When you think of expensive places in the United States, your mind might automatically picture major metropolitan areas like New York, Los Angeles, and San Francisco. And while those places are certainly known for their high cost of living, they are definitely not the only places that are pricey, according to a new study conducted by LendingTree that set out to find the most expensive small town in America.
For the study, the finance experts at LendingTree used data from the U.S. Census Bureau's most recent American Community Survey to find the stateside towns with a population between 10,000 and 50,000 that have the highest median home value. They also calculated the "home value-to-income ratio" for each town by dividing an area's median home value by its median household income. Therefore, the larger the ratio, the more expensive homes are relative to a town's median income.
Read on to discover the most expensive small town in the U.S.
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Median home value: $235,000
In this Wyoming town of 38,390 residents, the median household income is $49,322, or about one-fifth of Laramie's median home value.
Median home value: $237,800
The median home value in Dickinson, North Dakota—a town of just over 32,000 people—is comparable to the much larger U.S. city of Richmond, Virginia, which has a median home value of $237,500.
Median home value: $239,500
Taos has an especially high home value-to-income ratio of 6.25. That means that the median home value in this New Mexico town is more than six times the median household income of its residents, which is $38,329.
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Median home value: $240,100
The population of Montrose, Colorado is 46,482 and the median household income is $51,647. If you're looking to find a larger U.S. city with comparable home value, a good place to start would be Nashville, Tennessee, where the median home value is $240,800.
Median home value: $246,100
With its median home value of $246,100 and a median household income of $49,006, the home value-to-income ratio in Prineville, Oregon is 5.02. That's quite high for a town of just 23,011 residents.
Median home value: $247,400
On the other hand, Williston, North Dakota has the second lowest home value-to-income ratio among the most expensive small towns in the U.S.: 2.84. The 35,208-resident town has a median household income of $87,161, which is definitely on the higher end of the spectrum compared to other towns on this list.
Median home value: $251,200
Homes in Newport, Oregon, a town of just under 50,000 residents, are comparable in price to those in Philadelphia, where the median home value is slightly less at $250,70o.
Median home value: $254,200
In Sandpoint, Idaho, the median home value is more than five times the median household income ($50,256) of the town's 43,611 residents.
Median home value: $265,400
Another of several Oregon towns to make this list, Brookings has a population of 22,650, a median household income of $48,440, and a home value-to-income ratio of 5.48.
Median home value: $272,400
Sheridan's median home value ($272,400) and home value-to-income ratio (4.48) are close to Providence, Rhode Island's, where those figures are $276,900 and 4.08, respectively.
Median home value: $283,900
Believe it or not, but a median-priced home in Astoria, Oregon, a town of 39,102 people, costs more than one in Miami, Florida, where the median value is $280,400.
Median home value: $286,900
This Washington town of 45,897 residents has a median household income of $56,000 and a home value-to-income ratio of 5.12. Its median home value is comparable to that of Austin, Texas, which is $281,500.
Median home value: $286,900
Fredericksburg, whose population is 26,459, has the same median home value as Ellensburg, Washington, but a higher median household income of $59,155, giving it a lower home value-to-income ratio of 4.85.
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Median home value: $289,000
This coastal North Carolina town with a population of 36,222 stacks up closely with Fredericksburg, Texas with a median household income of $59,381 and a home value-to-income ratio of 4.87.
Median home value: $289,900
Ketchikan is the first of two Alaskan towns to make the list of the top 25 most expensive small towns in the U.S. It has a population of only 13,800 and a relatively high median household income of $72,728.
Median home value: $302,800
Los Alamos may only be the tenth most expensive small town on this list, but it takes the top spot in the income category. At $121,324, Los Alamos' 18,625 residents have the highest annual median household income on this list.
Median home value: $336,800
On average, homes in Easton, Maryland cost as much as they do in Riverside, California. The median home values of the two areas are $336,800 and $341,300, respectively.
Median home value: $345,900
With a population of 32,227, Juneau is more than twice the size of the other Alaskan town on this list, Ketchikan. It also has a higher median household income ($88,390) and median home value ($345,900), but a lower home value-to-income ratio (3.91).
Median home value: $373,600
As the fourth and final Oregon town on this list, Hood River, which has a population of 48,132, has a median household income of $65,679 and a home value of $373,600, which is nearly $5,000 more than the one in the much larger city of Portland, Oregon.
Median home value: $378,800
The median home value in Gardnerville Ranchos is nearly six times the median household income ($68,810) in the Nevada town of 48,132 residents.
Median home value: $413,700
At 7.52, the home value-to-income ratio in Hailey, Idaho is the second highest of all the towns on this list. In other words, the median home value ($413,700) in the 23,421-resident town is nearly eight times the median household income ($54,987)
Median home value: $535,300
This popular ski destination only has 25,072 residents, but the home value is high, especially considering the median household income is $77,443. Steamboat Springs also has a comparable home value to that of San Diego, California, at $563,700.
Median home value: $549,800
Another sought after ski getaway, Jackson, Wyoming has a population of 34,706, a median household income of $81,427, and a home value-to-income ratio of 6.75.
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Median home value: $579,600
Rounding out the trio of western mountain resort towns at the top of this list is Breckenridge, Colorado. Like both Jackson and Steamboat Springs, it has a median home value comparable to San Diego. It also has a median household income of $79,277 and a home value-to-income ratio of 7.31—the third highest among the most expensive small towns in the U.S.
Median home value: $699,500
The most expensive small town in the U.S. is Vineyard Haven, Massachusetts, on Martha's Vineyard, and by a fairly significant margin, to boot. The median home value ($699,500) is more than $100,000 more than the second most expensive town, and more than $80,000 more than notoriously expensive Los Angeles.
In addition, the median household income in 17,312-resident Vineyard Haven is only $71,811, giving it the largest home value-to-income ratio on this list at 9.74.
RELATED: This City Has the Most Overpriced Homes in America, According to Data.
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August 26, 2021 at 06:04PM
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This Is the Most Expensive Small Town in the US, Data Shows - Best Life
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