Of all the zip codes in the Philadelphia metro, 17 are considered $1 million neighborhoods, with a few of them joining the ranks in the last few years.
A new Zillow report found that since 2014, four new $1 million zip codes have been added to the Philadelphia metro, which is defined as Philadelphia-Camden-Wilmington, PA-NJ-DE-MD. For the analysis, Zillow defined a $1 million zip code as an area where at least 10 percent of its homes are worth seven figures or more.
None of the new $1 million zip codes are located in Philly proper. Instead, they are 18933 (Plumstead Township in Bucks County), 19087 (Wayne), 19355 (Malvern in Chester County), and 21930 (Georgetown, Maryalnd).
The $1 million zip codes that did make the cut in Philly proper are probably not a surprise: 19102 and 19103, which includes neighborhoods like Fitler Square, Rittenhouse Square, and some of Logan Square. 19106 is also a million-dollar zip code and includes portions of Society Hill and Old City.
The Philly metro region’s growth of pricey zip codes is on trend with the rest of the country, where one in 25 zip codes fall into this category. The researchers note that there are more million-dollar zip codes now than during the housing market peak in 2007.
While that’s good news for the housing market and homeowners—at least those who can keep up with property taxes—this growth is also a burden to potential homebuyers.
Says Zillow’s chief economist Dr. Svenja Gudell, “As home values hit seven figures in many neighborhoods, it’s going to have real impacts on affordability for middle-class homeowners whose incomes haven’t kept up, and this imbalance especially has implications for people on fixed incomes whose property taxes are rising along with their home value.”
Here’s a full list of the $1 million zip codes in the Philadelphia metro region. Did yours make the cut?