Long Island has long been a preserve of the rich. And this history stretches back farther than the Yuppie, newly-deregulated Wall Street of the 1980s; farther than the stock market of the Roaring ‘20s; and back to at least to the Gilded Age of the late 19th century, when the Carnegies, Rockefellers, the transcontinental railroad executives like Leland Stanford, Samuel P. Huntington, and Tom Scott, ruled the United States.
Recently, we’ve been analyzing ZIP codes in terms of their home values, and identifying the most expensive on various geographic levels, including state-level and city-level. This time around the focus is, you guess it, on Long Island. This place, which was already one of the most expensive areas of the entire United States, managed to get much, much, more expensive in only the last five years or so. Does anyone remember when Montauk had a working-class, fishing town, “off-the-beaten-trail” character to it? Unfortunately, over the last couple decades, so-called “off-the-beaten-trail” places have experienced a massive influx of money.
Check out the most expensive ZIP codes on Long Island in 2024, relying on data from Zillow’s home value index and the Census Bureau.
The Most Expensive ZIP Codes on Long Island
Using data from Zillow’s home value index, we analyzed ZIP codes across Long Island, measuring these housing markets by their latest monthly median home value, its 12-month average home value, and its growth rate of the last five years.
As part of our analysis, we included all ZIP codes in Nassau County and Suffolk County; naturally, the western parts of Long Island that are part of New York City proper are excluded.
Below are the 25 most expensive ZIP codes in Long Island.
It is pretty incredible that out of the 162 Long Island ZIP codes Zillow has home value data for, 47 of them have median home values in excess of $1 million. Not surprisingly, it is the super wealthy Hamptons that dominate our list.
The Top 5 Most Expensive ZIP Codes in Long Island
The No. 1 most expensive ZIP code on Long Island is 11962, covering Sagaponack. Income inequality in this ZIP code is staggering. The median household income is $86,375. But the average household income is $316,703, the mean income being pulled upward by the nearly 30% of households who earn $200,000 or more a year. Back in September 2019, the median home value in ZIP code 11962 was already well over $3.8 million. Still, over the course of the last five years, the median value increased by almost 50%: In September 2024, it reached $5.724 million. In the past year alone, it rose by 7.5%.
The second most expensive ZIP code on Long Island is 11976, centered primarily on Water Mill. This ZIP code is west of Sagaponack. With 48.2% of households earning $200,000 or more, it is understandable that the average household income would be $300,319, far higher than the median of $185,000. Here’s another ZIP code that experienced a growth rate of 50% over five years. In September 2019, the median home value in 11976 was $3.102 million. By September 2024, it had reached just under $4.663 million.
Right in the vicinity of No. 1 and No. 2 is the No. 3 most expensive ZIP code on Long Island — 11932. Centered on Bridgehampton, stretching from the Middle Line Highway to W. Scott Cameron Beach on the ocean, ZIP code 11932 already had very expensive real estate before the pandemic, and it only got more expensive. From a median home value of over $2.727 million in September 2019, the median surged by 48.9%, so that its median in September 2024 was $4.061 million. Income inequality is lower in ZIP code 11932 than others because household incomes are high across the board. The median household income is $179,844 and the mean is $228,914.
The fourth most expensive ZIP code on Long Island is 11930, which covers Beach Hampton and Amagansett. This ZIP code is farther west then No. 1, No. 2, and No. 3. More than two-fifths of households in ZIP code 11930 earn $200,000 or more per year, while only 8.2% earn less than $50,000. The 12-month average household value is actually higher than the latest monthly one: $3.443 million versus $3.406 million for September 2024. Still, the five-year appreciation rate is robust, at 30.6% from September 2019 to September 2024.
Just west of Bridgehampton and Sagaponack lies the fifth most expensive ZIP code on Long Island — 11975. It is mainly centered on Wainscott, and it includes the East Hampton Airport. There are only 213 total households in ZIP code 11975, which is a bit more people than in No. 1 ZIP code 11962. The average household income in 11975 is $297,949, with 66.2% of households earning $100,000 or more. Home values rose by 23.7% over the last five years, though the median is down by 2.3% since September 2023. Back in September 2019, the median home value in 11975 was around $2.606 million. By September 2024, it had added more than $600,000 to this, reaching $3.223 million.
Read the full article here
