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: