This is the most expensive ZIP code in Nevada—and it's not in Las Vegas

The income you need to afford a home in the biggest U.S. cities

The median home value in Nevada is $273,300, just above the national average of $215,600. But in certain parts of the Silver State, average home values can reach nearly two-and-a-half times that amount.

That's according to financial website GOBankingRates, which 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. And, according to the findings, the most expensive ZIP code in Nevada might not be exactly where you think.

Las Vegas, home to some of the country's most luxurious casinos, hotels and attractions, boasts median real-estate prices that are only a little higher than the national median. The state's most expensive ZIP is actually 89411, part of Genoa.

"If you're living in a town next to beautiful Lake Tahoe, then you're likely paying a lot," says GOBankingRates. "Genoa's average monthly mortgage payment is around $3,300. Home values are significantly higher than in neighboring cities, with Genoa having a median home value of $732,200."

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."

Zillow Home Value Index for 89411. Data through Apr. 30, 2018.

Based on that data, here's how much to costs per year to live in 89411:

  • Necessities: $62,427
  • Splurges: $37,456
  • Savings: $24,971
  • Total income needed: $124,854

Home values in 89411 have gone up almost 6 percent over the past year and Zillow predicts they could rise nearly another 7 percent in 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.

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