News Summary
A recent study highlights Vineyard Haven, Massachusetts, as the most expensive micropolitan area for homeowners, with median housing prices reaching nearly $1 million. This stunning coastal locale rivals major cities like San Francisco and Los Angeles. The report notes that housing affordability reveals a shocking reality: home values in Vineyard Haven are approximately 11 times the area’s median income. Following Vineyard Haven are Jackson, Wyoming, and Breckenridge, Colorado, known for their natural beauty and attractiveness to affluent buyers. This trend challenges the notion that small towns offer affordable living.
Vineyard Haven: The Hidden Gem with Sky-High Housing Prices
If you thought Washington, D.C. or Los Angeles were the only cities where you needed a fortune to own a home, think again! A recent study by LendingTree shines a spotlight on some lesser-known places, or micropolitan areas, that have home prices rivaling those of major coastal cities. And topping the list is none other than Vineyard Haven, Massachusetts.
What’s the Big Deal About Vineyard Haven?
With a jaw-dropping median home value of $998,100, Vineyard Haven isn’t just a charming seaside locale; it’s a place where homeownership feels more like a luxury lifestyle choice than a standard achievement. To put it in perspective, the median home price in the San Francisco metropolitan area is slightly higher at $1.073 million. However, when we look at how these prices stack up against local incomes, the picture becomes even more interesting.
Housing Affordability: A Ratio That Tells a Tale
While home prices in San Francisco are already steep at nearly nine times the local median income, Vineyard Haven takes it to the next level at approximately 11 times the area’s median income! This means that buying a home there feels like trying to climb a mountain wearing flip-flops.
Ranking High by Price: Jackson and Breckenridge
Following Vineyard Haven, the beautiful town of Jackson, Wyoming and the stunning Breckenridge, Colorado clinch the next spots on the list, with respective home values of $847,300 and $760,000. You might not be surprised to learn that Jackson’s outdoor adventures and breathtaking landscapes attract both tourists and affluent newcomers alike. Interestingly, these prices are comparable to what you’d find in a bustling hub like Los Angeles, where the median value is around $772,000.
For a bit of context, the home value-to-income ratio in Los Angeles stands at 8.7, while smaller towns like Breckenridge and Jackson boast more appealing ratios of 7.6 and 8.3 respectively. This may indicate that, on a relative scale, these towns offer a touch more affordability compared to big city living.
More Than Just Vacation Spots
A curious trend emerges when we glance at the list of the top 20 most expensive micropolitan areas. Most of these locations are set amidst breathtaking natural beauty or are prime vacation destinations, proving that even small towns can attract sky-high prices.
The Complete List: Who Else Made the Cut?
Here’s the rundown of the top 20 most expensive micropolitan areas for homeowners:
- 1. Vineyard Haven, MA – $998,100
- 2. Jackson, WY – $847,300
- 3. Breckenridge, CO – $760,000
- 4. Steamboat Springs, CO – $691,800
- 5. Hailey, ID – $534,900
- 6. Gardnerville Ranchos, NV – $529,600
- 7. Hood River, OR – $492,500
- 8. Ellensburg, WA – $417,600
- 9. Los Alamos, NM – $412,700
- 10. Astoria, OR – $407,700
- 11. Juneau, AK – $404,600
- 12. Fredericksburg, TX – $399,400
- 13. Kill Devil Hills, NC – $386,600
- 14. Easton, MD – $382,000
- 15. Sandpoint, ID – $378,200
- 16. Prineville, OR – $368,200
- 17. Ketchikan, AK – $361,000
- 18. Brookings, OR – $353,200
- 19. Sheridan, WY – $342,400
- 20. Montrose, CO – $338,000
The Takeaway
In conclusion, as the data suggests, charming micropolitan areas are not necessarily more affordable than large metropolises. So the next time you’re daydreaming about moving to a peaceful small town, remember that the price tag might just surprise you.
Deeper Dive: News & Info About This Topic
HERE Resources
Home Prices in Kill Devil Hills, NC, Soar as Market Heats Up
Additional Resources
- New York Times: Most Expensive U.S. Towns
- Juneau Empire: Juneau’s Home Prices
- Boston 25 News: America’s Most Expensive Town
- Newser: Cost of Living in U.S. Towns
- KGW: Oregon’s Most Expensive Towns
