People aren’t buying the most expensive homes in the Hamptons. Here’s what it’s like living in the ritzy seaside community’s priciest ZIP code, where the median home price is $5.5 million

By one estimate, you'd need to make more than $850,000 a year to live comfortably in this ZIP code.

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By one estimate, you’d need to make more than $850,000 a year to live comfortably in this ZIP code.
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Mark Sagliocco/Getty Images

The Hamptons, a series of beach towns dotting eastern Long Island, New York, are known for being a summer retreat for the wealthy and famous of New York.

But people aren’t buying expensive homes in the ritzy seaside community like they used to be. Home sales in the Hamptons have slumped to their lowest level in 7 years, as Business Insider’s Gina Heeb reported.

“Demand for the most expensive properties plummeted in the first quarter, with the lowest number of sales at or above $10 million in six years,” Heeb wrote.

Within the Hamptons’ affluent towns, a tiny village of 491 people stands out as the priciest ZIP code in the Hamptons and one of the most expensive in the country, according to a November 2018 report by Property Shark.

Sagaponack, a village in the town of Southampton in the 11962, has been called home by CEOs, musicians, famous authors, and celebrities. The median sale price for a home is $5.5 million, and to live comfortably in the Hamptons village, you’ll need to make at least $853,738 a year, according to a GoBankingRates study.

Here’s a look inside the exclusive Hamptons community.


Sagaponack sits in the Hamptons, a stretch of affluent seaside communities on New York’s Long Island.

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Google Maps

Source: Google Maps


By car, it’s about 2.5 hours from New York City.

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Google Maps

Source: Google Maps


Property Shark rated the ZIP code as being the most expensive in the US back in 2016.

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Matthew Eisman/Getty Images for REVOLVE

Source: Property Shark


You’ll need to make at least $853,738 to live there comfortably, one study found.

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A home in Sagaponack.
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Mark Sagliocco/Getty Images

Source: GoBankingRates


The village, which has a population of only 491, is full of multimillion-dollar homes owned by celebrities and CEOs.

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Getty Images

Source: US Census Bureau


In an aerial view of the village, you can see that many of the residences include pools and tennis courts.

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Google Maps

Source: Google Maps


The talk-show host Jimmy Fallon purchased this $5.5 million farm house in Sagaponack in 2011, according to Curbed.

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Google Maps

Source: Curbed


Goldman Sachs CEO Lloyd Blankfein once lived in this home on Sagaponack’s Parsonage Lane. He sold it for $13 million in 2016, The Wall Street Journal reported.

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sothebys

Source: The Wall Street Journal


The billionaire businessman Ira Rennert owns a 29-bedroom, 39-bathroom mansion on prime beachfront property in Sagaponack.

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Jeff Cully/EEFAS
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http://www.eefas.com/

Source: Business Insider


A real-estate broker told Crain’s that the home, which Rennert had built in the 1990s, was worth an estimated $500 million in 2015.

Source: Business Insider


The mansion reportedly includes a 164-seat theater, two tennis courts, a 100-car garage, and a 10,000-square-foot playhouse with a basketball court and a two-lane bowling alley.

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Jeff Cully/EEFAS

Source: Business Insider


The singer Billy Joel once lived in this Sagaponack mansion facing the water, but he sold it in 2014 for $19 million, according to Newsday.

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Nancy Mizrahi of Saunders & Associates was the listing agent.
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Saunders & Associates

Source: Newsday


Many of the lavish homes are hidden from view by tall hedges and rows of trees.

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Google Maps

Source: Google Maps


Curbed rated Sagaponack’s Sagg Main Beach as one of the best beaches in the Hamptons. New York magazine called the nearby Gibson Beach “a slice of St. Tropez.”

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Sagg Main Beach
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Shutterstock/Brymer

Source: Curbed, New York magazine


Sagaponack is home to one of the few remaining active one-room schoolhouses in the country, nicknamed “The Little Red Schoolhouse.”

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Google Maps

Source: Sagaponack Common School District


The village is primarily residential, but residents can dine at the local favorite Old Stove Pub, a Greek restaurant that sells a $2,280 bottle of French wine, according to Yelp.

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Old Stove Pub/Facebook

Source: Yelp


Residents can sip on Hamptons-made wine and rosé cider and rub shoulders with celebrities at the upscale Wolffer Estate Vineyard.

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Mark Sagliocco/Getty Images

Source: Wolffer Estate


Stars including the “Top Chef” host Padma Lakshmi, Drew Barrymore, and Alec Baldwin have been spotted at events at the winery.

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Lakshmi at an event at Wolffer Estate Vineyard in July 2018.
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Getty Images

If sipping wine or lying on the beach isn’t relaxing enough, residents can take a stroll through the Madoo Conservancy, a botanical garden in the heart of the village.

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Mick Hales

Source: Madoo Conservancy