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The 10 U.S. Zip Codes With the Most Valuable Land

  • A study compares home values with construction costs
  • Zoning rules limit building of affordable homes in some areas
The downtown skyline stands past Victorian homes in San Francisco.
Photographer: David Paul Morris/Bloomberg
Corrected

Bounded by the Pacific Ocean and two of the Los Angeles area’s most exclusive country clubs, the 90402 zip code would meet most definitions of prime real estate. In fact, according to a new study, it’s among the most exclusive addresses in the U.S.

It’s not about the well-heeled homeowners there, though with average home values exceeding $3 million you’ll find plenty of those. It’s about the zoning restrictions, which the study found are preventing builders from supplying the market with more homes that buyers want.