The 20 Zip Codes With the Most Expensive Residential Land

A U.S. Federal Housing Finance Agency’s working paper pinpointed where the land under homes is most valuable.

The 20 Zip Codes With the Most Expensive Residential Land

manhattan beach california — Manhattan Beach, California (90266) made the list.

It’s well known that housing prices in San Francisco, Washington, D.C. and Brooklyn, New York are among the most expensive in the U.S. But what’s the value of the land underneath houses in these and other cities?

That’s what the U.S. Federal Housing Finance Agency set out to determine. In a working paper released in January 2019, its authors used land value data from more than 16 million appraisals across the United States to calculate the average yearly estimates of the price per acre used for single-family housing. The agency made calculations for more than 900 counties and 8,000 zip codes, which encompass 85 percent of the U.S. population.

Here’s a look at the 20 most expensive zip codes as judged by the value of residential land. Data is from 2017.

20. Hermosa Beach, California (90254)

Hermosa Beach (90254), Continued

Residential land price (per acre): $13,400,000

The details: Hermosa Beach is an oceanside community with nearly 20,000 residents in Los Angeles County. Its desirable location also makes it an expensive place to live.

The median value of owner-occupied housing units was $1.2 million, according to U.S. Census Bureau figures from 2013-17. And median gross rent during that same time period was $2,035 per month.

19. Palo Alto, California (94306)

Palo Alto (94306), Continued

Residential land price (per acre): $13,737,200

The details: Located in Santa Clara County in the San Francisco Bay area, Palo Alto has a reputation for being the “Birthplace of the Silicon Valley.” The city is home to about 67,000 residents, as well as the headquarters for major tech companies.

The median value of owner-occupied housing units was nearly $2 million, according to U.S. Census Bureau figures from 2013-17. And median gross rent was $2,379 per month.

18. Washington, D.C. (20003)

Washington, D.C. (20003), Continued

Residential land price (per acre): $14,312,700

The details: This zip code encompasses the Capitol Hill and Navy Yard neighborhoods in Southeast Washington, D.C.

The Capitol Hill area is home to iconic landmarks such as the U.S. Capitol and Supreme Court (pictured), as well as 19th century-era rowhouses.

Overall, Washington, D.C. is home to 702,455 residents. The median value of owner-occupied housing units was $537,400, according to U.S. Census Bureau figures from 2013-17. And median gross rent was $1,424.

17. Washington, D.C. (20007)

Washington, D.C. (20007), Continued

Residential land price (per acre): $14,324,500

The details: Also in Washington, D.C., the Spring Valley neighborhood in the Northwest section of the city makes the list of places with the most expensive residential land. It’s known for its spacious Colonial houses.

The area includes American University, a private school with more than 14,000 students that opened in 1893 as a result of being chartered by Congress, according to the university’s website.

16. San Francisco (94116)

San Francisco (94116), Continued

Residential land price (per acre): $14,334,100

The details: This zip code includes the Sunset and Parkside Districts, and Golden Gate Heights and Forest Hill. Like other areas of San Francisco, it can get foggy, but in this district, there’s a chance your house may have an ocean view, according to Vanguard Properties’ website.

Homes typically have two or three bedrooms, one bathroom and a garage, and are between 1,000 and 1,500 square feet, according to Vanguard Properties. The real estate company’s website also notes home prices have risen as people come to the area because they’re unable to afford property in more expensive parts of the city.

Overall, the city of San Francisco had an estimated 883,305 residents in 2017. The median value of owner-occupied housing units was $927,400, according to U.S. Census Bureau figures from 2013-17. And median gross rent was $1,709.

15. Washington, D.C. (20009)

Washington, D.C. (20009), Continued

Residential land price (per acre): $14,377,600

The details: The Kalorama Heights neighborhood in Northwest Washington, D.C. is an exclusive area that’s home to some big-name figures in American politics and business, including the Obamas, Trumps and Amazon founder Jeff Bezos. Bezos bought a $23 million mansion in the area.

14. San Francisco (94122)

San Francisco (94122), Continued

Residential land price (per acre): $14,653,200

‎The details: This zip code also runs through the Sunset District, which is sometimes referred to as the “Avenues” with row houses painted in pastel colors, according to the San Francisco Travel Association. Attractions include the San Francisco Zoo and Golden Gate Park (pictured).

13. Venice, California (90291)

Venice (90291), Continued

Residential land price (per acre): $14,981,900

The details: The beachside community of Venice is, which is part of Los Angeles County, has an iconic boardwalk scene with games and other activities. Abbot Kinney Boulevard also features some of the trendiest shops and restaurants in the area. Julia Roberts and Nicolas Cage are among the celebrities who have called the area home.

12. Charlestown, Massachusetts (02129)

Charlestown (02129), Continued

Residential land price (per acre): $14,982,900

The details: This waterfront community is the oldest neighborhood in the Boston area. It’s on city’s north side, near the Boston Harbor and Mystic River.

Traditionally, the area has been home to a large Irish population, but has diversified to include immigrants and young professionals, according to the city of Boston’s website. The area includes the USS Constitution, Bunker Hill Monument and Charlestown Navy Yard.

In total, Boston is home to 694,583 residents. The median value of owner-occupied housing units was $455,100, according to U.S. Census Bureau figures from 2013-17. And median gross rent was $1,445.

