50 Most Expensive Small Towns in America

If you’re a city dweller, you might sometimes be tempted to give up the rat race for small-town life. Sure, some of that thinking may revolve around Norman Rockwell images of quaint main streets, family-owned shops and diners where everyone knows each other. Based on the current housing market in many major U.S. metropolises, however, you’re probably focused on the potential of buying a modestly priced home in a cost-friendly area.

But you shouldn’t assume that living in a small town always equates to affordable housing and lower expenses. Not all small towns are priced the same. There are several areas, in particular, where your mortgage wouldn’t feel out of place in some of the nation’s most expensive urban real estate markets.

GOBankingRates identified the priciest small towns in America by calculating typical mortgage and rent costs in places with 500-15,000 housing units. The study also determined the total cost of necessities like groceries, healthcare, utilities and transportation in those small towns. Overall, the places featured in GOBankingRates’ study might be small in size, but they’re enormous when it comes to cost: The 50 most expensive small towns in the U.S. all feature a median estimated home value in excess of $1 million. You might have to ramp up your earnings significantly to live in these rich small towns.

Last updated: Oct. 29, 2020

• Population: 11,296
• Housing units: 3,988
• Median estimated home value: $2,129,200
• 20% down payment: $425,840
• Property tax rate: 0.78%
• Monthly mortgage payment: $9,205
• Monthly rent: $6,563
• Annual cost of necessities (excluding housing): $19,996.76

• Population: 28,319
• Housing units: 8,969
• Median estimated home value: $1,075,500
• 20% down payment: $215,100
• Property tax rate: 1.97%
• Monthly mortgage payment: $5,716
• Monthly rent: $6,211
• Annual cost of necessities (excluding housing): $22,127.73

• Population: 29,954
• Housing units: 11,894
• Median estimated home value: $1,772,700
• 20% down payment: $354,540
• Property tax rate: 0.66%
• Monthly mortgage payment: $7,487
• Monthly rent: $5,087
• Annual cost of necessities (excluding housing): $21,769.33

• Population: 2,980
• Housing units: 2,203
• Median estimated home value: $1,889,400
• 20% down payment: $377,880
• Property tax rate: 2.06%
• Monthly mortgage payment: $10,184
• Monthly rent: $9,312
• Annual cost of necessities (excluding housing): $18,657.97

• Population: 21,742
• Housing units: 7,045
• Median estimated home value: $1,271,800
• 20% down payment: $254,360
• Property tax rate: 1.73%
• Monthly mortgage payment: $6,505
• Monthly rent: $6,246
• Annual cost of necessities (excluding housing): $21,895.62

• Population: 3,231
• Housing units: 1,263
• Median estimated home value: $2,577,400
• 20% down payment: $515,480
• Property tax rate: 0.95%
• Monthly mortgage payment: $11,508
• Monthly rent: $8,114
• Annual cost of necessities (excluding housing): $18,566.15

• Population: 4,245
• Housing units: 1,488
• Median estimated home value: $1,933,500
• 20% down payment: $386,700
• Property tax rate: 0.66%
• Monthly mortgage payment: $8,166
• Monthly rent: $5,299
• Annual cost of necessities (excluding housing): $21,608.05

Pictured: Nearby city of San Mateo, California

• Population: 30,709
• Housing units: 12,941
• Median estimated home value: $1,872,800
• 20% down payment: $374,560
• Property tax rate: 0.75%
• Monthly mortgage payment: $8,050
• Monthly rent: $5,026
• Annual cost of necessities (excluding housing): $21,901.26

• Population: 194
• Housing units: 1,520
• Median estimated home value: $1,111,600
• 20% down payment: $222,320
• Property tax rate: 0.97%
• Monthly mortgage payment: $4,982
• Monthly rent: $13,056
• Annual cost of necessities (excluding housing): $20,455.97

• Population: 15,521
• Housing units: 5,644
• Median estimated home value: $1,707,600
• 20% down payment: $341,520
• Property tax rate: 0.87%
• Monthly mortgage payment: $8,922
• Monthly rent: $5,941
• Annual cost of necessities (excluding housing): $21,249.09

• Population: 3,217
• Housing units: 1,290
• Median estimated home value: $2,707,300
• 20% down payment: $541,460
• Property tax rate: 0.95%
• Monthly mortgage payment: $12,088
• Monthly rent: $8,252
• Annual cost of necessities (excluding housing): $18,813.87

