While metropolitan communities like Boston are known for their high cost of living, what of small-town life?
For some, the cost is comparable.
LendingTree conducted a study of communities with populations up to 50,000 and compared home values to median household incomes.
Vineyard Haven, a community on Martha’s Vineyard, came out on top with home prices more expensive than one of the nation’s largest cities.
The median home price in the community is $699,500, while the median household income for year-round residents is $71,811.
“The median home price is an average of 8.19 times higher than the median area household income,” the author of the study says. “This suggests that homebuyers in these towns have to stretch their budgets to buy a home.”
Additionally, the study notes, “This means that a median-priced home in Vineyard Haven costs more than one in Los Angeles ($613,400.)”
Vineyard Haven is home to the year-round port for Martha’s Vineyard, with ferries traveling to-and-from the island daily.
The island is home to just over 17,000 residents year-round, according to the latest Census estimates, though the population swells after Memorial Day to nearly 200,000.
Sixty-three percent of all homes on the Vineyard belong to seasonal residents, according to the local chamber of commerce.
Vineyard Haven is a village within the town of Tisbury. Other towns on the island include Oak Bluffs, Edgartown, West Tisbury, Aquinnah and Chilmark.
The island community was the sole one in New England to make the top 10 list.
Home prices in America’s most expensive towns
To read the full report, click here.
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August 18, 2021 at 07:18PM
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Massachusetts community named most expensive town in America - MassLive.com
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