Towns in California and New York dominated the top spots on the most recent America’s Most Expensive ZIP Codes rankings from business magazine Forbes and housing market data provider Altos Research. To find the priciest enclaves, Altos analyzed listing prices for single-family homes and condos in in 29,500 ZIP codes across the U.S., which covers 95% of the population. Altos then calculated a median, rolling average for a 90-day period ending Oct. 9, 2015, and the 500 most expensive ZIP codes made it to the list.
Just across the river from some of New York’s priciest ZIP codes is Alpine, New Jersey – ZIP code 07620 – which ranked 12th in the country and first in the Garden State. Here, the median home price is more than $4.8 million. At that price, buyers can expect spacious homes with six-plus bedrooms and baths, as well as lavish master suites, gyms, media rooms, several fireplaces, multi-car garages and outdoor pools.
What Houses Cost in Alpine
In Alpine, $4.8 million is the median price, but you could easily spend much more. The priciest home on the Alpine market today is listed at $48.8 million – 10 times the median home price. The home, which is located just eight miles from New York City, is a gated six-acre estate of 30,000 square feet, featuring 12 bedrooms, 19 baths, a ballroom, a movie theater, an indoor basketball court, a 4,000-bottle wine cellar, a fitness center, multiple bars for entertaining, and an outdoor tennis court and pool.
With a median home price around $4.8 million – and homes on the market well above that – you’d expect to find some ultra-wealthy residents. Indeed, the median household income here is $170,000, and some of the town’s notable residents (who were born in Alpine, reside there now or have resided there) include billionaire Glenview Capital Management founder Larry Robbins, comedian/actor Tracy Morgan, rap artist Sean “Diddy” Combs and singer Britney Spears.
New Jersey's Priciest ZIP Codes
In addition to Alpine, New Jersey is well represented on the Forbes America’s Most Expensive ZIP Codes list for 2015. Here are the state’s top 10.
1. 07620 – ALPINE
Median Price: $4,867,731
Average Days on Market: 180
Median Household Income: $170K
2. 07976 – NEW VERNON
Median Price: $2,480,153
Average Days on Market: 182
Median Household Income: $200K
3. 07078 – SHORT HILLS
Median Price: $2,109,765
Average Days on Market: 162
Median Household Income: $200K
4. 08750 – SEA GIRT
Median Price: $1,934,493
Average Days on Market: 121
Median Household Income: $109K
5. 07458 – SADDLE RIVER
Median Price: $1,797,016
Average Days on Market: 154
Median Household Income: $172K
6. 08202 – AVALON
Median Price: $1,629,900
Average Days on Market: 147
Median Household Income: $73K
7. 08738 – MANTOLOKING
Median Price: $1,618,997
Average Days on Market: 195
Median Household Income: $101K
8. 07632 – ENGLEWOOD CLIFFS
Median Price: $1,580,769
Average Days on Market: 159
Median Household Income: $124K
9. 07931 – FAR HILLS
Median Price: $1,519,237
Average Days on Market: 222
Median Household Income: $180K
10. 07760 – RUMSON
Median Price: $1,498,893
Average Days on Market: 158
Median Household Income: $133K
The Bottom Line
Some of New Jersey’s most expensive ZIP codes, including Alpine, are considered suburbs of New York City, but you’ll typically get a lot more house if you stay on the New Jersey side of the Hudson River. Plus, at $1 million-plus in any of these expensive suburbs, you’re likely to find homes with privacy, well-designed landscaping and relaxing outdoor spaces that will allow you to take a break from the city.
