Which U.S. Towns Have Home Values that Compete with America’s Priciest Metros?
Towns are often perceived as quieter, slower-paced, and, crucially, more affordable than cities, according to a recent LendingTree analysis. However, this perception does not always reflect the reality of home buying. The study revealed that certain towns in the U.S. boast some of the highest housing values in the country. For instance, in Nantucket, MA, the median home value approaches $1.6 million, surpassing that of San Jose, CA, which is recognized as the most expensive major metropolitan area in the nation.
While some towns demand astonishing prices, others remain relatively affordable. We investigated not only the locations with the highest home values but also how these prices compare to local incomes to determine where homeownership is most and least feasible.
Residing in a town does not automatically equate to lower home purchasing costs. In fact, there are instances where home prices in towns can be exceedingly high, rivaling those found in any U.S. city. Research indicates that Nantucket, MA, Vineyard Haven, MA, and Jackson, WY, possess the highest median home values among towns in the U.S. The median home values in these areas are $1,593,800, $1,165,800, and $1,075,500, respectively.
These figures are considerable by any measure. The median home value in Nantucket surpasses that of San Jose, CA ($1,447,800), which is recognized as the most expensive major metro area in the country. Vineyard Haven’s median home value exceeds that of San Francisco ($1,140,700), the second most expensive metro area, while Jackson’s value is only marginally lower.
Among the ten most expensive towns, Nantucket and Vineyard Haven are the sole representatives located east of the Mississippi River. When broadening the scope to include the 50 most expensive towns, Colorado and Wyoming collectively contribute 11 entries—with six from Wyoming and five from Colorado.
America’s Top 10 Most Expensive Towns for Home Purchases:
| Rank | Town | Median home value | Vacancy rate (%) | % that are seasonal, recreational or occasional |
|---|---|---|---|---|
| 1 | Nantucket, MA | $1,593,800 | 58.3% | 55.0% |
| 2 | Vineyard Haven, MA | $1,165,800 | 57.4% | 54.4% |
| 3 | Jackson, WY | $1,075,500 | 28.0% | 22.4% |
| 4 | Breckenridge, CO | $748,200 | 57.0% | 45.8% |
| 5 | Hood River, OR | $660,000 | 13.1% | 4.1% |
| 6 | Hailey, ID | $607,600 | 32.4% | 26.8% |
| 7 | Steamboat Springs, CO | $564,500 | 28.5% | 19.5% |
| 8 | Port Townsend, WA | $535,000 | 16.4% | 9.5% |
| 9 | Ellensburg, WA | $497,400 | 19.0% | 13.3% |
| 10 | Los Alamos, NM | $495,800 | 5.3% | 2.0% |
Note: Vacancy rates and the share of housing units used for seasonal, recreational or occasional purposes are calculated as percentages of total housing units.
Town with Elevated Home Values vs. Affordable Areas
The seven-figure property values in Nantucket, Vineyard Haven, and Jackson stand out as anomalies among the towns we examined. Each of these three locations has a median home value exceeding $1 million, whereas approximately two-thirds of the towns in our study report median home values below $400,000. In 14 towns, the median home value falls below $300,000.
Winnemucca, NV, Gillette, WY, and Brattleboro, VT, exhibit the lowest median home values in our analysis, recorded at $278,300, $279,100, and $279,600, respectively. Lewisburg, TN ($279,800), and Bennington, VT ($279,900), are only slightly higher. Collectively, the median home values in these five towns amount to $1.397 million, which is still less than the median home value in Nantucket alone. The home values in these towns are similar to those in San Antonio, where the median home value is $278,800. This Texas city has historically been recognized as one of the most affordable major urban areas.
To assess home affordability, LendingTree analysts evaluated median home prices in relation to median household incomes, resulting in a home value-to-income ratio for each town and metropolitan area. Elevated ratios signify diminished affordability. The analysis revealed that the towns with the highest costs are also the least affordable. Nantucket, Vineyard Haven, and Jackson exhibit median home value-to-income ratios of 11.4, 9.3, and 9.1, respectively. This indicates that median home values in these communities exceed median household incomes by more than nine times. The respective median household incomes are $139,688, $125,786, and $118,796.
