These 10 American Towns Have the Most Expensive Homes
You might expect that moving to a town — where the pace of life is slower and the amenities are not as rich — would allow you to purchase a home for less than what you’d find in a metro area. And while that might be true in some instances, it doesn’t always turn out that way.
To find out, GOBankingRates referenced a recent LendingTree study, which analyzed the U.S. Census Bureau American Community Survey data to identify the 50 U.S. towns with populations between 10,000 and 50,000 that had the most expensive median home values. You might be surprised to learn that these towns have home prices that either compare to or exceed prices for houses in some of the major metro areas in the U.S.
Here are the top 10 American towns that have the most expensive homes.
Los Alamos, New Mexico
- Median home value: $343,100
Los Alamos, which is in northern New Mexico, has a population of 19,169 and a median income of $123,677. In general, a good home value-to-income ratio is between 2 and 3, so Los Alamos is not far off in that regard at 2.7. The metro with comparable median home values is Austin, Texas, at $326,400, which has a median household income of $85,398 and a home value-to-income ratio of 3.8.
Ellensburg, Washington
- Median home value: $352,900
Ellensburg, located in central Washington, has a population of 44,147. The median income for the town is $64,134, while the home value-to-income ratio is 5.5. Salt Lake City, Utah, is the metro with a comparable median home value of $361,600, a median household income of $85,398 and a home value-to-income ratio of 4.38.
Juneau, Alaska
- Median home value: $358,200
Juneau, Alaska’s capital, is located in the northeastern part of the state. It has a population of 32,240 and a median income of $90,126. The home value-to-income ratio is 3.97. The metro city with a comparable median home value of $361,600 is Salt Lake City, which has a median household income of $85,398 and a home value-to-income ratio of 4.38.
Hood River, Oregon
- Median home value: $444,300
Hood River, with a population of 23,915, is located in the Columbia River Gorge about 60 miles east of Portland. The median income for the town is $77,815 and its home value-to-income ratio is 5.7. The metro with a comparable median home value of $443,400 is Denver, Colorado, which has a median household income of $88,512 and a home value-to-income ratio of 5.0.
Gardnerville Ranchos, Nevada
- Median home value: $445,800
Gardnerville, population 49,158, has something in common with Hood River: Median home value. That means that the metro with a comparable median home value is also Denver, Colorado. The median income in the Nevada town is $75,688.
Hailey, Idaho
- Median home value: $491,700
Hailey is located in the Wood River Valley in Central Idaho. It has a population of 24,912 and a median income of $70,866. The home value-to-income ratio is 6.9, which is over double the generally accepted standard of between 2 and 3. The metro with a comparable median home value is Boston at $487,600. Median household income is much higher, though, at $99,039, which results in a lower home value-to-income ratio of 4.9.
Steamboat Springs, Colorado
- Median home value: $570,600
Located in the northwest corner of Colorado, Steamboat Springs has a population of 24,899. The median income is $83,725 and the median home value is $570,600. The home value-to-income ratio is 6.8. The metro with a comparable median home value of $518,000 is Seattle. Even though median home values are lower in Seattle than in Steamboat Springs, its median household income is higher at $97,675, which makes its home value-to-income ratio lower at 5.3.
Breckenridge, Colorado
- Median home value: $641,900
The ski resort town of Breckenridge has a population of 31,042 and a median income of $93,505. The home value-to-income ratio is 6.8. San Diego is the metro with a comparable, but lower, median home value of $627,200 and a median household income of $88,240. However, the home value-to-income ratio in San Diego is higher at 7.1.
Jackson, Wyoming
- Median home value: $670,100
Located in the northwest corner of Wyoming, Jackson has a population of 34,809 and a median income of $87,143. The home value-to-income ratio is 7.6. Los Angeles is the metro with a comparable median home value of $671,700 and a median household income of $81,652. The lower median income level elevates L.A.’s home value-to-income ratio to 8.2.
Vineyard Haven, Massachusetts
- Median home value: $857,600
Ranking as the No.1 American town for most expensive homes, Vineyard Haven has the lowest population on the list of 20,277, second only to Los Alamos. Its median income is $77,392 while its home value-to-income ratio is a whopping 11. San Francisco is the metro with a comparable median home value of $933,300, which is higher than Vineyard Haven. Additionally, it has a higher median household income of $118,547 and its home value-to-income ratio is a more reasonable 7.7.
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*All facts were sourced from [1] unless otherwise noted.*
