America’s Most Expensive Zip Codes
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- čas přidán 9. 07. 2024
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America’s Most Expensive Zip Codes
Think home prices are high where YOU live? Wait until you see these places! In today’s video we’re looking at the 5 most expensive zip codes in America. We’ll talk about why they’re so pricey, and how where you live can have a huge impact on your finances.
Links:
Ramsey Cost of Living Calculator: www.ramseysolutions.com/real-...
George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.
You should do a video about the least expensive zip codes!
Yeah, that sounds like a great idea. I probably live in one of them.
Thanks to you, George, I was able to cancel my Netflix. The entertainment factor of your videos surpasses anything out there, so I watch you instead. Funny, and informative!
Me too!
Cool, should do a follow up on the poorest zip codes as well
There are people in rich areas watching your show because it is entertaining and teaches you about money. Rich people get financially educated at higher rates than normal people.
Nice video, you should do the least expensive next
Medina is pronounced me-dye-na, not me-dee-na. It’s a bit of a tourist attraction here, seeing houses you’ll never be able to afford.
So happy I started following Dave! Since, I've paid off 40k worth of debt with 22k to go! George, keep doing what your doing man and shoutout to the editors! Thank you guys for helping me change my financial life!
Great job Corey! I'll be looking out for your debt free scream!
Keep it up man, the other side is worth it. We are down to just our mortgage now
Congratulations 🎉
@@justincaldero5174 I promise you I'll come back to this exact post. Thank you for the encouragement
Kudos to the entire Ramsey team, we know there is a lot of work to put these videos out and keep us all out of debt, thank you to the entire team. Of course George is out favorite ... /jk, we love you all
I moved to Pensacola Florida, which has a good cost of housing. It is very close to the Gulf of Mexico, which gives us fantastic weather and live music entertainment year round, but if you cross the bridge to Gulf Breeze the housing prices are ridiculous and if you cross the second bridge to Pensacola Beach they are even past ridiculous.
Therefore, Pensacola is a great place to live because in 15 minutes you can be at the beach and not have to pay the property taxes and insurance to actually live there! Win win!
Mobile native here… Yes, inland is incredibly affordable! The beaches/waterfront have become bad in recent years but central gulf coast is still a good place 👌
Oh yah. The hurricanes catchers mitt.
We moved from Birmingham, AL to Wasilla, Alaska (March 4th of 2020… do that good-timing math..)
We moved to increase our income to quickly pay off our student loan debt.
We did that quickly & then stayed because we loved it!
Can you imagine paying taxes on a $20M home in Cali?? My gosh
That is more money than I will ever own.
It depends, Cali has a grandfather law as long as the property stays in the family. I have a friend in Palo Alto his parents left him a 3 million dollar house and he pays around 300 a year for property tax, grand fathered from the late 60's.
…yeah it’s mighty real! My neighbor 4 houses across the street from me in the 94027 area has around a $130K in prop tax. The house is custom built in 1993 like an old world Italian Villa, from its massive gates that opens to its long driveway lined with palm trees to that leads you to the main entryway with a 22 ft wrought iron clad in thick clear glass and marble. It added so much drama and took it over the top, which I jokingly suggested to my folks who found it hilarious, so they did.
Depends on when the house was purchased, per prop 13
If you can afford a $20M home i don't think they worry too much about the property taxes.
Luckily enough, my husband works from home and now I do as well, part time since we’ve had our baby. We moved to the country in Indiana and love our old house ❤
Not a dig on you ,but stating a fact - I read article where people ( Locals) living in northern Mn Hibbing, Grand rapids that work the local job base are basically forced out of housing Mkt , because you have people moving out of the larger over priced markets , Minneapolis, Duluth, ? Because of telecommuting. Yrs ago if you wanted to live in these rural areas you had learn to on less income, and the housing market reflected it, not anymore.
@@sitka49 I totally get what you're saying. At the same time though, my husband and I are absolutely living on less income, because I'm working 1/3 of what I used to. Our house has an astronomical propane bill that anyone working in a local factory on a single income would struggle to afford, whether the mortgage itself is affordable or not. I believe that's why its been for sale a few times in the last 20 years. It's just old and needs insulated and weatherproofed. We're also participating into the local community and buying local whenever we can, vs before we were just 2 people of 900k in Indianapolis. There are pluses and minuses to newbies living in rural America for sure. But to be fair, we are both from very small towns in Ohio and Indiana. We're not rich businessmen from California buying up all the land, or operating remote businesses, you know?