• Population: 3,625
• Housing units: 1,201
• Median estimated home value: $1,220,500
• 20% down payment: $244,100
• Property tax rate: 0.29%
• Monthly mortgage payment: $4,778
• Monthly rent: $2,771
• Annual cost of necessities (excluding housing): $24,910.74

• Population: 33,661
• Housing units: 12,760
• Median estimated home value: $2,223,700
• 20% down payment: $444,740
• Property tax rate: 0.66%
• Monthly mortgage payment: $9,391
• Monthly rent: $5,860
• Annual cost of necessities (excluding housing): $21,265.65

• Population: 13,591
• Housing units: 5,360
• Median estimated home value: $1,965,200
• 20% down payment: $393,040
• Property tax rate: 0.75%
• Monthly mortgage payment: $8,447
• Monthly rent: $7,206
• Annual cost of necessities (excluding housing): $21,325.51

• Population: 4,648
• Housing units: 1,698
• Median estimated home value: $2,055,900
• 20% down payment: $411,180
• Property tax rate: 0.66%
• Monthly mortgage payment: $8,683
• Monthly rent: $5,735
• Annual cost of necessities (excluding housing): $21,898.57

Pictured: Nearby city of Redwood City, California

• Population: 30,401
• Housing units: 12,691
• Median estimated home value: $2,189,100
• 20% down payment: $437,820
• Property tax rate: 0.66%
• Monthly mortgage payment: $9,242
• Monthly rent: $5,501
• Annual cost of necessities (excluding housing): $21,709.11

• Population: 6,111
• Housing units: 2,130
• Median estimated home value: $1,100,700
• 20% down payment: $220,140
• Property tax rate: 1.97%
• Monthly mortgage payment: $5,850
• Monthly rent: $6,849
• Annual cost of necessities (excluding housing): $23,155.93

• Population: 1,830
• Housing units: 717
• Median estimated home value: $1,103,600
• 20% down payment: $220,720
• Property tax rate: 2.24%
• Monthly mortgage payment: $6,114
• Monthly rent: $5,024
• Annual cost of necessities (excluding housing): $23,827.76

Pictured: Nearby city of Glen Cove, New York

• Population: 17,856
• Housing units: 5,782
• Median estimated home value: $1,013,700
• 20% down payment: $202,740
• Property tax rate: 1.97%
• Monthly mortgage payment: $5,388
• Monthly rent: $7,587
• Annual cost of necessities (excluding housing): $23,295.33

• Population: 3,248
• Housing units: 1,351
• Median estimated home value: $1,701,500
• 20% down payment: $340,300
• Property tax rate: 2.2%
• Monthly mortgage payment: $9,369
• Monthly rent: $6,602
• Annual cost of necessities (excluding housing): $21,633.58

• Population: 13,092
• Housing units: 4,222
• Median estimated home value: $1,426,900
• 20% down payment: $285,380
• Property tax rate: 2.7%
• Monthly mortgage payment: $8,452
• Monthly rent: $6,429
• Annual cost of necessities (excluding housing): $22,380

• Population: 9,205
• Housing units: 4,149
• Median estimated home value: $2,344,400
• 20% down payment: $468,880
• Property tax rate: 0.78%
• Monthly mortgage payment: $10,135
• Monthly rent: $8,782
• Annual cost of necessities (excluding housing): $20,678.10

• Population: 10,272
• Housing units: 3,495
• Median estimated home value: $1,212,400
• 20% down payment: $242,480
• Property tax rate: 2.24%
• Monthly mortgage payment: $6,717
• Monthly rent: $5,079
• Annual cost of necessities (excluding housing): $24,124.83

• Population: 13,331
• Housing units: 4,943
• Median estimated home value: $2,220,600
• 20% down payment: $444,120
• Property tax rate: 0.75%
• Monthly mortgage payment: $9,545
• Monthly rent: $7,881
• Annual cost of necessities (excluding housing): $21,525.10

• Population: 4,338
• Housing units: 2,838
• Median estimated home value: $2,392,700
• 20% down payment: $478,540
• Property tax rate: 0.76%
• Monthly mortgage payment: $10,304
• Monthly rent: $10,598
• Annual cost of necessities (excluding housing): $20,202.91

• Population: $7,114
• Housing units: $2,459
• Median estimated home value: $1,139,300
• 20% down payment: $227,860
• Property tax rate: 2.24%
• Monthly mortgage payment: $6,312
• Monthly rent: $5,563
• Annual cost of necessities (excluding housing): $24,354.15

