Buying a home in a small town isn’t necessarily cheaper than purchasing in a big city. Sometimes, small-town living can come with the higher price tag, according to a new study from LendingTree.
The online lending marketplace recently analyzed 50 towns with populations under 50,000 that had the most expensive median home values. Researchers then ranked the towns based on where home values were the highest. They also compared home values in these towns with those in the nation’s 50 largest cities.
Researchers found that buying a home in one of the nation’s 50 priciest towns is more costly than buying a home in one of the nation’s largest metros. Small towns like Vineyard Haven, Mass.; Summit Park, Utah; and Jackson, Wyo., boast some of the highest home prices in the nation. Their median home prices--$667,400, $598,900, and $563,100, respectively—are in line with Los Angeles, the study notes.
Source: “LendingTree Finds America’s Most Expensive Small Towns Have Pricier Housing Than 50 Largest U.S. Cities,” LendingTree (Dec. 1, 2020)