@@daphblue like I said no disrespect but it is a trend that is happening.
I get it I wouldn't want to live in these Cesspool cities either.
But I've seen where corporate Realtors come in and buy up houses in rural areas. Watch the trends and algorithms of where people are moving and then they sit on these homes for a few years if need be ( they can afford the loses) and then wait for folks like you to move out into the rural areas and Push the market value beyond what they're truly are worth, ( I've looked some houses and the asking price are 300k - 350k and I would've gave 50k for it 10-15 yrs ago ,and then on top of that it's needing another 100k to make it liveable?) So the local workers have to move to towns miles away just to afford housing. It's the same aspect as where Californians moving to Texas. Or billionaires moving to Jackson Hole Wyoming.
I guess it is , what is. But I'm not sure if buying vegetables at the local markets going to change the people's lives that live in these small towns were they can afford to live there .
I don't know, I guess I might have a soft spot for these people that actually grew up and lived in these small rural towns, ( kind of paid their dues ) and are now trying to make go of it? - but then again I might Revitalize some of these small towns that are dying, time will tell?
Hi George may you make a video on pros/cons of buying a condo vs house
Thanks for all you do, George!
We moved from Montana to Wisconsin in 2016, great financial move for us. We were priced out of homeownership in MT.
@cjspencer5396 yeah, seriously! I was just looking at houses in Helena and the only house in my budget was a rough little fixer upper for 250,000
George - your videos are the best. I love the humor! I think you would be great in stand up AND you have an amazing team!
It's pronounced me-DAIH-nuh. I was born there! 50 years ago when it was just a regular neighborhood.
Congratulations on the kiddo!
Moved to Davenport, Iowa from Boise, Idaho and have the same income. Sold my primary residence and bought two properties with cash. One for primary and one as a long term rental. I’ve also saved up over the last year and bought a duplex to rent as well. 🎉
This is a fantastic video George! You are the BEST!
Come on George, nobody is buying houses with only $3,000 mortgage in Medina, WA!!
Dude! Right?!?!
Right? I just moved to WA state, further south and my payment is much higher…it got me a 3 bedroom townhouse
@cjspencer5396 actually if you follow their advice and get a 15 year loan it'll get you less than $300,000!
I was puzzled by that too. The people who buy those home probably are usually buying the entire homes with cash. Or could if they wanted. Or else they were purchasing decades ago when the amount of wealth needed was less even if it was still a lot for the time.
Creating wealth and financial freedom isn't as tough as many people believe.
Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely...
"Every shingle one" got me 😂
I have a great aunt who lives in Atherton. 4 out of 5 of her kids are greedily awaiting inheriting the house and her stuff when she dies (she’s 97 now). They literally took her to court one time (and luckily lost) to try to get money from her and prevent her from possibly spending her own money how she wanted to, even though she had committed to split everything remaining evenly between the kids after she died.
Having lots of wealth isn’t everything. It can make many of your descendants crazy and incapable of looking past the money that they’ll likely inherit some day. All of the family not as closely related (like me and my parents) are appalled by the behavior of 4 of kids. 1 of the kids at least has her Mom’s best interests at heart and takes care of her. And her siblings hate her for it because they think that it’s all a scheme to inherit more money even though it’s not. Money can make people nuts.
I am so sorry your great aunt is going through that. She should be celebrated for living such a long (and I bet interesting) life instead of having to fend off vultures. I hope her remaining years are good to her xx
But this is not a reflection of someone being wealthy, but kids with no moral character.
@@CAC-Indiana That’s true. But it’s also true that If you don’t have much to give immoral characters, they aren’t going to treat you like their future piggy bank as much. To be fair, the kids probably could have been raised better. And they somewhat lost their way after their dad died relatively young and unexpectedly. But they’re adults, and most of them have adult kids of their own now. Their behavior has been awful. Especially given that some of them are perfectly wealthy and successful in their own right already. At a certain point, building more wealth isn’t that important compared to other things that make you happy and life meaningful.
My great aunt unfortunately has dementia now. Although it’s kind of nice because she can forget how awful most of her kids have treated her recently. 😆
That's sad, really. But I always feel like if there isn't justice on the earth, then there is God's justice. And one day, people will have to account for their actions to a God who knows all. I am glad that you care about her and the one child who takes care of her. Try to focus on the good.