11. Corona del Mar, California (92625)

Corona del Mar (92625), Continued

Residential land price (per acre): $15,370,100

The details: Corona del Mar is a neighborhood in Newport Beach, in southern California’s Orange County. Homes include both new builds and vintage cottages, according to Visit Newport Beach’s website.

The two main beaches are Little Corona and Big Corona. And there are a couple of popular lookout points where you can catch sunrises and sunsets.

Newport Beach has an estimated 85,326 residents. The median value of owner-occupied housing units was about $1.7 million, according to U.S. Census Bureau figures from 2013-17. And median gross rent was $2,118.

10. San Francisco (94121)

San Francisco (94121), Continued

Residential land price (per acre): $16,384,200

The details: Yet another San Francisco zip code. This one encompasses the Outer Richmond neighborhood, which transformed slowly over about a century from vacant, sandy land and potato fields to a desirable place to live, according to SFGate.

Outer Richmond has a reputation for its particularly foggy weather. And many immigrants settled in the area over the years.

It’s a competitive housing market, with homes often selling quickly and above listing price. The average sale price is $1.79 million, according to Redfin.

9. Brooklyn, New York (11225)

Brooklyn (11225), Continued

Residential land price (per acre): $16,411,200

The details: Home values have climbed over the last few years in the Prospect Lefferts Gardens area of Brooklyn, a borough of New York City. The neighborhood is near the popular Prospect Park.

In total, New York City has an estimated 8.4 million residents. The median value of owner-occupied housing units was about $538,700, according to U.S. Census Bureau figures from 2013-17. And median gross rent was $1,340.

8. San Francisco (94131)

San Francisco (94131), Continued

Residential land price (per acre): $17,926,900

The details: This zip code includes the Diamond Heights/Twin Peaks neighborhood of San Francisco.

In Diamond Heights, 1960s-era homes are surrounded by hills, and it was one of the last vacant areas in San Francisco. Twin Peaks is a tourist attraction that gives visitors 180-degree views of the San Francisco Bay area from an elevation of 922 feet.

7. Manhattan Beach, California (90266)

Manhattan Beach (90266), Continued

Residential land price (per acre): $19,579,800

The details: The small coastal community in Los Angeles County encompasses 3.88 square miles, and boasts 40 acres of recreational beaches and a long pier. It’s only about three miles from Los Angeles International Airport.

Manhattan Beach has an estimated 35,532 residents. The median value of owner-occupied housing units was about $1.7 million, according to U.S. Census Bureau figures from 2013-17. And median gross rent was $2,393.

6. Palo Alto, California (94301)

Palo Alto (94301), Continued

Residential land price (per acre): $21,166,900

The details: Palo Alto is home to Stanford University. Although Stanford technically has its own zip code and community and isn’t included in the 94301 zip code, downtown Palo Alto is within walking distance from campus.

Stanford, which opened its doors in 1891, has more than 16,000 students. It’s a selective university, with fewer than 5 percent of applicants for the Class of 2022 accepted.

Other cities near Palo Alto are also large technology hubs: Menlo Park is home to the headquarters for Facebook, while Mountain View is home to Google.

5. San Francisco (94110)

San Francisco (94110), Continued

Residential land price (per acre): $21,745,100

The details: The ‎Inner Mission neighborhood is one of the city’s busiest and includes a variety of housing, including Victorian homes and newer condos and lofts.

According to Vanguard Properties’ website: “…the traditionally Hispanic neighborhood has been ground central for the latest gentrification fights.”

4. San Francisco (94118)

San Francisco (94118), Continued

Residential land price (per acre): $23,172,200

‎The details: This zip code includes the Inner Richmond district. It’s known for its restaurants and is sometimes called “New Chinatown,” but it’s not a popular tourist destination, according to SFGate.

3. Newport Beach, California (92663)

Newport Beach (92663), Continued

Residential land price (per acre): $23,425,600

The details: Once again, Southern California’s Orange County makes the list of most expensive residential land in the United States — this time, in the No. 3 spot.

Among its outdoor attractions, Newport Beach is known for places such as “The Wedge,” an iconic wave break, and the Resort at Pelican Hill, recognized internationally as a top golf resort.

And of course, there’s lots of California sunshine, with average temperatures ranging from the 60s to 80s year-round.

2. San Francisco (94114)

San Francisco (94114), Continued

Residential land price (per acre): $26,395,600

The details: Coming in as the second most expensive zip code in the country: San Francisco’s Castro neighborhood.

The bustling area of the city — home to Castro Street — has large Victorian homes, many of which have been restored. Many decades ago, the area housed dairy farms.

Another piece of history: Some men who are gay began buying Victorian homes in the area in the 1960s and ‘70s. “Today, the Castro's queer identity is itself a tourist attraction, beckoning throngs of pilgrims and revelers from all over the world,” according to the SFGate.

1. Brooklyn, New York (11215)

Brooklyn (11215), Continued

Residential land price (per acre): $31,086,600

The details: Landing at No. 1 on the list: the Park Slope neighborhood in Brooklyn. It has the reputation of being one of New York City’s most expensive areas to live.

It’s home to about 60,000 residents, and is known for its brownstone homes, excellent schools, a family-friendly atmosphere and its close proximity to Prospect Park. Home prices are rising quickly and properties often sell within 30 days. In some cases, with all-cash offers, The New York Times reported.