Top 100 Most Expensive Zip Codes in US by Forbes in 2013-Rank 45 – 11568, Old Westbury, NY
11568, Old Westbury, NY
Estimated zip code population in 2011: 3,802
Zip code population in 2010: 4,555
Zip code population in 2000: 3,992
Recent home sales, real estate maps, and home value estimator for zip code 11568
Houses and condos: 966
Renter-occupied apartments: 86
% of renters here: 9%
Mar. 2012 cost of living index in zip code 11568: 156.5 (very high, U.S. average is 100)
Land area: 8.9 sq. mi.
Water area: 0.0 sq. mi.
Population density: 426 people per square mile
Real estate property taxes paid for housing units in 2011:
This zip code: 1.0% ($10,001)
New York: 1.5% ($4,273)
Median real estate property taxes paid for housing units with mortgages in 2011: $10,001 (1.0%)
Median real estate property taxes paid for housing units with no mortgage in 2011: $10,001 (1.0%)
Zip code 11568 compared to state average:
Median household income significantly above state average.
Median house value significantly above state average.
Unemployed percentage below state average.
Black race population percentage below state average.
Hispanic race population percentage significantly below state average.
Median age significantly below state average.
Renting percentage significantly below state average.
Number of rooms per house significantly above state average.
House age below state average.
Number of college students above state average.
Percentage of population with a bachelor’s degree or higher above state average.
100% urban population.
Estimated median house/condo value in 2011: $1,000,001
New York: $285,300
Median resident age:
This zip code: 27.4 years
New York median age: 38.1 years
Average household size:
This zip code: 3.1 people
New York: 2.6 people
Housing units in zip code 11568 with a mortgage: 459 (7 second mortgage, 117 home equity loan, 22 both second mortgage and home equity loan)
Houses without a mortgage: 385
Median monthly owner costs for units with a mortgage: $4,001
Median monthly owner costs for units without a mortgage: $1,001
Residents with income below the poverty level in 2011:
This zip code: 1.4%
Whole state: 16.0%
Residents with income below 50% of the poverty level in 2011:
This zip code: 0.2%
Whole state: 8.8%
Median number of rooms in houses and condos:
Median number of rooms in apartments:
Estimate of home value of owner-occupied houses/condos in 2011 in zip code 11568:
Less than $10,000: 10
$50,000 to $59,999: 6
$100,000 to $124,999: 5
$200,000 to $249,999: 14
$500,000 to $749,999: 18
$750,000 to $999,999: 59
$1,000,000 or more: 732
Rent paid by renters in 2011 in zip code 11568:
$1,250 to $1,499: 20
$2,000 or more: 27
No cash rent: 39
Median gross rent in 2011: $2,001.
Estimated median house (or condo) value in 2011 for:
White Non-Hispanic householders: $1,000,001
Black or African American householders: $875,000
Asian householders: $649,300
Two or more races householders: $167,200
Hispanic or Latino householders: $288,900
Estimated median house or condo value in 2011: $1,000,001
New York: $285,300
Lower value quartile – upper value quartile: $1,000,001 – $1,000,001
Mean price in 2011:
Detached houses: $1,174,643
Races in zip code 11568:
White population: 2,837
Black population: 705
American Indian population: 8
Asian population: 571
Native Hawaiian and Other Pacific Islander population: 1
Some other race population: 16
Two or more races population: 97
Hispanic or Latino population: 320
Notable locations in zip code 11568:
Hitchcock Race Track (A),
L E Hitchcock Racing Stables (B),
Glen Oaks Club (C),
Old Westbury Golf and Country Club (D)
Churches in zip code 11568 include:
Bethel United Pentecostal Church (A),
Redeemer Lutheran Church (B),
Westbury Temple (C),
Old Westbury Seventh Day Adventist Church (D)
Lake: Old Westbury Pond
Old Westbury is a village in Nassau County, in the U.S. state of New York, on the North Shore of Long Island. As of the 2010 United States Census, the village population was 4,671.
The Village of Old Westbury is located in both the Town of Oyster Bay and the Town of North Hempstead.
Business Week dubbed Old Westbury as New York’s most expensive suburb. Old Westbury Gardens has been recognized as one of the three best public gardens in the world by Four Seasons Hotels magazine.
Old Westbury is located at 40°46′55″N 73°35′50″W (40.782038, -73.597236).
According to the United States Census Bureau, the village has a total area of 8.6 square miles (22 km2), all of it land.
As of the census of 2000, there were 4,228 people, 1,063 households, and 967 families residing in the village. The population density was 493.9 people per square mile (190.7/km²). There were 1,109 housing units at an average density of 129.5 per square mile (50.0/km²). The racial makeup of the village was 68.19% White, 14.24% African American, 0.02% Native American, 11.52% Asian, 3.67% from other races, and 2.37% from two or more races. Hispanic or Latino of any race were 7.14% of the population.