@@CAC-Indiana Well I’m an atheist and think the notion of a God having perfect mercy and justice is a contradiction given that mercy is withholding the justice that one truly deserves.
But many of my relatives including those involved in this household are religious and would agree with the afterlife justice hypothesis. I agree that it’s good to not get too bogged down in negatively and appreciate the good. Including your kind comment. So thank you.
The Billy Joel/Dave Ramsey piano man metaphor...Priceless...Man, that is so good!
I moved from RI to NW FL. My property taxes are only 1/4 what I was paying in RI, PLUS there is no state income tax here! My salary stayed the same BTW, and I am in Baby Step 7.
@georgekamel, The Billy Joel, Dave Ramsey look alike comment is so on point!
Great channel. His talk on loans payments we shouldn’t have was a nice reminder on cars and phones for me. Glad to have both paid off!
I agree. I used to have a phone payment and I've ended up breaking both before the payments were done. Went out and bought a used $160 phone and it does all the same stuff without that stress. Got a $2,000 car and $3,000 truck to boot.
Ooo, I need to take that one in! Was it on George's channel or Ramsey Solution's?
We bought some secondhand baby items from a family who lived in Medina, and my wife and I were floored as we drove through it. 😅😅
I feel smarter after watching George!!
I'd say the cost of living in Beverly Hills is higher than that when you factor in that you have to sell your soul.
It’s already priced in
So many Costco hotdog/drink combo references, it seems like. LOL. We get it, George. You love Costco.
Now do the 5 lowest lol. I bet that's where I live 😂😂😂
I ❤ living in NorCal! And yes we frequent Costco … haha!
Man seems that 60% of these zip codes are in CA. Not suprising.
Sorry but Dodge City is full. Best to keep on going far away from the Midwest.
Can you go into detail about step 3b
Great, entertaining video! Did you happen to look at any of the zip codes in Hawaii? The cost of living in Hawaii consistently ranks as the highest in the country.
Now we need s video of medium and low income
Nailed the pronunciation on Sagaponack and Shinnecock
You're a dad now? I missed the announcement. Congratulations George!! Congratulations to you both🎉
He's a girl dad!
Hey George, going to need the link to that Costco hot dog song😂
I live in CA. Most people who live here cannot actually afford to live here.
And yet, here they all are anyways, what a hoot
If people couldn't borrow money for houses, a lot of people here would be homeless.
Statistics nerd here: Median IS a kind of average. What you were referring to as the average is the mean. There’s a 3rd type of average which is the mode. That’s the most frequent value.
Yes, thank you!
Team Johnson City TN here! Thanks for the shoutout
Moving from Dallas TX to Albuquerque NM in a the next month for a job change. It was not an easy path though. Spent 6 months on the job search.
Great vid and I cant relate to this, Ive stayed in my mid terrace 2 bed while many friends have move to neighbouring more “affluent” towns
Im glad as my Mortgage will be gone by 45 whereas they are paying into retirement
I'm surprised Aspen, CO didn't make the list or Bellevue, WA. Very expensive to live in these areas.
Medina is minutes from Bellevue. Mercer Island us more expensive than Bellevue and fo is Sammamish and Issaquah
Correction: #5 is pronounced "Mah-DINE-na". The ultra wealthy have huge properties there and the neighborhood is quite the opposite of Seattle which is across the lake. No homeless, no sights of people injecting themselves in public, no litter, and police enforces the law in Medina. Great list - love the dad jokes!
@davidhasselhoff83 - Amazing how different it can be from one side of the lake to the other.
WAIT WHAT ABOUT MEDINA WASHINGTON????
bro my ex's grandparents live there 😭
Living in Wichita, KS. Due to my job, I make the same no matter where I live, so may as well make it cheap for right now.
Ding Dong, Texas sounds like a fun place to live! LOL. "Hey, where do you live?" "I live in Ding Dong, Texas." "You live where?" LOL.
I was just thinking the same thing about Dave and Billy Joel. They do look alot alike!
There is a Westhampton, my family lives there!
I’m surprised Manhattan wasn’t on the list. Medina looks gorgeous. I’m sure Lindsey has someone else drive for hot dogs!
I played the video at .75 speed because Georges tempo makes me anxious
I thought D.C would be on the list lol. But definitely not surprised about California & NY. I'm so happy I moved from NYC to Pennsylvania suburbs. Waaaay more affordable housing
Fairfax and Loudon County Virginia have the highest salaries, but houses aren’t all that expensive. It’s a short drive to West Virginia and houses are dirt cheap. Many people do the commute.
