New York City Falls Out of the Top 10 of Most Expensive ZIP Codes in The U.S.

New York City Falls Out of the Top 10 of Most Expensive ZIP Codes in The U.S.

By Yehudit Garmaise

   The exodus of so many New Yorkers from the once more populated cores of the city has caused real estate prices in New York City to drop substantially.

    Although moving companies report that they used to move New Yorkers to different apartments within the same boroughs or to new boroughs, now, going into the tenth month of COVID, the majority of New Yorkers who are relocating are moving to more rural and suburban environments, such as the East End of Long Island, which is currently enjoying a real estate boom.

   For the first time maybe ever, New York City does not have one ZIP code in the Top 10 most expensive ZIP codes in which to live in the U.S., Propertyshark.com revealed in its annual survey of median home prices, which it has been doing since 2015.

   The only two neighborhoods in New York City to rank among the Top 20 most expensive areas in the country were two different areas of Tribeca in Manhattan, according to PropertyShark. Brooklyn’s 11231 ZIP code dropped from the 95th in 2019, to the 100th most expensive ZIP codes in the country in 2020.

  Although the Garment District in Manhattan fell dramatically in value from the 26th most expensive ZIP code last year, to the 84th this year, prices, surprisingly, are skyrocketing in the Upper West Side. 

   Although some Upper West Side residents have complained in recent months about an increase in homeless men and other problems, such as rats, the median price for 10069 increased 42% in one year with the median price going from $1.925 million to $2.725 million.

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