There were 1,063 households out of which 43.2% had children under the age of 18 living with them, 82.2% were |married couples living together, 5.9% had a female householder with no husband present, and 9.0% were non-families. 5.6% of all households were made up of individuals and 2.9% had someone living alone who was 65 years of age or older. The average household size was 3.33 and the average family size was 3.37.
In the village the age distribution of the population shows 22.7% under the age of 18, 20.2% from 18 to 24, 19.9% from 25 to 44, 25.7% from 45 to 64, and 11.6% who were 65 years of age or older. The median age was 35 years. For every 100 females there were 86.7 males. For every 100 females age 18 and over, there were 84.6 males.
The median income for a household in the village was $163,046, and the median income in the village was $184,298 for a family. The median earnings of the 899 households (89.6% of total households) in the village that took in earnings supplemental to income was $230,721. Males had a median income of $100,000+ versus $45,200 for females. The per capita income for the village was $72,932. About 1.1% of families and 3.5% of the population were below the poverty line, including 1.5% of those under age 18 and 3.3% of those age 65 or over.
Old Westbury Gardens, one of several estates built by the Phippses in Old Westbury
According to Bloomberg/Businessweek, Old Westbury is the second “richest” town in the United States, trailing behind only Palm Beach, Florida. The magazine previously dubbed the town “New York’s wealthiest suburb.”
Forbes, having done a study of “America’s Millionaire Capitals,” found that the average net worth of Old Westbury households was $19.6M. The controlled study included only households with incomes greater than $200,000, which virtually excluded only residents that are living in college dormitories and the staff of homeowners.
The village is famous for being the seat of many of New York’s (and America’s) wealthiest families, including the Phipps, Vanderbilts, Whitneys, Webbs, Du Ponts, Winthrops, Mortimers, Belmonts and Huttons. While many of these older families—the founding members of the social elite and those that emerged during the gilded age—still count members as Old Westbury residents, the village has also maintained a substantial set of industrialists, businessmen, collectors, athletes and entertainers.
The Old Westbury Fund is a hedge fund that is named after the town. Bessemer Trust, which manages the wealth of the Phipps clan, is headquartered in the village.
When Forbes asked billionaire investor Steven Schonfeld what the “wisest investment” he ever made was, his answer was “Old Westbury land.”
1906 Vanderbilt Cup hairpin turn in Old Westbury
Westbury was founded by Edmond Titus, and was later joined by Henry Willis. Henry Willis, one of the first English settlers, named the area after a town in his home county of Wiltshire, England. Westbury had been a Quaker community of isolated farms until the railroad came in 1836; after the Civil War, the New York elite discovered that the rich, well wooded flat countryside of the Hempstead Plains was a place to raise horses, and to hunt foxes and play polo at the Meadow Brook Club. The Village of Old Westbury was incorporated in 1924, separating itself from Westbury, the adjacent area that housed many of the families of the construction and building staffs for the Old Westbury mansions.
Westbury House was the residence of Henry Phipps’ eldest son, John Shaffer Phipps. Today, the property is operated as Old Westbury Gardens. Robert Low Bacon built ‘Old Acres’ in the style of an Italian villa. Other landowners were Thomas Hitchcock and his family, Harry Payne Whitney and his wife the former Gertrude Vanderbilt, founder of New York’s Whitney Museum, at Apple Green (formerly a Mott house), Cornelius Vanderbilt Whitney, whose estate is now subdivided into the Old Westbury Country Club and New York Institute of Technology. The architect Thomas Hastings built a modest house for himself, ‘Bagatelle’, in 1908. A. Conger Goodyear, then president of the Museum of Modern Art in New York City had a house built in 1938 by famed architect Edward Durell Stone, who also destined the building for Conger’s museum. In 2003, the A. Conger Goodyear House was added to the National Register of Historic Places to protect the structure from being demolished to subdivide the expensive land surrounding it. The estate of Robert Winthrop, an investment bank and member of the Dudley–Winthrop family, for whom Winthrop-University Hospital was named, has been similarly preserved. Part of Gertrude Vanderbilt Whitney’s estate and her sculpture studio has been preserved and maintained by one of her grandchildren, Pamela Tower LeBoutillier.
When Robert Moses was planning the Northern State Parkway, the powers of Old Westbury forced him to re-site it five miles (8 km) to the south. Once the parkway was completed, many residents found it to not be the eyesore they had been anticipating and regretted making their commutes more inconvenient than necessary. The residents, however, did not have to wait very long: The state was able to buy land from Charles E. Wilson, a former president of General Motors who needed to sell off his Old Westbury estate to pull himself out of financial crisis and relocate to the nation’s capital to serve in President Dwight D. Eisenhower’s cabinet. The land, which runs along an edge of the village, was used for Moses’ next project, the Long Island Expressway.
A Long Island “Gold Coast” estate harking from the early 1900’s, this mansion has tennis courts, a wine grotto and three brick cottages.
Source: Sotheby’s International Realty