The USA’s richest zip codes are home to some of the world’s most powerful people. For the rich and wealthy, the desire to live in a community of like-minded individuals is one that resonates, and they are willing to pay a premium to do so.
With COVID-19 restrictions affecting the way we do business on every level, home values in the most elite locations in the U.S. like Palm Beach or Fisher Island in Florida for example have continued to rise during the pandemic.
From the months of March to September of 2020, the average home value in the 100 top-ranked zip codes rose an average of $28,600. In 2019 for example, these housing prices surged only $6300, according to Bloomberg.
Most of us have been hit by the pandemic in some capacity. For the wealthy, what they hold, buy or invest in has broadly increased in a time where normal means anything but that. Is this rise in price justified?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.