These ratios are exceptionally high, surpassing those of San Jose and San Francisco, which are the most expensive major metropolitan areas in the country, with ratios of 8.9 and 8.4, respectively. A straightforward explanation for this phenomenon may be that the purchasers of these high-value properties are not permanent residents. Buyers of vacation homes and real estate investors can drive up local home prices, but since they are not counted as residents, their incomes do not contribute to the local median household income statistics. This discrepancy can exacerbate the divide between home values and the incomes of local residents.
Top 10 Most Expensive Towns Nationwide:
| Rank | Town | Population | Median home value | Median household income | Median value-to-income ratio | Metro with comparable median home value | Median value (comparable metro) | Median income (comparable metro) | Median value-to-income ratio (comparable metro) |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Nantucket, MA | 14,483 | $1,593,800 | $139,688 | 11.4 | San Jose, CA | $1,447,800 | $162,111 | 8.9 |
| 2 | Vineyard Haven, MA | 20,933 | $1,165,800 | $125,786 | 9.3 | San Francisco, CA | $1,140,700 | $136,027 | 8.4 |
| 3 | Jackson, WY | 35,821 | $1,075,500 | $118,796 | 9.1 | San Francisco, CA | $1,140,700 | $136,027 | 8.4 |
| 4 | Breckenridge, CO | 38,397 | $748,200 | $105,544 | 7.1 | Seattle, WA | $717,500 | $115,177 | 6.2 |
| 5 | Hood River, OR | 23,905 | $660,000 | $88,947 | 7.4 | Boston | $646,300 | $115,863 | 5.6 |
| 6 | Hailey, ID | 31,433 | $607,600 | $88,522 | 6.9 | Denver | $603,800 | $105,762 | 5.7 |
| 7 | Steamboat Springs, CO | 38,291 | $564,500 | $95,400 | 5.9 | Portland, OR | $559,400 | $97,436 | 5.7 |
| 8 | Port Townsend, WA | 33,577 | $535,000 | $74,048 | 7.2 | Riverside, CA | $536,300 | $89,662 | 6.0 |
| 9 | Ellensburg, WA | 47,172 | $497,400 | $73,804 | 6.7 | Salt Lake City | $515,400 | $98,083 | 5.3 |
| 10 | Los Alamos, NM | 19,435 | $495,800 | $147,139 | 3.4 | Salt Lake City | $515,400 | $98,083 | 5.3 |
While the towns with the least affordability are predominantly located in New England and the West, the towns that are most affordable on our list exhibit geographical diversity. They span from Vermont to Nevada and from Minnesota to Texas. Gillette (3.1) and Williston, ND (3.3), are identified as the most affordable towns in our analysis, both possessing home value-to-income ratios that are less than one-third of Nantucket’s. Following closely are Los Alamos, NM, Red Wing, MN, and Winnemucca, each with a ratio of 3.4.
In four of these five towns—all except Los Alamos—the median home values are $285,100 or lower, while the median household incomes range from $80,000 to $90,000 annually. These four towns are positioned in the top half of the 50 towns evaluated for median household income, while their median home values rank among the 10 lowest. Overall, this combination renders homeownership relatively attainable.
However, Los Alamos is an exception. It boasts the highest median household income of any town in our analysis ($147,139), yet it also has the 10th-highest median home value ($495,800). The presence of Los Alamos National Laboratory, a significant scientific research institution, likely influences both the elevated incomes and the higher home values due to its concentration of well-compensated scientists, engineers, and other professionals.
In conclusion, this analysis indicates that the listed price of a home reveals only a portion of the overall picture. Certain towns possess home values that compete with those found in the largest cities across the nation, whereas others are unexpectedly budget-friendly. Regardless of whether homebuyers are purchasing in a town, suburb, or a major metro area, doing the proper research beforehand can further assist in enhancing affordability.
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