One of the reasons the cost of living is so high in Los Angeles is because there's a moneyed class of people that has helped to push housing out-of-reach for normal folks.
While homes in communities from Venice to Silver Lake routinely fetch $1 million-plus, the average individual income in L.A. is a paltry $27,900. Which is enough to buy … absolutely nothing.
Yes, the rich and, frankly, super-rich are dominating our housing market. Real estate marketplace ZipRealty analyzed for-sale prices across the basin and came up with a list of “the top 10 most expensive zip codes in L.A.” Read 'em and weep:
10. 90004. ZipRealty calls this area “Greater Wilshire.” It includes Hancock Park, Windsor Square, and parts of Koreatown. The median selling price so far this year? $1,359,500, up a whopping 55 percent over last year, ZipRealty says.
9. 90254. Hermosa Beach used to be the poor man's Manhattan Beach. Now it's just Hermosa Beach. Median price in 2014 so far? $1,380,000.
8. 90291. Venice. The onetime home of the homeless is now posting Beverly Hills-level property values. The median selling price? Nearly $1.5 million, the site says, or $1,485,000 to be exact. Whew.
7. 90210. Beverly Hills. The most famous zip code in the world is now just another expensive neighborhood in greater L.A. Median price: $1,580,000, which is actually down 24 percent compared to last year, ZipRealty claims.
6. 90049. This zip represents parts of Bel Air and Brentwood. That these blue-chip communities didn't even make the top half of this list speaks volumes. Median price so far this year: $1,675,000.
5. 90265. Malibu. The median price here for 2014 is said to be $1,830,000. Unless people have been unloading their backyard double-wides in Malibu, this figure feels light to us.
4. 90266. Manhattan Beach. Unless you just signed a deal with the Lakers, you can't afford it. Median price: $1,887,500.
3. 91108. San Marino. No surprise here. The Asian American Beverly Hills is about as blue-blood as it gets when it comes to stately real estate. Median price: $1,943,000.
2. 90272. Pacific Palisades. The most Westside of city neighborhoods is a longtime bedroom community for Hollywood. It has the first median price on the list to top $2 mil: $2,375,000, up 36 percent from last year.
And the most expensive zip code in L.A., according to ZipRealty, is …
1. 90402. Santa Monica. This zip code also includes some of the most-prime real estate in Pacific Palisades. The median price makes us think it was mistaken for Malibu, though: A whopping $3.7 million.
ZipRealty CEO Lanny Baker:
Los Angeles home prices remain healthy relative to the rest of the country. Sellers are achieving full asking prices for the homes they put on the market …
No doubt. Somebody out there has money.
Happy house hunting.