October 22, 2018

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Here’s the salary you need to live in the country’s priciest towns

Here’s the salary you need to live in the country’s priciest towns
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There’s no secret to scoring a coveted 90210 mailing address in California. All it takes is $692,388.

From Beverly Hills to Greenwich, Connecticut, personal finance website GOBankingRates determined the exact annual income needed to live comfortably in the country’s most expensive ZIP codes, based on local home values and the cost of living (including groceries, transportation, health-care costs and utilities).

The study assumes that half of that income will be spent on necessities, 20 percent put toward savings and 30 percent left for discretionary spending (otherwise known as the “50-30-20 rule“).

In that case, Sagaponack, a beachfront town in the affluent Hamptons area of Long Island, New York, is the nation’s most expensive ZIP code, requiring an income of more than $850,000 to live there. Beverly Hills came in second.

Here are the top 10 ZIP codes:

Sagaponack, New York $853,738
Beverly Hills, California $692,388
Alpine, New Jersey $499,244
Fisher Island, Florida $452,630
Aspen, Colorado $380,590
Sea Island, Georgia $354,366
Greenwich, Connecticut $343,126
Nantucket, Massachusetts $331,558
Sullivans Island, South Carolina $296,354
Honolulu, Hawaii $288,004
*Total income needed

Not ready to move? To be counted among the 1 percent, regardless of where you live, you need to have an adjusted gross income of at least $480,930, according to the latest data from the Internal Revenue Service, which looked at income statistics for tax year 2015.

More from Personal Finance:
$30 trillion is about to change hands in the US
Here’s how much money those 1 percenters really make
Five money mistakes that can destroy a marriage



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