The 77005 ZIP code — which includes West University Place, Southside Place and communities around Rice University — is the only ZIP in the Houston area, and one of just three in Texas, to boast a median home value of more than $1 million, according to a survey by the Zillow Group, a national online real estate database.
The median price of a 77005 home was placed at $1,002,900. Bellaire’s 77401 ZIP comes in third in the Houston area according to the research, with a median price of $785,900, following behind the 77024/Memorial ZIP at $852,500.
Using that database and other research about mortgages and interest rates, the Houston Business Journal calculated the income required to live in the Houston-area communities with the highest home prices. According to their findings, an income of $193,253 is the minimum required to afford a home in West U, and annual earnings of $151,439 are needed to buy in Bellaire.
Two ZIP codes in adjacent areas of Dallas, 75205 and 75225 — which include the Park Cities and Preston Hollow — come in at $1,108,700 and $1,066,300 for median prices respectively, each requiring a $200,000-plus household income to afford.
The Zillow study pointed out that the most affluent ZIP codes all benefit from a smaller geographic size and homogeneity of housing types.
Featured in Essentials Magazine/Real Estate, January 2019