When discussing the most affluent regions in the Northeast, many instinctively envision New York City, particularly Manhattan, along with the affluent Hamptons on Long Island. In Massachusetts, two notable areas often mentioned are Martha’s Vineyard and Nantucket, both known for their wealth, especially during the vacation season. However, examining non-vacation areas leads us to explore the expensive neighborhoods within Boston itself—a significant housing market distinct from Massachusetts’s resort areas. In this evaluation, we focus on Boston’s most costly ZIP codes based on the latest data available as of 2024, utilizing Zillow’s home value index to paint a clearer picture of the city’s elite residential regions.
The ZIP code analysis revealed a ranking of the top five most expensive regions in Boston. Leading the pack is ZIP code 02108, which encompasses the prestigious Beacon Hill and Boston Common. It boasts a lofty median household income of $170,379, with a striking 45% of households earning $200,000 or more annually. Although home values here are exceptionally high, the growth has remained moderate compared to other markets nationwide, with a five-year appreciation of merely 6.9%. The median home value in this area increased from $1.521 million in September 2019 to $1.626 million by September 2024, highlighting its status in the upper echelon of Boston’s housing market without experiencing the explosive growth seen in many other cities.
Following closely is ZIP code 02110, representing Downtown Boston, which stretches up to Sargent’s Wharf. This area’s median household income is $126,157, with more than a third of its households earning over $200,000. The median home value in this ZIP code was noted at $1.351 million as of September 2024. Despite minimal growth over the last five years—evidenced by a 1.6% increase from September 2019—the area’s real estate values remain robust and relatively stable, making it an attractive option for high-income earners who seek urban living with access to amenities that come with living in the heart of the city.
Continuing this trend, ZIP code 02116, which encompasses the Back Bay area, ranks as the third most expensive location. Known for its historic brownstone townhouses, this part of Boston has undergone significant transformations in the last fifty years. The demographics in 02116 reveal a similar trend as 02110, with over a third of household incomes exceeding $200,000, and a median household income of $131,648. Home values in the Back Bay area saw a moderate increase of 6% over the last five years, growing from over $1.224 million in September 2019 to just under $1.298 million. The blend of historic charm and contemporary amenities continues to attract affluent residents to this coveted neighborhood.
In fourth place, ZIP code 02118, which includes the South End area, showcases a more diverse economic landscape. The median household income here is considerably lower at $74,155, reflecting the prevalence of households earning less than $50,000, yet a significant portion—nearly a quarter—earns $200,000 or more. The area has seen home values rise to a median of $991,635, marking a 4.6% increase since September 2019. This juxtaposition of income levels within 02118, coupled with relatively high property values, illustrates the ongoing transformations occurring in neighborhoods traditionally considered working-class.
Finally, ZIP code 02129, which covers Charlestown, rounds out the top five most expensive areas in Boston. This neighborhood has experienced gentrification typical of many Boston districts, with a median household income of $146,815 and 37.3% of households earning $200,000 or more. The median home value here rose significantly—by 18.2% since 2019—culminating at approximately $950,000 as of September 2024, highlighting the shift in economic demographics as traditional working-class regions become attractive to higher-income earners seeking residential opportunities near the city.
In summary, the most expensive ZIP codes in Boston paint a picture of an evolving real estate market influenced by various socio-economic factors. With elite neighborhoods such as Beacon Hill and Back Bay leading the charge in terms of high home values and incomes, Boston contrasts other well-known affluent regions in the Northeastern U.S. By focusing on the city’s core areas away from resort destinations, the data showcases not only the high cost of living but also the moderate appreciation rates which reflect a unique housing market that combines historical significance with modern-day allure and accessibility.