Tech billionaires and major corporations are fleeing the Golden State. But for the wealthiest Californians who remain, they’re buying some of the highest-valued homes right here in Southern California.
According to a new Times analysis of the highest home values in California, seven of the state’s 10 richest ZIP Codes are now in Southern California.
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In 2001, seven of the 10 ZIP Codes with the highest home prices were in Northern California.
By 2026, the dynamic had flipped, my colleague Terry Castleman wrote. Not only are seven of the state’s 10 richest ZIP Codes now in Southern California, but three are also within Newport Beach — up from just one in 2001. Beverly Hills and Santa Monica ZIP Codes also joined the list, replacing Portola Valley, Ross, Palo Alto and Tiburon.
Nationwide, six of the 10 ZIP Codes with the highest-priced homes are within the Golden State. Atherton, in San Mateo County, maintained its place at the top of the list with a median home value of $7.7 million, followed by Miami Beach, Sagaponack in New York, Woody Creek in Colorado and Newport Beach.
How Newport Beach came out on top
The appreciation of existing properties and the migration of fleeing Angelenos — whether running from COVID-era masking policies and school shutdowns or the flames that devoured Pacific Palisades — helped Newport Beach gain several spots on the list.
“We look like a deal compared to L.A. real estate,” said Annie Clougherty, a Newport Beach real estate agent. “We used to just compete for buyers in Orange County, and L.A. has definitely pushed that,” bringing prices up.
She also found that many who left Los Angeles for Newport often preferred the area’s more conservative politics.
The 92657 ZIP Code covers the Newport Coast area, where the median home value was $5.42 million as of Jan. 31, according to Zillow data reviewed by The Times.
The 92661 and 92662 ZIP Codes, which cover the Balboa Peninsula and Balboa Island and were also among California’s top 10 richest areas, had median home values near $4.25 million, also as of Jan. 31.
The median home in California was about $750,000, per Zillow’s home value index.
Downsides to skyrocketing valuations
As prices rise, many homebuyers are priced out of Newport Beach.
The average monthly rent across all homes in Newport Beach was $9,000, and the average home was worth $3.5 million, according to Zillow.
A UC Irvine poll of Orange County last year found housing costs were a top concern of residents. The poll found a third of respondents would consider moving somewhere else due to the affordability crisis.
Read more on California ZIP Codes with the highest median home values here.
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Have a great day, from the Essential California team
Jim Rainey, staff reporter
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