Two island getaways off the coast of Massachusetts rank as the nation's most expensive small towns.
Nantucket and Vineyard Haven have the priciest homes among all U.S. towns, according to a new report from the personal finance site LendingTree. The median home costs $1.6 million in Nantucket, and $1.2 million in Vineyard Haven.
The nation’s most expensive towns defy common wisdom about living costs, which suggests that towns are generally cheaper than cities. A typical home costs more in Nantucket than in San Jose, which LendingTree tags as the nation’s priciest large metropolitan area.
"There are definitely small towns that are as expensive as the most expensive big cities in this country," said Matt Schulz, chief consumer finance analyst at LendingTree.
"And in many cases, it’s not driven by the people who live there."
Many of the priciest towns rank as prime vacation spots, with populations that swell in summer (or winter) with visitors seeking sand, surf or snow. They often sit near roaring rivers or majestic mountains.
"If you’re looking at Nantucket, Martha’s Vineyard, Breckenridge, Steamboat Springs, most of these are vacation places, and high-end vacation places," Schulz said.
Definitions of "town" vary widely. For this analysis, LendingTree looked at places with populations between 10,000 and 49,999. The ranking excludes expensive suburbs, such as Scarsdale, New York, that are part of larger metropolitan areas.
These are the 10 most expensive towns in the United States
Here, then, are the 10 most expensive towns in the nation, based on median home value.
Nantucket, Massachusetts. With a median home value of $1.6 million, Nantucket is the most expensive town in the United States. The island getaway swells in population from 14,000 to 80,000 or more in July and August. More than half of homes are seasonal.
Vineyard Haven, Massachusetts. This town, part of Martha’s Vineyard, is the second-most expensive U.S. town, with a median home value of $1.2 million. It’s another island retreat, with more than half of homes put to seasonal use.
Jackson, Wyoming. The third-most expensive U.S. town is better-known as Jackson Hole, the name of the valley where it sits. Once populated by Native Americans, Jackson is known today for its ski resorts. Its median home is worth $1.1 million.
Breckenridge, Colorado. Another skier’s paradise, Breckenridge is the fourth-most expensive U.S. town, with a median home value of $748,200. Nearly half of them are seasonal.
Hood River, Oregon. This town sits at the crossing of the Columbia River Gorge and the Cascade mountain range, and it’s known as the windsurfing capital of the world. It’s the fifth-most expensive U.S. town, with a median home value of $660,000.
Hailey, Idaho. This town sits in the Central Idaho Rockies, straddling national forests in the Wood River Valley. The median home value is $607,600.
Steamboat Springs, Colorado. Here’s another ski town, one that apparently doubles as a "green mountain paradise" in warmer months. It is the seventh-most expensive town, with a median home value of $564,500.
Port Townsend, Washington. Located on the Olympic Peninsula, Port Townsend offers "Victorian charm with an urban vibe," according to a tourist site. One magazine called it the Paris of the Pacific Northwest. The median home costs $535,000.
Ellensburg, Washington. Two hours from Seattle, set along the Yakima River, Ellensburg is both a college town and a rodeo town. It’s the ninth-most expensive town in the nation, with a median home value of $497,400.
Los Alamos, New Mexico. Los Alamos, not far from Santa Fe, sits at the foot of Pajarito Mountain in a land of canyons and mesas. It’s best-known, though, as birthplace of the Manhattan Project. It ranks as the 10th-most expensive U.S. town, with a median home value of $495,800.
These noteworthy towns didn't make the top 10
Didn’t see your favorite small-town paradise in the top 10? It may lurk farther down the list. Here are a few other notable towns that ranked among LendingTree’s top 50 for median home value.
11. Astoria, Oregon. This is Oregon’s oldest city and "the first permanent U.S. settlement west of the Rockies," according to a tourist site. It sits at the mouth of the Columbia River. Median home value: $468,300.
13. Kill Devil Hills, North Carolina. Surely the name alone would beckon visitors to Kill Devil Hills, a town on North Carolina’s Outer Banks. It’s a beach resort, and the site of the inaugural human flight. Median home value: $460,400.
16. Cody, Wyoming. This is the town founded by Col. William "Buffalo Bill" Cody. It still offers rodeos and (fake) gun fights set amid authentic frontier storefronts. Median home value: $400,500.
20. Taos, New Mexico. Taos is home to Taos Pueblo, a World Heritage Site, and a plethora of galleries and museums. Median home value: $382,800.
29. Crescent City, California. This coastal town, just south of the Oregon border, sits near lush redwood forests and boasts an 1856 lighthouse. Median home value: $342,000.
31. Laramie, Wyoming. Laramie is home to the University of Wyoming. It’s also a magnet for outdoor enthusiasts. Median home value: $333,000.
46. Bennington, Vermont. Home to Bennington College, Bennington is tucked between the Taconic and Green mountains. It was the site of a Revolutionary War battle, and it’s a must-see for Donna Tartt buffs. Median home value: $279,900.
This article originally appeared on USA TODAY: Nantucket, anyone? Here are the 10 most expensive towns in the nation
