An obscure town in Massachusetts holds the highest real estate values, outranking some of the biggest cities in the U.S.
The small town of Vineyard Haven, located within Tisbury on the island of Martha’s Vineyard, has been named the most expensive place to live in the country, according to a new study.
The research, published by LendingTree, found that the median home value in the quaint town is $857,600 – which is an average of 8.57 times higher than the median household income in the area.
The average household income of residents in Vineyard Haven, with a population of a little more than 20,000, is $77,392, the study found.
Other towns in Wyoming, Colorado, Washington and Nevada also made the list, and are said to be pricey because they are common vacation destinations and home to ‘affluent individuals.’
The small town of Vineyard Haven, located within Tisbury on the island of Martha’s Vineyard, has been named the most expensive place to live in the country
Other towns in Wyoming , Colorado , Washington and Nevada also made the list, and are said to be pricey because they are common vacation destinations and home to ‘affluent individuals’
The median home value in the quaint town is $857,600, which is an average of 8.57 times higher than the median household income in the area
‘These types of buyers can buy up a town’s limited housing supply and drive up home prices in doing so, making housing difficult to afford for locals who aren’t high income earners,’ the study said.
Vineyard Haven is known for its maritime views and history, shopping, small businesses and restaurants.
According to Boston.com, the town is the most expensive area in Martha’s Vineyard.
The median value of homes in Vineyard Haven is comparable to the median home value in the Bay Area, which is $933,300, according to the study.
Home values in Jackson, Wyoming came in second place, with the median household value being $670,100.
The town, located in the state’s Jackson Hole Valley, is known for its ski resorts and proximity to national parks, state parcels, national forests and the national elk refuge.
The study found that home values in Jackson are comparable to the median home price in Los Angeles which came in at $671,700.
Home values in Jackson, Wyoming came in second place, with the median household value being $670,100
The town, located in the state’s Jackson Hole Valley, is known for its ski resorts and proximity to national parks, state parcels, national forests and the national elk refuge. (pictured: a home in Jackson Hole)
The town of Breckenridge, Colorado came in third place with a median home value of $641,900, which is similar to San Diego’s median price of $627,200. (pictured: skiers and snowboarders at the Breckenridge Ski Resort)
According to LendingTree, with a population of 34,809, the median household income for residents in Jackson is $87,143.
The town of Breckenridge, Colorado came in third place with a median home value of $641,900, which is similar to San Diego’s median price of $627,200.
With a total population of 31,042, the median household income is $93,505, the study found.
The town is located at the base of the Rocky Mountains’ Tenmile Range and is also known for its ski resorts and cultural history.
In fourth place came a Colorado city, Steamboat Springs. The median income in the city is $83,725, the study said.
With a population of 24,899, the median home values at $570,600 – comparable to the median household value in Seattle, Washington which is $518,000.
In fourth place came a Colorado city, Steamboat Springs. The median income in the city is $83,725. (pictured: downtown Steamboat Springs)
Hailey, Idaho came in fifth place with a median household price of $487,600. (pictured: Private jets line up on the tarmac to depart the Hailey/Sun Valley airport)
Steamboat Springs is located in the northern part of Yampa Valley and is home to ski resorts and the geothermal hot springs.
Hailey, Idaho came in fifth place with a median household price of $487,600.
The city, located in the Wood River Valley of the state, has a population of 24,912 with a median income of $70,866.
The town is known for its vast outdoor life and activities like biking, hiking and horseback riding.
Other towns that made the list were located in states like Nevada, Oregon, Alaska, New Mexico Maryland and Texas.