Two island getaways off the coast of Massachusetts rank as the most expensive small towns in the United States.
Nantucket and Vineyard Haven have the priciest homes among all U.S. towns, according to a new report from the personal finance site LendingTree.
The nation’s most expensive towns defy common wisdom about living costs, which suggests towns generally are cheaper than cities. A typical home costs more in Nantucket than in San Jose, California, which LendingTree tags as the nation’s priciest large metropolitan area.
"There are definitely small towns that are as expensive as the most expensive big cities in this country," said Matt Schulz, chief consumer finance analyst at LendingTree. "And in many cases, it’s not driven by the people who live there."
The median home value in Nantucket, Mass., is $1.6 million.
Many of the priciest towns rank as prime vacation spots, with populations that swell in summer or winter with visitors who seek sand and surf, or snow.
People are also reading…
"If you’re looking at Nantucket, Martha’s Vineyard, Breckenridge, Steamboat Springs, most of these are vacation places, and high-end vacation places," Schulz said.
Definitions of "town" vary widely. For this analysis, LendingTree looked at places with populations between 10,000 and 49,999. The ranking excludes expensive suburbs, such as Scarsdale, New York, that are part of larger metropolitan areas.
Top of the list
Here are the 10 most expensive towns in the U.S., based on median home value:
1. Nantucket, Massachusetts
With a median home value of $1.6 million, this town is the most expensive in the U.S. The island getaway swells in population from 14,000 to 80,000 or more in July and August. More than half of homes are seasonal.
2. Vineyard Haven, Massachusetts
Part of Martha’s Vineyard, this is the second-most expensive U.S. town, with a median home value of $1.2 million. It’s another island retreat, with more than half of homes put to seasonal use.
3. Jackson, Wyoming
Better known as Jackson Hole, the name of the valley where it sits, and once populated by Native Americans, it’s esteemed for its ski resorts. Its median home is worth $1.1 million.
Jackson, Wyoming ranked third in a recent LendingTree list of expensive towns.
4. Breckenridge, Colorado
Another skier’s paradise, its median home value is $748,200. Almost half of the homes are seasonal.
5. Hood River, Oregon
At the crossing of the Columbia River Gorge and the Cascade mountain range, it’s known as the windsurfing capital of the world. The median home value is $660,000.
6. Hailey, Idaho
In the Central Idaho Rockies, straddling national forests in the Wood River Valley, the town’s median home value is $607,600.
7. Steamboat Springs, Colorado
Another ski town, one that apparently doubles as a "green mountain paradise" in warmer months, its median home value is $564,500.
8. Port Townsend, Washington
On the Olympic Peninsula, this town offers "Victorian charm with an urban vibe," according to a tourist site. One magazine called it the Paris of the Pacific Northwest. The median home price is $535,000.
9. Ellensburg, Washington
Two hours from Seattle, set along the Yakima River, this is both a college town and a rodeo town. Its median home value is $497,400.
10. Los Alamos, New Mexico
Not far from Santa Fe, at the foot of Pajarito Mountain in a land of canyons and mesas, this town is best known as the birthplace of the Manhattan Project. Its median home value is $495,800.
Other noteworthies
Didn’t see your favorite small-town paradise in the top 10? It may lurk further down the list. Here are a few other notable towns among LendingTree’s top 50 for median home value:
11. Astoria, Oregon: Oregon’s oldest city and "the first permanent U.S. settlement west of the Rockies," according to a tourist site, its median home value is $468,300.
13. Kill Devil Hills, North Carolina: Surely the name alone would beckon visitors to Kill Devil Hills, a town on North Carolina’s Outer Banks. It’s a beach resort and the site of the inaugural human flight. Its median home value is $460,400.
16. Cody, Wyoming: Founded by Col. William "Buffalo Bill" Cody, this town still offers rodeos and (fake) gunfights set amid authentic frontier storefronts. Its median home value is $400,500.
20. Taos, New Mexico: Home to Taos Pueblo, a World Heritage Site, and a plethora of galleries and museums, this town’s median home value is $382,800.
29. Crescent City, California: Near lush redwood forests and boasting an 1856 lighthouse, this coastal town’s median home value is $342,000.
31. Laramie, Wyoming: This town is home to the University of Wyoming and is a magnet for outdoor enthusiasts. The median home value is $333,000.
46. Bennington, Vermont: Home to Bennington College, this town is tucked between the Taconic and Green mountains. It’s associated with a Revolutionary War battle and is also a must-see for Donna Tartt buffs. The median home value is $279,900.
