When the median home price is $4.6 million: Silicon Valley claims 3 of nation’s 10 most expensive housing markets
July 7, 2014| Lauren Hepler| Silicon Valley Business Journal| Link
You thought your $2,000-a-month Silicon Valley rent was bad?
Try buying a home in one of the region’s most expensive neighborhoods, like Atherton, Palo Alto or Portola Valley. All three now rank among the top 10 priciest housing markets in the country.
In Atherton’s 94027 ZIP code, the median home value is a whopping $4.59 million — or a staggering 26 times the value of the average $172,300 U.S. home — which makes the area the single most expensive market in the U.S. Palo Alto’s 94304, the country’s No. 4 most costly area, boasts a $3.3 million median home value. Nearby Portola Valley’s 94028 ZIP code is $2.8 million, good for the No. 8 priciest neighborhood in the nation.
That’s all according to a new analysis by The Atlantic CityLab of data from 20,000-plus U.S. ZIP codes collected by real estate site Zillow. See the charts at the bottom of this story for a full breakdown of the new home value numbers.