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Want to buy a home in the Valley’s swankiest neighborhoods? Here’s what you need to earn

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By Tim Gallen | Phoenix Business Journal

If you want to live in Arizona’s most exclusive ZIP code, you better bring home a lot of dollar bills.

Paradise Valley 85253 is the only ZIP in the state with a median home value north of $1 million, according to data compiled by Zillow Group (Nasdaq: Z). To live there, one must earn nearly $300,000 a year, according to a Business Journals analysis of home-value data and mortgage rates in more than 15,000 ZIP codes nationally.

The analysis determined each neighborhood’s minimum salary threshold by applying prevailing mortgage rates to a hypothetical home buyer scenario that included the following:

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.