15. Ketchikan, Alaska
Total population 2018: 13,804
Median household income: $70,356
Median home value: $272,300
Home value to income ratio: 3.87
(Photo: Shutterstock)
14. Ellensburg, Washington
Total population 2018: 44,825
Median household income: $55,193
Median home value: $275,000
Home value to income ratio: 4.98
(Photo: Shutterstock)
13. Fredericksburg, Texas
Total population 2018: 26,208
Median household income: $58,325
Median home value: $276,100
Home value to income ratio: 4.73
(Photo: Shutterstock)
12. Los Alamos, New Mexico
Total population 2018: 18,356
Median household income: $115,248
Median home value: $292,200
Home value to income ratio: 2.54
(Photo: Shutterstock)
11. Easton, Maryland
Total population 2018: 37,211
Median household income: $67,204
Median home value: $331,500
Home value to income ratio: 4.93
(Photo: Shutterstock)
10. Hailey, Idaho
Total population 2018: 28,201
Median household income: $51,207
Median home value: $340,800
Home value to income ratio: 6.66
(Photo: Shutterstock)
9. Juneau, Alaska
Total population 2018: 32,330
Median household income: $88,213
Median home value: $344,000
Home value to income ratio: 3.9
(Photo: Shutterstock)
8. Gardnerville Ranchos, Nevada
Total population 2018: 47,828
Median household income: $62,503
Median home value: $346,500
Home value to income ratio: 5.54
(Photo: Shutterstock)
7. Hood River, Oregon
Total population 2018: 23,131
Median household income: $62,935
Median home value: $355,100
Home value to income ratio: 5.64
(Photo: Shutterstock)
6. Heber, Utah
Total population 2018: 30,523
Median household income: $77,449
Median home value: $388,900
Home value to income ratio: 5.02
(Photo: Shutterstock)
5. Steamboat Springs, Colorado
Total population 2018: 24,874
Median household income: $74,273
Median home value: $510,600
Home value to income ratio: 6.87
(Photo: Shutterstock)
4. Breckenridge, Colorado
Total population 2018: 30,429
Median household income: $77,589
Median home value: $563,000
Home value to income ratio: 7.26
(Photo: Shutterstock)
3. Jackson, Wyoming
Total population 2018: 34,139
Median household income: $78,452
Median home value: $563,100
Home value to income ratio: 7.18
(Photo: Shutterstock)
2. Summit Park, Utah
Total population 2018: 40,511
Median household income: $100,453
Median home value: $598,900
Home value to income ratio: 5.96
(Photo: Shutterstock)
1. Vineyard Haven, Maryland
Total population 2018: 17,313
Median household income: $71,224
Median home value: $667,400
Home value to income ratio: 9.37
(Photo: Shutterstock)
Many Americans think that town life is simpler, more idyllic and less expensive than big-city life.
LendingTree, an online loan marketplace, conducted research to determine whether towns with populations of less than 50,000 really are less expensive than cities.
It found that in numerous instances, towns are even more expensive than the cities they are located near.
The study ranked the 50 U.S. towns with the most expensive median home values.
It also looked at the median income in those towns to determine how attainable homeownership is for the average resident.
“What we found,” LendingTree said in a statement this week: “The towns with the most expensive home prices are unaffordable to median income earners who live in those areas.”
LendingTree said the study indicated that town residents can experience the same kinds of issues related to housing affordability and wealth inequality as city dwellers — and sometimes they are more prevalent in towns than in cities.
The research showed that an average of the median home prices across the 50 towns in the study was $271,224, compared with the average median home prices of $269,180 in the nation’s 50 largest cities.
And although the most expensive towns in the U.S. are often more expensive than the largest cities, people who live in towns tend to earn less income than they would in a city.
The median household income across the nation’s most expensive towns averages $60,150, nearly $7,000 less than the average median household income across the nation’s 50 largest cities.
See the gallery for the 15 most expensive towns in the U.S. ranked by home prices.
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