Big city dwellers can dream of cutting their spending by moving to the countryside. However, owning a home in a small town can be just as expensive as owning a big city – and in some cases real estate can be more expensive.
That’s according to a study by LendingTree, which analyzed home prices in some of the country’s most expensive small towns.
Analysis shows that the most expensive small towns tend to be popular vacation spots for the wealthy, where homebuyers make their living elsewhere.
For example, Vineyard Haven, Mass., Breckenridge, Colorado, and Jackson, Wyo. average prices of $ 699,500, $ 579,600, and $ 549,800, respectively.
In comparison, someone can spend $ 613,400 on a home in Los Angeles or $ 563,700 on a property in San Diego.
Here are the 10 most expensive small towns in America:
- Vineyard Haven, MA
- Breckenridge, CO
- Jackson, WY
- Steamboat Springs, CO
- Hailey, ID
- Gardnerville Ranchos, NV
- Hood River, OR
- Juneau, AK
- Easton, MD
- Los Alamos, New York
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While living in a small town can be expensive, there are some ways you can reduce the cost of owning a home. Buyers can look for mortgages to get the best interest rate possible.
You can also consider a federal-sponsored loan from the U.S. Department of Agriculture for a lower down payment and lower interest rates on a rural home. In addition, some closing costs may be negotiable.
LendingTree analyzed data from the US Census Bureau’s 2019 American Community Survey. To estimate the city-level data, the company looked at locations with a population between 10,000 and 50,000.
LendingTree rated each home-to-income ratio by dividing the median home ownership by household income. The larger the ratio, the more expensive the homes were in relation to the median income.