Pictured: Nearby city of Old Westbury, New York

• Population: 16,004
• Housing units: 5,718
• Median estimated home value: $1,638,700
• 20% down payment: $327,740
• Property tax rate: 1.97%
• Monthly mortgage payment: $8,709
• Monthly rent: $9,158
• Annual cost of necessities (excluding housing): $21,745.51

• Population: 752
• Housing units: 564
• Median estimated home value: $1,698,200
• 20% down payment: $339,640
• Property tax rate: 1.12%
• Monthly mortgage payment: $7,823
• Monthly rent: $14,385
• Annual cost of necessities (excluding housing): $20,282.89

Pictured: Nearby city of Delray Beach, Florida

• Population: 15,277
• Housing units: 3,690
• Median estimated home value: $2,916,000
• 20% down payment: $583,200
• Property tax rate: 0.75%
• Monthly mortgage payment: $12,534
• Monthly rent: $7,603
• Annual cost of necessities (excluding housing): $20,428.80

• Population: 2,428
• Housing units: 1,214
• Median estimated home value: $2,445,000
• 20% down payment: $489,000
• Property tax rate: 0.76%
• Monthly mortgage payment: $10,530
• Monthly rent: $10,463
• Annual cost of necessities (excluding housing): $20,394.86

Pictured: Nearby city of Encinitas, California

• Population: 4,785
• Housing units: 1,609
• Median estimated home value: $1,190,400
• 20% down payment: $238,080
• Property tax rate: 2.24%
• Monthly mortgage payment: $6,595
• Monthly rent: $4,967
• Annual cost of necessities (excluding housing): $24,678.37

Pictured: Nearby city of Old Westbury, New York

• Population: 8,984
• Housing units: 4,312
• Median estimated home value: $3,024,900
• 20% down payment: $604,980
• Property tax rate: 0.68%
• Monthly mortgage payment: $12,825
• Monthly rent: $11,539
• Annual cost of necessities (excluding housing): $18,797.53

• Population: 31,013
• Housing units: 11,282
• Median estimated home value: $2,628,200
• 20% down payment: $525,640
• Property tax rate: 0.75%
• Monthly mortgage payment: $11,297
• Monthly rent: $6,420
• Annual cost of necessities (excluding housing): $21,709.72

• Population: 7,922
• Housing units: 2,872
• Median estimated home value: $1,447,400
• 20% down payment: $289,480
• Property tax rate: 2.24%
• Monthly mortgage payment: $8,018
• Monthly rent: $5,748
• Annual cost of necessities (excluding housing): $24,217.21

Pictured: Manhasset Bay, New York

• Population: 5,550
• Housing units: 2,142
• Median estimated home value: $3,024,300
• 20% down payment: $604,860
• Property tax rate: 0.66%
• Monthly mortgage payment: $12,775
• Monthly rent: $7,560
• Annual cost of necessities (excluding housing): $21,505.59

• Population: 1,982
• Housing units: 617
• Median estimated home value: $1,550,100
• 20% down payment: $310,020
• Property tax rate: 1.97%
• Monthly mortgage payment: $8,239
• Monthly rent: $6,087
• Annual cost of necessities (excluding housing): $24,563.03

Pictured: Nearby city of Huntington, New York

• Population: 3,551
• Housing units: 1,346
• Median estimated home value: $3,004,500
• 20% down payment: $600,900
• Property tax rate: 0.75%
• Monthly mortgage payment: $12,914
• Monthly rent: $7,013
• Annual cost of necessities (excluding housing): $21,716.29

Pictured: Nearby city of Los Gatos, California

• Population: 30,527
• Housing units: 11,045
• Median estimated home value: $3,102,500
• 20% down payment: $620,500
• Property tax rate: 0.75%
• Monthly mortgage payment: $13,323
• Monthly rent: $7,534
• Annual cost of necessities (excluding housing): $21,323.03

• Population: 3,661
• Housing units: 1,352
• Median estimated home value: $1,541,600
• 20% down payment: $308,320
• Property tax rate: 1.97%
• Monthly mortgage payment: $8,193
• Monthly rent: $6,542
• Annual cost of necessities (excluding housing): $24,507.37

Pictured: Nearby city of Oyster Bay, New York

• Population: 8,593
• Housing units: 9,828
• Median estimated home value: $1,155,300
• 20% down payment: $231,060
• Property tax rate: 1.12%
• Monthly mortgage payment: $5,322
• Monthly rent: $21,884
• Annual cost of necessities (excluding housing): $20,285.72

