Long Island Has Most Expensive Zip Code In New York

Water Mill has earned the title of most expensive zip code in New York, according to a new report.

According to an article posted on gobankingrates.com, the most expensive zip code in New York isn't located amongst the bright lights, in the big city of Manhattan, as some might think.

Nope, according to the post, that distinction goes to Water Mill, zip code 11976, in the Town of Southampton where the Zillow median home value is $3,798,500. That's compared to a median home value of a mere $1.25 million in Manhattan, according to the post.

And, the post goes on to say, while the cost of living in the Big Apple is twice the national average, Water Mill's is a whopping seven times higher, according to Sperling's.

Photo via Realtor.com: This Water Mill home is on the market for $8.25 million.