Monday, December 10, 2012

10 Cities With the Most Expensive Homes

According to Coldwell Banker Real Estate, there are at least ten U.S. cities where the average listing price for a home in the first six months of this year exceeded $1.2 million. Here they are:


10. San Carlos, CA
Avg. listing price: $1,230,880
Median household income: $110,929
Pct. households $200,000+ income: 30.3%

9. Carmel-by-the-Sea, CA 
Avg. listing price: $1,232,167
Median household income: $74,489
Pct. households $200,000+ income: 18.7%
Home to Clint Eastwood

8. Kailua, HI
Avg. listing price: $1,238,208
Median household income: $91,082
Pct. households $200,000+ income: 14.7%

7. Rye, NY
Avg. listing price: $1,312,250
Median household income: $146,069
Pct. households $200,000+ income: 53.0%
Home to banksters

6. Los Gatos, CA
Avg. listing price: $1,444,214
Median household income: $120,971
Pct. households $200,000+ income: 37.5%

5. Palo Alto, CA
Avg. listing price: $1,495,364
Median household income: $120,670
Pct. households $200,000+ income: 39.3%
The heart of Silicon Valley

4. Menlo Park, CA
Avg. listing price: $1,506,909
Median household income: $107,860
Pct. households $200,000+ income: 34.9%

3. Saratoga, CA
Avg. listing price: $1,582,434
Median household income: $145,023
Pct. households $200,000+ income: 43.1%

2. Newport Beach, CA
Avg. listing price: $1,658,000
Median household income: $107,007
Pct. households $200,000+ income: 37.6%

1. Los Altos, CA
Avg. listing price: $1,706,688
Median household income: $149,964
Pct. households $200,000+ income: 43.6%

(Via HuffPo)

7 comments:

  1. Re. #7: Shouldn't that be Wry, NY?

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  2. Bob, no concerns about the out-of-whack listing price/median income?

    That metric was one that convinced me, back in '04, that housing prices were unsustainable in San Diego. We chose to rent, and have not looked back.

    Back then, I pulled up historical stats, and vaguely remember that California had plausible home price/household income ratios prior to the U.S. debt bubble really taking off in the mid/late '80s.

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  3. it would be more useful if the housing and income data both referred to median values.these numbers dont give us any information if a few houses are skewing the data.
    bad number games

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  4. Interesting 8 of the 10 are in California. Wonder how much they'll be worth when the State goes bust. Think Detroit, where it's cheaper to bulldoze them than carry them on the books.

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    Replies
    1. Your reasoning is fine, but the Silicon Valley economy (where most of these cities exist) is international. That region is a little econ bubble within the greater Cal. econ. The numbers out in the hinterland of California are quite different and quite independent of S.V.

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    2. Always enjoy your comments Capn, but is this the same SV that's about to take a swan dive into the porcelain receptacle?

      Microsoft is standing in the station watching the train disappear in the distance. Apple is a dead man walking. Intel? Facebook? Dell? Groupon? Yahoo?

      SV like everything else is being outsourced to people who can do it better and cheaper. Google will be the last man standing, but I just downloaded a Chinese browser that puts Chrome to shame. Thoughts?

      Delete
  5. #7 numbers must be wrong: if 53% households have higher than $200k, the median household income (the household exactly in the middle in terms of income) must have higher income than $200k, not $146k.

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