4th🎉 but as a California native yup it’s expensive that’s why I moved
Yess McFarlands reference!!!!
The thumbnail threw me off, I was waiting for the Texas one to come up to see where it was and it never happened. Got me to watch though, so I guess it worked lol.
There is indeed btoh a Northampton and Westhampton.
I’ve lived in California all my life and never heard of these cities in my state 😂
I’m curious where you got the numbers on household income on Medina. As you mentioned Medina is where tech executives and Billionaires live. It’s all houses, all well into the multi-million dollar number. According to Zillow the cheapest house, condo or whatever sold for 2.23M in the last year. Being from the Seattle area and someone with a family household income double the quoted median there, Medina isn’t anywhere in reach. The people I know that live in Medina make well over a million a year. Also a heads up, the i in Medina has a long I pronunciation
Makes me all the more grateful to be living in Minneapolis. Not 25 yet but looking to buy a triplex within the next few years, have around $90k in renos rolled into a loan for the $115kish house it's currently on sale for. After several years get a 4x4 or so place for myself/family for possibly under $500k. Having the rent cover the cost of both mortgages.
…owning a duplex in Campbell, CA in 1990 as a first home was a great option for a 21 year old. It was a risky opportunity that my folks took which I’m grateful for I learned along the way. Now looking back, a $189K sure was a lot but that is nothing to compare to this generation has to fork out $1.7M for the same property.
I live 60 miles north of the cities , and I tell you there is nothing cheap or affordable anymore , I bought my home several yrs ago for under 100k now it's worth about 450k , and I have predator realtors calling all the time wanting me to sell? On a side note I read article where people ( Locals) living in northern Mn Hibbing, Grand rapids that work the local job base are basically forced out of housing Mkt , because you have people moving out of the larger over priced markets , minneapolis, Duluth, ? Because of telecommuting. Yrs ago if you wanted to live in these rural areas you had learn to on less income, and the housing market reflected it, not anymore.
@@skymuffn I can't imagine the property taxes on that, and insurance, ( income property , and no homestead credit) and you wonder why rental prices are so high?
@@sitka49 …the property tax on the Campbell duplex has gone up to about $7.5K and the insurance is like $1.5K yearly. Insurance here in CA is nuts which makes it more pricier in owning nowadays. I’ve been with my insurance agency since 1985 and my agent for 3 decades now, it helps when dealing with multiples specially if you add auto in the mix. How bad are insurance rates out where you are at?
@@skymuffn My insurance is more than my taxes. Which my insurance is about $1,700 a year. My taxes are $1200, but it's the replacement cost that is what's the Killer. My house is probably worth $350k ,and my replacement cost is around $450k to 475k.
I thought maybe in California the taxes would maybe twice that?
I already had my home paid off years ago , but I bought a lake home and I put a lien on my house for it. But it's good debt, because my Lake lot has tripled in value and I only owe $50,000 on my home.
Anywhere in North Carolina is outrageously expensive. People are making a huge mistake by moving here. Lots of rude people
We love visiting our son who lives in Raleigh North Carolina. Very friendly polite people.
0:00: 💰 The video discusses the five most expensive ZIP codes in America and how living in these areas can impact your finances.
2:48: 🏡 The video discusses the top zip codes in America based on median household income and housing affordability.
5:48: 💰 The Hamptons, a popular vacation spot for the rich and famous, is home to the most expensive village, Sagaponic, with typical home values of $4.75 million and some properties worth $20-30 million.
8:25: 💰 Beverly Hills and Atherton, California are the most expensive places to live in the US.
10:51: 💰 The video discusses the top five most expensive ZIP codes in America and suggests that living in these areas requires a high income and specific skills.
Recap by Tammy AI
I'm saving cash to buy property and build a modest house with my own 2 hands.
It will save me over 50% vs buying even a fixer upper right now.
When I'm done... no debt.
What about Hawaii and Aspen?
We just moved back to San Antonio because the rent was lower than where we were living......but we half to drive a little further for work.......we are thinking about moving closer into a bigger place but the rent will be a little more.......not sure how it's all gonna work out at thr moment...mm
We need a follow up video with the 5 cheapest cities.
I've often thought about relocating to somewhere with lower taxes, warmer weather, and better policies. But I have a dream job. I think my life would suck more if I was spending ~40 hours/week doing something mundane instead of what I do now. So I feel stuck. Trapped by a great job.
