LendingTree survey ranks the 50th most expensive US towns
Living outside the big cities can be more affordable, but not always.
A new survey from LendingTree has analyzed the median home values of America’s small-town housing markets and ranked the 50 most expensive.
It also looked at the median income in towns to determine housing affordability.
The three most expensive towns are all close to some of the most stunning natural beauty in the country, including oceans and mountain ranges: Vineyard Haven, Mass., Summit Park, Utah, and Breckenridge, Colo.
These towns do attract high levels of wealth but most people there are earning below the national household average income.
Mostly unaffordable
Across the 50 towns in the ranking, median income earners cannot afford to buy or rent in 42 of them, suggesting that workers in these towns commute in rather than live there.
Many people living in the towns featured in the study would have an easier time affording a home in a major metropolitan area than in their current area.
Top 3 market stats
No. 1: Vineyard Haven, Mass.
- Total population: 17,321
- Median individual income: $39,045
- Median home value: $674,600
- Affordable housing costs for a median income earner: $911
- Calculated mortgage payment for a median priced home: $2,767
- Median rent payment: $1,441
- Home affordability deficit: -$1,856
- Rent affordability deficit: -$530
No. 2: Summit Park, Utah
- Total population: 41,349
- Median individual income: $41,654
- Median home value: $558,300
- Affordable housing costs for a median income earner: $972
- Calculated mortgage payment for a median priced home: $2,290
- Median rent payment: $1,230
- Home affordability deficit: -$1,381
- Rent affordability deficit: -$258
No. 3: Breckenridge, Colo.
- Total population: 31,004
- Median individual income: $31,611
- Median home value: $547,700
- Affordable housing costs for a median income earner: $738
- Calculated mortgage payment for a median priced home: $2,246
- Median rent payment: $1,343
- Home affordability deficit: -$1,509
- Rent affordability deficit: -$605