• Population: 1,535
• Housing units: 570
• Median estimated home value: $1,796,200
• 20% down payment: $359,240
• Property tax rate: 2.24%
• Monthly mortgage payment: $9,951
• Monthly rent: $7,574
• Annual cost of necessities (excluding housing): $23,949.87

• Population: 4,711
• Housing units: 1,139
• Median estimated home value: $2,059,800
• 20% down payment: $411,960
• Property tax rate: 2.24%
• Monthly mortgage payment: $11,411
• Monthly rent: $8,150
• Annual cost of necessities (excluding housing): $23,820.98

• Population: 2,156
• Housing units: 1,079
• Median estimated home value: $3,330,500
• 20% down payment: $666,100
• Property tax rate: 0.78%
• Monthly mortgage payment: $14,398
• Monthly rent: $11,396
• Annual cost of necessities (excluding housing): $21,125.57

• Population: 12,871
• Housing units: 7,448
• Median estimated home value: $2,884,000
• 20% down payment: $576,800
• Property tax rate: 0.75%
• Monthly mortgage payment: $12,396
• Monthly rent: $11,811
• Annual cost of necessities (excluding housing): $22,180.45

• Population: 1,684
• Housing units: 704
• Median estimated home value: $3,140,600
• 20% down payment: $628,120
• Property tax rate: 0.75%
• Monthly mortgage payment: $13,511
• Monthly rent: $11,953
• Annual cost of necessities (excluding housing): $22,025.67

• Population: 1,676
• Housing units: 594
• Median estimated home value: $3,182,200
• 20% down payment: $636,440
• Property tax rate: 0.75%
• Monthly mortgage payment: $13,690
• Monthly rent: $14,738
• Annual cost of necessities (excluding housing): $21,380.05

Pictured: Nearby city of Calabasas, California

• Population: 4,589
• Housing units: 1,930
• Median estimated home value: $3,724,100
• 20% down payment: $744,820
• Property tax rate: 0.66%
• Monthly mortgage payment: $15,723
• Monthly rent: $9,963
• Annual cost of necessities (excluding housing): $22,205.66

• Population: 8,490
• Housing units: 3,389
• Median estimated home value: $4,238,800
• 20% down payment: $847,760
• Property tax rate: 0.75%
• Monthly mortgage payment: $18,203
• Monthly rent: $10,785
• Annual cost of necessities (excluding housing): $21,687.71

• Population: 759
• Housing units: 783
• Median estimated home value: $5,030,300
• 20% down payment: $1,006,060
• Property tax rate: 1.12%
• Monthly mortgage payment: $23,165
• Monthly rent: $20,447
• Annual cost of necessities (excluding housing): $18,251.58

• Population: 7,182
• Housing units: 2,522
• Median estimated home value: $5,920,200
• 20% down payment: $1,184,040
• Property tax rate: 0.66%
• Monthly mortgage payment: $25,002
• Monthly rent: $15,819
• Annual cost of necessities (excluding housing): $22,052.01

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Methodology: To find the most expensive small towns in America, GOBankingRates looked at towns with 500-15,000 housing units, according to the 2018 American Community Survey. Once these small towns were located, GOBankingRates used Zillow’s October 2019 housing data to find each city’s median home value as of October 2019. All cities with a median home value below $1 million or without data were discarded. GOBankingRates then found each remaining small town’s median rent listing for single-family residences, as sourced from Zillow. All small towns without this data were then discarded. GOBankingRates analyzed the remaining small towns across the following factors: (1) annual mortgage cost, found using SmartAsset’s mortgage calculator and the median list price from Zillow, along with applicable property taxes sourced from SmartAsset’s property tax calculator based on a constant mortgage rate of 3.68%, as sourced from the Federal Reserve Bank of St. Louis on Dec. 5, 2019; (2) annual rent for a single-family residence, as sourced from Zillow; and (3) annual cost-of-living expenditures (minus housing), based on the Bureau of Labor Statistics’ 2018 Consumer Expenditure Survey and local cost-of-living indices, as sourced from Sperling’s Best Places. These three factors were then scored and combined, with the highest scores being the most expensive. Factor No. 1 was weighted 1 1/2 times in the final calculations. All data used to conduct this study was compiled and verified on Dec. 5, 2019.