Money

This is the most expensive ZIP code in Florida—and it's not in Miami or Palm Beach

VIDEO1:1301:13
The income you need to afford a home in the biggest U.S. cities

The median home value in Florida is $220,500, just above the national average of $213,146. But in some parts of the Sunshine State, average home values can get far higher than that. And, according to financial website GOBankingRates, the state's most expensive ZIP code might not be exactly where you think.

GOBankingRates collected median home values and mortgage data from Zillow, as well as Bureau of Labor Statistics-based cost of living data for 48 states and the District of Columbia, in order to identify the nation's most expensive ZIP codes.

While Miami and Palm Beach do both tout home prices above the U.S. national average, the state's most expensive ZIP is actually 33921, part of the village of Boca Grande, where the average home could cost you almost $2 million.

"Florida ZIP code 33921 is located on an island — Gasparilla Island off the coast of Cape Coral," says GOBankingRates. "Both locations also have median home values above $1 million, and some of the most expensive monthly mortgage payments."

To calculate exactly how much you'd need to earn to live there comfortably, GOBankingRates uses the 50-30-20 budget rule: 50 percent of your income would be used to cover necessities, 30 percent is discretionary income and 20 percent goes to savings.

"Monthly costs were totaled and multiplied by 12 to get the annual dollar cost of necessities in each ZIP code," writes GOBankingRates. "This dollar amount for necessities was then doubled to find the actual annual income needed to live in the location."

Chart Assest: Zillow Home Value Index for 33921. Data through Mar 31, 2018.

Zillow Home Value Index for 33921. Data through Mar 31, 2018.

Based on that data, here's how much it costs per year to live in 33921:

  • Necessities: $88,737
  • Splurges: $53,242
  • Savings: $35,495
  • Total income needed: $177,474

Home values in 33921 have gone up more than 5 percent over the past year, according to Zillow, and are predicted to rise another 4 percent over the next year.

If you're looking for a home, experts suggest making sure you're ready to transition from renting. Here are some tips to help you get started.

Like this story? Like CNBC Make It on Facebook!

Don't miss: Here's how much it costs to live in the most expensive ZIP code in New York

Video by Andrea Kramar

VIDEO1:0501:05
Location alone won't determine if your home is a great investment, but this will
make it

Stay in the loop

Sign Up

About Us

Learn More

Follow Us

CNBC.COM