One particular zip code in New York City ranks among the top 10 for having the most valuable land in the U.S.
A study examining the highest average land value per home in 2016 finds that 8 of the 10 top zips are in California, according to Bloomberg.com.
The other two are in Boston (02199) and in New York City (10013). The 10013 zip code runs roughly from the Hudson River to Chinatown and from the Village to the Financial District.
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The economist who conducted the analysis says homes are so much more expensive in some places than others because of zoning restrictions that limit supply, which deliberately keep prices high.
For example, restrictive land use policies in California cities have helped drive up housing prices; in San Jose, the average land value per home was $931,000, according to the study. Meanwhile, in Houston, Texas, where zoning regulations are much looser, it was $133,000.
Here's the list of the top 10 zip codes with the highest average land value per home in 2016:
- 90402 Santa Monica, California (Average land value: $3,726,709)
- 94129 San Francisco, California (Average land value: $3,384,155)
- 02199 Boston, Massachusetts (Average land value: $3,279,320)
- 94304 Palo Alto, California (Average land value: $3,258,118)
- 94027 Atherton, California (Average land value: $3,138,884)
- 92067 Rancho Santa Fe, California (Average land value: $3,044,653)
- 94028 Portola Valley, California (Average land value: $2,885,414)
- 94940 Marshall, California (Average land value: $2,812,671)
- 10013 New York, New York (Average land value: $2,805,500)
- 94024 Los Altos, California (Average land value: $2,736,498)