There’s always options for changes in retirement
But how much is it at 90108 (....for our lives to be over)?
You forgot Ben Stein ….. he lives in 90210 …. He’s super cool imo
My last name is Atherton, lol.
YES I LIVE IN NEW YORK
These median incomes gotta be skewed by - ton of people that are retired with no income or something, cause otherwise they just don’t make sense.
I'm gonna go off on a limb and suggest Las Vegas is the "wealthiest" one
california does cost a lot, but the people living in california also typically make a lot more money. if you could move out of cali to tennessee and get a job making the same amount, that would be unlikely, but definitely nice, yeah. but realistically, most ppl would move out of cali if they could find a similar job [& pay] in a similar city that's cheaper, but the average wage is what dictates the cost of living in an area
I live in a small town in western PA, mortgage is only $450. I may never leave.
Is that possible?
@@zoobrizz I got lucky on a vacant foreclosure in 2016 at 3.5%
How did Boise not make the list? Our starter homes start at 400k. A double wide (not on a foundation), is 250k.
Btw, I can’t move from Idaho ..my job is Specific to the state and the laws that I benefit from, so I’m stuck renting 😢the struggle is real.
A starter home in Los Altos (not even Los Altos hills which is even more expensive) is 2.5 million. Starter home in atherton is 3 million.
I recently move from orange county California to denver. I work in sales and took a $20k pay cut to my base salary to do this. Since I live off my base salary, it feels about the same even though my rent went down a ton
Med EYE na. Yeah it's a nice place.
Why am I watching shit I can't afford to buy? Lol
whoever edits these videos is a genius. love all the clips inserted!
CHEAPEST PLACES TO LIVE NEXT PLEASE.
We're not entitled to homeownership wherever we want... obviously ppl don't understand what that means
I have been to ding dong Texas its beautiful
Love the show. Please tone down the transition sounds. Very distracting.
I'm not surprised 3 of the 5 most expensive places are in CA.
At this rate these houses won’t be worth half of what they currently are with the ever approaching hellscape expanding outside of NYC and San Fran
Congrats on becoming a dad George!
World According to George
How did I know at least 3 would be in California? Oh because I live here! But the homelessness is THROUGH THE ROOF!
How’s someone living in the Hamptons on less than 113,000 dollars a year!?
I doubt they do. Not sure how the data gets skewed like that
George -- folks living in Atherton dont drive to Costco, Costco comes to ppl in Atherton
I can’t afford to live in my rundown hometown 😂
Arthenton is a scam, omg! No beach, no hills terrible
can u do cheapest zip codes
First
But 🥺
George I have a question about retirement saving. I work for the government. I will get a pension at the end of my tenure here in about 25 more years. I make 110k now and I’ll retire with 50% of my highest salary at age 60 or 75% at age 67. My wife makes 55k a year. They currently take about 20% of my gross as towards retirement pension. I also have an automatic 2% to a 403B. I owe 259k on my mortgage with 25 years remaining. Since I have a pension and a 403b(although minimal) no other outstanding debts other than student loans. (Loans will be forgiven in 6 years of minimal payments so I don’t pay more than minimum.). My plan is to now pay off my house. I can afford to pay an extra 1k per month and it will be paid off in 10 years. Should I direct any additional to savings? Or just pay off the house as much as possible? And once the house is paid off, what is the next move? Currently plan to buy another house as income stream. I live in Southern California and my house is worth 510k currently. I have 6 months salary already saved up in cash. I also have a 401k rolled over from a previous employer with 40k in it. I’m 41 years old. My wife is 36.
What about 81611?
They really look like it terrible places to live. No town, no life, nothing... just a bunch of big houses surronded by highways.
My condo in the town center may be small but if I want to go for a walk and buy a little something at the local market/supermarket I can do it without having to travel tens of kilometers by car.
Furthermore, my house can be cleaned in an hour, it's cheap and I live well in it.
Frankly, I would never buy a house in these places in America. I don't understand why people with so much money should live so isolated. It makes me depressed just thinking about it.
Zoning in US seems more like a curse than a good thing.
Great places to live...high house prices, high incomes, high taxes. California, New York, Washington State. I'll never understand the appeal.
They can be nice places to live if you have a lot of money. (Also, there are areas in those states that are cheaper --people just automatically think of the big cities.)
I understand CA, they have some of the best weather in the country. But as for the other states, your guess is as good as mine haha!