Living in a small town may not always mean saving big.
That’s because many of the U.S.’s most expensive small cities are seasonal or resort destinations known for their affluent residents and clientele.
The two most expensive small cities are Nantucket and Vineyard Haven, located on the islands of Nantucket and Martha’s Vineyard off of Massachusetts’ Cape Cod. Known for their seasonal residents, the cities have median home values above $1 million, according to a September LendingTree analysis that compared home values in cities with populations between 10,000 and 50,000.
Several of the top 10 most expensive small cities are located near prominent ski and snowboard areas. Jackson, Wyoming, is a 20-minute drive from Jackson Hole Mountain Resort; Hailey, Idaho, is near Sun Valley Ski Resort; both Breckenridge and Steamboat Springs are ski towns with resorts in Colorado.
Not all of the most expensive small cities on LendingTree’s list are vacation destinations, however. Ellensburg, Washington, which was ninth on the list with a median home value of $459,900, is home to Central Washington University and partly supported by an agricultural economy, according to the city.
Los Alamos, New Mexico, with a median home value of $452,500, is home to the Los Alamos National Laboratory, where the atomic bomb was developed. Today, the research facility employs around 18,000 people, according to the laboratory’s website.
Here are the 10 most expensive small cities in the U.S., along with the median home value in each one.
Nantucket, Massachusetts: $1,387,000Vineyard Haven, Massachusetts: $1,104,100Jackson, Wyoming: $954,600Breckenridge, Colorado: $706,800Hood River, Oregon: $571,200Hailey, Idaho: $544,300Port Townsend, Washington: $495,100Steamboat Springs, Colorado: $482,300Ellensburg, Washington: $459,900Los Alamos, New Mexico: $452,500
‘A bunch of normal people with rich people that visit sometimes’
While destinations like Martha’s Vineyard are known for their affluent seasonal residents, not everyone who lives on the island is, “super wealthy,” resident Tyla Packish told CNBC Make It earlier this year. “Really, it’s a bunch of normal people with rich people that visit sometimes.”
Packish, who grew up on Martha’s Vineyard, said much of the island’s economy is backed by year-round residents who work service jobs to support the island’s coffee shops, banks and grocery stores.
Because of the high cost of property on the island, Packish, who earns $85,000 a year working in advertising and social media, said she lives rent-free in an apartment her father owns over the island’s off-season, but moves in with her parents during the summer.
“I wouldn’t be able to live on Martha’s Vineyard with my salary,” she said.
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