Pockets of Wealth

Between which streets, in what neighborhoods, are the most expensive homes in your state? Across the country, high-end homes are typically found on roads along the water, on hills, and bordering parks and country clubs—but which ones? Real estate website NeighborhoodScout.com, identified the most expensive neighborhood in each state for Businessweek.com based on third-quarter 2010 home values. NeighborhoodScout analyzed about 62,000 census tracts, which are statistical subdivisions of a county. For many of us, Beverly Hills, 90210, comes to mind, but NeighborhoodScout Chief Executive Andrew Schiller says, "Zip Codes can have as many as 14 distinctly different census tracts contained within them," so analyzing Zip Codes can give a false sense of an area. Census tracts in places with high population density, such as New York City, are small and include only a few streets. In sparsely populated areas, such as Sun Valley, Idaho, census tracts can cover many miles and encompass such geographic areas as state parks and mountains. Only areas with populations of more than 800 and with at least one-fourth of properties occupied by owners, rather than rented, were included in this ranking. In many states, the most expensive neighborhoods are primary home markets, but in such states as Rhode Island and Nevada, the priciest streets are filled with vacation homes. Whether for residence or respite, these areas include some of the most prestigious addresses in the country.

Click here to see which blocks have the highest homes values in each state.
 
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