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

sagaponack new york

People aren't buying pricey summer homes in the Hamptons the way they used to.
Home sales in the ritzy seaside communities have slumped to their lowest levels in seven years.
The tiny village of Sagaponack in the Hamptons is the most expensive ZIP code in the Hamptons, with a median home price of $5.5 million.
One study found you'd need to make at least $853,738 to live there comfortably.
Celebrities and business executives, including the talk-show host Jimmy Fallon and the billionaire investor Ira Rennert, own homes in the secluded village.
Visit Business Insider's homepage for more stories.

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.

DON'T MISS: 10 cities where you can make 6 figures and still feel broke