in New York City, NY
Median Home Price: $2,442,188
% of Households with Annual Incomes > $125,000: 40.6%
Median Age: 36.4
#1. Zip Code 94022 in Los Altos Hills, CA
Median Home Price: $2,771,071
% of Households with Annual Incomes > $125,000: 60.9%
Median Age: 47.9
