This post may contain affiliate links. As an Amazon Associate, we earn from qualifying purchases.
A neighborhood is a shared cultural hallucination with a direct bearing on the property prices therein.
The value of a home due to its presence in a particular neighborhood is a complex calculation of position, crime rates, school results, home sizes, amenities and the je ne sais quoi of desirability that changes with the times.
Whether you are buying a home or expecting to generate a passive income, you will have one eye on today’s purchase prices and rental rates and the other on potential value appreciation. As such, it’s worth remembering that while pricey homes may gain more value in absolute terms, houses in developing neighborhoods may give a more reasonable return as a percentage rate.
While it’s wise to talk about a location’s enduring desirability with a real estate agent before purchasing, a comprehensive appraisal of regional house prices is standard homework that will allow you better picture the project in front of you.
To give the lay of the land, CashNetUSA has revealed the most expensive neighborhood in every state, the ten most valuable overall, and the ten most expensive in five major U.S. cities.
The Manalapan neighborhood of Florida is America’s most expensive, with homes averaging $39,761,000.
The neighborhood of Snowmass is Colorado’s most expensive and the 3rd most expensive in the United States (average $23,568,750).
Four of America’s ten most expensive neighborhoods are in Florida.
Hudson Yards is the most expensive neighborhood in New York City, with an average of $7,459,720
The Most Expensive Neighborhood in Every U.S. State
Property in the U.S. is in high demand in the luxury market – from Central Park penthouses to Malibu mansions. Each state has its own area with luxurious housing for the wealthy.
The CashNetUSA team analyzed property prices in every neighborhood in the country and found that Manalapan, Florida, is the country’s most expensive. With an average home costing a staggering $39.7m, it surpasses Snowmass, Colorado ($23.6m), and Beverly Hills, California ($22.8m).
Most Expensive Neighborhood in New York City
Thinking of luxury real estate in New York brings Central Park to mind. However, the city’s newest neighborhood — Hudson Yards — is now the most expensive, with an average home costing $7.5m. According to The New York Times, the area has undergone a $25bn transformation, building over the West Side rail yard. It is now home to some of New York’s best prime residential and commercial developments.
Most Expensive Neighborhood in Los Angeles
The City of Angels is a world-class destination for luxury real estate, and with an average value of $18.6m, Bel Air is the priciest corner of Los Angeles’ Platinum Triangle. Located in the foothills of the Santa Monica Mountains, it‘s home to the city’s finest homes, including an $88m mansion bought by Beyonce and Jay-Z in 2017.
Most Expensive Neighborhood in Chicago
Located on the shores of Lake Michigan, the New East Side neighborhood is Chicago’s most expensive, with homes averaging $1.6m. The area is home to some of the city’s most sought-after luxury townhouses and condos, with its proximity to Chicago’s museums and Grant Park a significant part of its appeal.
Most Expensive Neighborhood Philadelphia
The City of Brotherly Love has its fair share of luxury living, with long-standing communities dating back to Philadelphia’s 17th-century origins.
The leafy Chestnut Hill neighborhood has the highest average property prices in Philadelphia, with homes selling for an average price of $1.6m.
The area is renowned for its Victorian architecture and is home to the Morris Arboretum, the city’s finest botanical garden.
Most Expensive Neighborhood in Houston
According to Forbes, 43 billionaires live in the state of Texas, and demand for luxury real estate to reflect their wealth has been soaring since the Covid-19 pandemic. Located to the west of the city, Hunters Creek Village is Houston’s most expensive neighborhood, with homes on the market for an average of $4.6m. The area is adjacent to Houston Country Club, where former president George H. W. Bush was once a member.
Methodology
To identify the most expensive neighborhoods around United States, the analysts at CashNetUSA first pulled the prices of all houses (categories = “Houses,” “Townhomes,” “Condos/Co-ops” and “Apartments”) from Zillow, which they then gathered together by neighborhood. The team then computed the mean home value in each district by adding up the home prices in each area and dividing that sum by the quantity of houses.
Finally, they ranked the neighborhoods and found the most expensive one in each U.S. state and the top ten most expensive in five major American cities.
The CashNetUSA team excluded any neighborhoods with fewer than ten listings.
Small villages or towns were considered neighborhoods (similar in size to neighborhoods within cities), e.g., Snowmass in Colorado.
