You might think that America’s big, cosmopolitan cities like New York or Los Angeles are always the most expensive to live in, but new research has found otherwise. An analysis has just disproved the myth about the affordability of small cities or towns compared to large cities or highly populated areas where the cost of living or some basic services is considered high.
The company compared the value of homes in several small cities to find the most expensive in the United States. Using data from the Census Bureau, It identified 50 relatively small cities, with populations ranging between 10,000 and 50,000 residents, where housing turned out to be more expensive, even in some of them exceeding the high housing prices in large cities. cities.
Vineyard in Haven, Massachusetts was ranked number one on the list of most expensive small towns in the US, with a median home value of $700,000. According to the report, a median-priced home costs more than a conventional home in Los Angeles, where prices range from $613,400. Breckenridge, Colorado and Jackson, Wyoming followed with housing costs of $580,000 and $550,000. The report indicates that these prices are higher than those of conventional houses in San Diego, California ($563 thousand dollars).
In the top two towns, including Hailey, Idaho, which came in at number five on the list, median home prices average 8.19 times higher than annual household income, so buyers often “stretch their budgets to to be able to buy a house. It was found that the median household income in the nation’s most expensive cities is $61,122, almost $9,000 less than the median household income in the 50 largest metropolitan areas.
5. Hailey, Idaho
Median family income: $54,987 dollars.
Median home value: $413,700.
Metro with comparable median home value: Washington DC.
Median home value – comparable meter: $424,000.
4. Steamboat Springs, Colorado
Median family income: $77,443 dollars.
Median home value: $535,300.
Metro with comparable median home value: San Diego.
Median home value – comparable meter: $563,700.
3. Jackson, Wyoming
Median family income: $81,427 dollars.
Median home value: $549,800.
Metro with comparable median home value: San Diego.
Median home value – comparable meter: $563,700.
2. Breckenridge, Colorado
Median family income: $79,277 dollars.
Median home value: $579,600.
Metro with comparable median home value: San Diego.
Median home value – comparable meter: $563,700.
1. Vineyard Haven, Massachusetts
Median family income: $71,811.
Median home value: $699,500.
Metro Comparable Median Home Value: Los Angeles
Median home value – comparable meter: $613,400.