When people think of the most expensive places in the Northeast, they probably think New York. They’d probably think of Manhattan and the palatial wealth of the Hamptons on Long Island. Two places in Massachusetts might pop in their mind: Martha’s Vineyard and Nantucket. And these two places are among the richest places in Massachusetts.
For our purposes here, however, we wanted to examine the most expensive places in Massachusetts while staying away from vacation spots, which naturally are among priciest. Just as we analyzed the most expensive ZIP codes in Atlanta and San Diego, we’re turning to another major city and housing market in America: Boston.
Read on to find out the most expensive ZIP codes in Boston in 2024, using data from Zillow’s home value index.
The Most Expensive ZIP Codes in Boston
To identify the most expensive ZIP codes in Boston, we drew on data from Zillow’s home value index. Thanks to this index, we could analyze thousands of ZIP codes across Massachusetts, specifically focusing on those in Boston proper (as opposed to the Boston metro area, which some other studies have covered). As part of our analysis, we took into consideration the latest monthly home values Zillow has, which is September 2024; as well as the average of 12 months of median home values from October 2023 to September 2024, in order to gain a better picture.
Below are the most expensive ZIP codes in Boston.
The Top 5 Most Expensive ZIP Codes in Boston
ZIP code 02108 is the No. 1 most expensive ZIP code in Boston. This ZIP code covers Beacon Hill and Boston Common, the former being well-known as an expensive part of Boston. Incomes are definitely high in 02108, boasting a median household income of $170,379, plus a mean household income of $310,976. Thus, it is not shocking that fully 45% of households in ZIP code 02108 earn $200,000 or more a year. Home values here are expensive, but actually haven’t grown too much over the last five years. For instance, the five-year home value appreciation in 02108 was 6.9%, which is comparatively low for how big of surge the pandemic-induced homebuying spree caused. In September 2019, the median was $1.521 million, and it grew to $1.626 million by September 2024.
The second most expensive ZIP code in Boston is 02110 and covers Downtown, stretching up to Sargent’s Wharf. More than a third of households in 02110 earn $200,000 or more. Hence the median income of $126,157 and average income of $263,917. The median home value in September 2024 was over $1.351 million, which was up 0.8% from September 2023 ($1.341 million), and up 1.6% from September 2019 ($1.330 million). So, although home values are certainly elevated compared to most of Boston, and the U.S., they’ve been remarkably stable over the last five years in ZIP code 02110.
Moving on to the No.3 most expensive ZIP code in Boston, we have 02116. This ZIP code is centered on the Back Bay, a section of Boston that has been utterly transformed over the last half-century. The income distribution here is similar to ZIP code 02110: More than a third of households earn $200,000 or more, and about 60% earn $100,000 or more. The median household income in 02116 is $131,648, while the mean household income is $240,657. The median home value in ZIP code 02116 grew by 6%, from over $1.224 million in September 2019, to just under $1.298 million in September 2024.
The fourth most expensive ZIP code in Boston is 02118. This covers the South End and South of Washington districts. Incomes here are noticeably uneven. More than two-fifths of households earn less than $50,000. This is why the median household income is comparatively low, a $74,155. The average household income, however, is $152,959, reflecting the nearly one-quarter of households that earn $200,000 or more. The median home value in 02118 was $991,635, which is up 0.7% since September 2023 and up 4.6% since September 2019’s median of $948,281.
The No. 5 most expensive ZIP code in Boston — 02129 — covers a place that is well-acquainted with gentrification of working-class districts: Charlestown. ZIP code 02129 also includes Bunker Hill and actually stretches northward across the Alford Street Bridge, creating a little sliver on the opposite side of the Mystic River. Incomes in ZIP code 02129 are certainly not working-class anymore: The median household income is $146,815 and the average household income is $189,831; and 37.3% of households in ZIP code 02129 earn $200,000 or more a year. Home values in 02129 soared since the pandemic’s onset in 2020. In September 2019, the median home value was $803,442. It then grew by 18.2% over the next five years, reaching nearly $950,000 by the end of September 2024.
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