LendingTree Ranks the 50 Most Expensive Towns in America
Key Findings
Vineyard Haven, Mass. ,Summit Park ,Utah , andBreckenridge, Colo. , are the three most expensive towns in the country. Each of these towns is known for its proximity to natural features like mountain ranges or the ocean. While high levels of wealth tend to pool in these towns, the majority from these areas make an income well under the national household average.- The majority of the towns featured in this study are unaffordable for the median income earner living in them. Both renting and owning a home are out of reach for median income earners in 42 of the 50 towns looked at in this study. This suggests that many people who work in the towns featured in these studies don't necessarily live there, and instead commute.
- As our study makes clear, living in a small town does not necessarily make the cost of living more affordable. Many people living in the towns featured in our study would have an easier time affording a home in a major metropolitan area than in their current area. That being said, some of these towns are still relatively affordable like
Los Alamos, N.M. orGillette, Wyo.
- Total population: 17,321
- Median individual income:
$39,045 - Median home value:
$674,600 - Affordable housing costs for a median income earner:
$911 - Calculated mortgage payment for a median priced home:
$2,767 - Median rent payment:
$1,441 - Home affordability deficit: -
$1,856 - Rent affordability deficit: -
$530
No. 2:
- Total population: 41,349
- Median individual income:
$41,654 - Median home value:
$558,300 - Affordable housing costs for a median income earner:
$972 - Calculated mortgage payment for a median priced home:
$2,290 - Median rent payment:
$1,230 - Home affordability deficit: -
$1,381 - Rent affordability deficit: -
$258
No. 3:
- Total population: 31,004
- Median individual income:
$31,611 - Median home value:
$547,700 - Affordable housing costs for a median income earner:
$738 - Calculated mortgage payment for a median priced home:
$2,246 - Median rent payment:
$1,343 - Home affordability deficit: -
$1,509 - Rent affordability deficit: -
$605
For the full detailed list and methodology, please visit https://www.lendingtree.com/home/mortgage/most-expensive-towns-in-america/.
Methodology
Data for this comes from the 2017
By subtracting the monthly housing payment that is affordable to an income earner in the geographies highlighted in our study from the calculated housing payment that would be required to purchase a home valued at the median level, we are able to determine whether or not an average townsperson can afford to purchase a home in the town that they live in.
About
MEDIA CONTACT:
Megan.greuling@lendingtree.com
704-943-8208
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