Go Banking Rates recently analyzed the cost of living in America's most expensive zip codes, and—no surprise—the cost was high. In the top five most affluent markets in the county, which include Atherton, California (94027); Water Mill, New York (11976); Alpine, New Jersey (7620); Medina, Washington (98039); Greenwich, Connecticut (6830), the cost of living ranges from a $222,000 annual income at the low end, Greenwich, and as high as $668,000 at the high end, in Atherton, California, which is near Silicon Valley.

The report analyzed expenses like groceries, transportation, utilities and healthcare to determine the cost of living price tag for these communities, and found additional commonalities between them as well. The most expensive markets are often found in university towns or in sections of cities where a major university is located,” Andrew DePietro, community manager at Go Banking Rates, tells GlobeSt.com, adding the example of Texas zip code 75205 which is not in the top five but is considered an affluent community, is home to Southern Methodist University. “Affluent markets also lay within state capital metro areas, though away from city centers; double as resort towns, like Rhode Island's New Shoreham on Block Island, and South Carolina zip code 29915 near Hilton Head Island; as well as resort towns that have turned into long-term settlements, like Colorado zip code 81657 in Vail and Utah zip 84060 in Park City,” he says.

A high cost of living in the top five markets isn't surprising; these have been affluent markets for years. However, the number of affluent communities in the US is rising. “Many of these markets traditionally have been expensive markets for some time, so high prices have been the norm, and the demand for an exclusive neighborhood is well established,” says DePietro. However, booming local economies, especially in western states like Washington and Oregon, are luring a lot of people to relocate, driving up prices.”

Additionally, the cost of living in the already affluent communities is continuing to rise as affordability gaps expand. “Housing affordability issues are expanding wealth and income gaps in many markets,” explains DePietro. “If you live in an affluent community, you're going to need to make a lot of money. However, the percentage of residents in these markets with incomes at the top, over $200,000 for example, is rising sharply.”

Instant Insights /

The Price Tag to Live in America's Most Expensive Zip Codes

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