Houses in the most expensive small towns in the country may cost as much as houses in our nation’s biggest cities.
Prices of Owning Homes in Small Towns Can Rival Prices in Biggest Metros
Dreams of moving to the country and slashing housing expenses? Not so fast. Like everything else concerning real estate, it’s all about location, location, location. Where “out in the country” you and/or your clients choose to live will likely determine whether or not you cut your housing expenses.
In a new study released by LendingTree, home prices in small towns “out in the middle of nowhere” can be just as expensive or more than home prices in major metros.
Ten Most Expensive Small Towns in US, according to LendingTree
- Vineyard Haven MA
- Breckenridge CO
- Jackson WY
- Steamboat Springs CO
- Hailey ID
- Gardnerville Ranchos NV
- Hood River OR
- Juneau AK
- Eston MD
- Los Alamos NM
You’ll notice that many of the small towns on this list are vacation playgrounds for the wealthy, not where affluent homebuyers and homeowners actually make their money.
LendingTree’s Data Analysis
LendingTree looked at towns with populations between 10,000 and 50,000 as well as data from the US Census Bureau’s 2019 American Community Survey.
Each home’s value-to-income ratio was assessed by dividing median home values by household incomes. The larger the ratio, the more expensive the houses were compared to median income.
Ways to Reduce Expensive Small Town Living
First and foremost, shop around for a mortgage to obtain the best possible rate.
Negotiate closing costs
Consider a government-backed loan via the US Department of Agriculture for possibly a lower down payment and cheaper interest rates for a rural home.
Thanks to LendingTree and CNBC.
