Do you think that your home is overpriced in todays market even after the painful correction? If you live in one of these zip codes you may be right. Of course, some of these communities are still very highly desirable, but at the end of the day, do you want Tribeca or Central Park West? Chinatown or Beacon Hill?
Forbes and the ever inquisitive Matt Woolsey have come up with a list of the most overpriced zip codes in the United States. The methodology was fairly simple and one that was trumpeted just before the housing crash.
How much more expensive is it to own your home than rent?
These communities tend to have homes that are 25 times or more expensive to own then rent! And this is not even taking into consideration taxes and maintenance. Now the pleasure and comfort of owning ones own home is never to be denied, but to pay 25 to 30 times the amount for the privilege? You have to be a little bit nuts!
But to each his own. There are benefits to living in these communities, I just have to wonder if the benefit of ownership at such high prices is one of them.
Top 10 Overpriced Zip Codes in America
- 10037 New York, TriBeCa (36.3 P/R)
- 02111 Boston, Chinatown (30.5 P/R)
- 98104 Seattle, Downtown (30.3 P/R)
- 90038 Los Angeles, West Hollywood (30.2 P/R)
- 92103 San Diego, Calif. Mission Hills (30 P/R)
- 94122 San Francisco, Outer Sunset (28.5 P/R)
- 85006 Phoenix, Coronado (27.1 P/R)
- 85006 Dallas, Greenway Parks (26.7 P/R)
- 97213 Portland, Rose City Park (26.6 P/R)
- 95125 San Jose, Willow Glen (26.1 P/R)