10 Places in the US Where Rich People Own the Most Real Estate
When you are among the elite, only the best will do in terms of food, clothes, cars, travel, and of course, where you own property. For many of the wealthiest people, the cities and states where they own real estate are far and wide. But these places typically have the same amenities and luxuries, with slight variations on if the property is coastal, urban or in the mountains.
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Thinking of moving to a place to rub elbows with some upper-crust neighbors? GOBankingRates checked in with property buying experts to create a list of the 10 places in the U.S. where rich people own the most real estate. All of the following data for home costs in each city was sourced from Zillow, which lists the average price of a home in the United State at $348,539 in 2023.
Here are 10 of the spots in America where the wealthy own a bunch of property.
Atherton, California
Average 2023 home price: $7.6 Million
Atherton is a small town in the heart of Silicon Valley, and many of the wealthiest people in the world call it home, from titans of tech to global venture capitalists.
“The town is known for its luxurious homes, many of which sit on large estates with private pools and tennis courts,” says Teddi Schill, founder of Portland Area Home Group.
Even though housing prices have dropped 4.9% over the past year in Atherton, you’ll still need some serious cash in order to put a down payment on a property.
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Los Altos, California
Average 2023 home price: $3.9 Million
Los Altos is another affluent town in Silicon Valley, just down the road from Atherton and slightly south of Palo Alto.
“It’s home to many Google employees and other tech workers. The town is known for its excellent schools and proximity to Stanford University,” Schill said.
The Hamptons, New York
Average 2023 home price: $2.5 Million
A popular summer destination for the rich and famous, The Hamptons is located on the eastern tip of Long Island. This enclave for the elite is known for its beautiful beaches, upscale restaurants, and high-end shopping.
“The Hamptons is synonymous with luxury living, offering beautiful beaches, exclusive communities, and a thriving arts scene,” says Joshua Haley, the founder of MovingAstute.com.
Martha’s Vineyard, Massachusetts
Average 2023 home price: $1.4 Million
Martha’s Vineyard remains a historically popular summer destination for the richest of the rich. Located off the coast of Cape Cod, this East Coast destination is known for its charming villages, scenic coastline, and celebrity residents.
“Martha’s Vineyard is one of those places that truly captures the essence of luxury living. Having personally explored this charming island off the coast of Cape Cod, said Jonathan Faccone, managing member and founder of HALO Homebuyers. “Martha’s Vineyard is home to a variety of exclusive neighborhoods, such as the historic Edgartown, the scenic Chilmark, and the idyllic Aquinnah.”
Aspen, Colorado
Average 2023 home price: $3.3 Million
If you are into winter sports and have a bank account that never freezes over, then Aspen is the world-famous ski resort town for you. It’s also a popular destination for the rich and famous, drawing in notable residents from around the world to winter in their chateaus and cabins.
With a reputation for luxurious accommodations, fine-dining restaurants, and spectacular slopes, it’s not surprising that the rich have bought up much of the snowy property in the area.
Palm Beach, Florida
Average 2023 home price: $1.9 Million
Palm Beach is a wealthy coastal town in Florida with a reputation for magnificent beaches, upscale hotels and world-class restaurants, not to mention some of the best shopping. While the price of homes has gone down 8.4% over the past year, it’s not a place where you’d want to buy a property unless you are earning at least six figures.
“Palm Beach exudes elegance with its upscale resorts, golf courses, and pristine beaches,” Haley said. “It’s a hub for well-heeled individuals seeking a tropical paradise.”
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Nantucket, Massachusetts
Average 2023 home price: $2.6 Million
“Nantucket is an exquisite island off the coast of Cape Cod that has long captivated the elite with its timeless appeal,” Faccone said, highlighting that Nantucket is renowned for its upscale neighborhoods, including the charming Sconset, the exclusive Wauwinet, and the prestigious Brant Point.
Prices for real estate are going up in this Massachusetts magnet for the rich, with Nantucket homes rising 0.6% over the past year in cost on average, according to Zillow.
Jackson Hole, Wyoming
Average 2023 home price: $1.4 Million
What was once a little ski resort town in Wyoming is now a boom town for the movers and shakers of the world, a popular destination for the wealthy, some rich and famous, others just rich.
“When it comes to luxurious living amidst breathtaking natural beauty, Jackson Hole stands out as a prime choice,” Faccone said. “This area is renowned for its stunning national parks, offering a playground for outdoor enthusiasts and a retreat for the wealthy.”
Jackson Hole’s notable upscale neighborhoods include “the prestigious Teton Village, the charming Wilson, and the picturesque Melody Ranch,” Faccone said.
Beverly Hills, California
Average 2023 home price: $3.6 Million
Songs have been written about it. Television and movies have been made about it. Only Los Angeles’ wealthiest can afford even the smallest plot of land in this jewel on the hill.
“Beverly Hills is an iconic destination for the wealthy,” says Haley. “It’s renowned for its opulent mansions, upscale boutiques, and glamorous lifestyle. The city exudes luxury and exclusivity.”
Fisher Island, Florida
Average 2023 home price: $5.9 Million
Off the coast of Miami lies Fisher Island, a private and exclusive area that only the top 1% can afford or are even allowed to consider buying property in. Accessible only by ferry, it’s a secluded haven for the rich, with luxury residences and amenities taking up every corner of the island.
Even if you are rolling in dough, you might want to consider buying real estate now since the average property values on Fisher Island have increased 2.4% over the past year and could potentially get pricier as the rich flock there.
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