When you think of expensive places in the United States, your mind might automatically picture major metropolitan areas like New York, Los Angeles, and San Francisco. And while those places are certainly known for their high cost of living, they are definitely not the only places that are pricey, according to a new study conducted by LendingTree that set out to find the most expensive small town in America.
For the study, the finance experts at LendingTree used data from the U.S. Census Bureau’s most recent American Community Survey to find the stateside towns with a population lower than 50,000 that have the highest median home value. They also calculated the "home value-to-income ratio" for each town by dividing an area’s median home value by its median household income. Therefore, the larger the ratio, the more expensive homes are relative to a town's median income.
Read on to discover the most expensive small town in the U.S.
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25 | Laramie, Wyoming
ShutterstockMedian home value: $235,000
In this Wyoming town, the median household income is $49,322, or about one-fifth of Laramie's median home value.
24 | Dickinson, North Dakota
ShutterstockMedian home value: $237,800
The median home value in Dickinson, North Dakota is comparable to the much larger U.S. city of Richmond, Virginia, which has a median home value of $237,500.
23 | Taos, New Mexico
ShutterstockMedian home value: $239,500
Taos has an especially high home value-to-income ratio of 6.25. That means that the median home value in this New Mexico town is more than six times the median household income of its residents, which is $38,329.
RELATED: This Is the Most Expensive State in America, According to Data.
22 | Montrose, Colorado
ShutterstockMedian home value: $240,100
The median household income of Montrose, Colorado is $51,647. If you're looking to find a larger U.S. city with comparable home value, a good place to start would be Nashville, Tennessee, where the median home value is $240,800.
21 | Prineville, Oregon
ShutterstockMedian home value: $246,100
With its median home value of $246,100 and a median household income of $49,006, the home value-to-income ratio in Prineville, Oregon is 5.02.
20 | Williston, North Dakota
Tom Reichner / Shutterstock.comMedian home value: $247,400
On the other hand, Williston, North Dakota has the second lowest home value-to-income ratio among the most expensive small towns in the U.S.: 2.84. The town has a median household income of $87,161, which is definitely on the higher end of the spectrum compared to other towns on this list.
19 | Newport, Oregon
ShutterstockMedian home value: $251,200
Homes in Newport, Oregon are comparable in price to those in Philadelphia, where the median home value is slightly less at $250,70o.
18 | Sandpoint, Idaho
Shutterstock.comMedian home value: $254,200
In Sandpoint, Idaho, the median home value is more than five times the median household income ($50,256) of the town's residents.
17 | Brookings, Oregon
ShutterstockMedian home value: $265,400
Another of several Oregon towns to make this list, Brookings has a median household income of $48,440 and a home value-to-income ratio of 5.48.
16 | Sheridan, Wyoming
ShutterstockMedian home value: $272,400
Sheridan's median home value ($272,400) and home value-to-income ratio (4.48) are close to Providence, Rhode Island's, where those figures are $276,900 and 4.08, respectively.
15 | Astoria, Oregon
ShutterstockMedian home value: $283,900
Believe it or not, but a median-priced home in Astoria, Oregon costs more than one in Miami, Florida, where the median value is $280,400.
14 | Ellensburg, Washington
ShutterstockMedian home value: $286,900
This Washington town has a median household income of $56,000 and a home value-to-income ratio of 5.12. Its median home value is comparable to that of Austin, Texas, which is $281,500.
13 | Fredericksburg, Texas
ShutterstockMedian home value: $286,900
Fredericksburg has the same median home value as Ellensburg, Washington, but a higher median household income of $59,155, giving it a lower home value-to-income ratio of 4.85.
RELATED: This Is the Most Overpriced College in Your State, According to Data.
12 | Kill Devil Hills, North Carolina
ShutterstockMedian home value: $289,000
This coastal North Carolina town stacks up closely with Fredericksburg, Texas with a median household income of $59,381 and a home value-to-income ratio of 4.87.
11 | Ketchikan, Alaska
iStockMedian home value: $289,900
Ketchikan is the first of two Alaskan towns to make the list of the top 25 most expensive small towns in the U.S. It has a relatively high median household income of $72,728.
10 | Los Alamos, New Mexico
ShutterstockMedian home value: $302,800
Los Alamos may only be the tenth most expensive small town on this list, but it takes the top spot in the income category. At $121,324, Los Alamos' residents have the highest annual median household income on this list.
9 | Easton, Maryland
ShutterstockMedian home value: $336,800
On average, homes in Easton, Maryland cost as much as they do in Riverside, California. The median home values of the two areas are $336,800 and $341,300, respectively.
8 | Juneau, Alaska
iStockMedian home value: $345,900
Juneau, the second Alaskan town on this list, has a median household income of $88,390, a median home value of $345,900, and a home value-to-income ratio of 3.91.
7 | Hood River, Oregon
ShutterstockMedian home value: $373,600
As the fourth and final Oregon town on this list, Hood River has a median household income of $65,679 and a home value of $373,600, which is nearly $5,000 more than the one in the much larger city of Portland, Oregon.
6 | Gardnerville Ranchos, Nevada
ShutterstockMedian home value: $378,800
The median home value in Gardnerville Ranchos is nearly six times the median household income ($68,810) in the Nevada town.
5 | Hailey, Idaho
ShutterstockMedian home value: $413,700
At 7.52, the home value-to-income ratio in Hailey, Idaho is the second highest of all the towns on this list. In other words, the median home value ($413,700) in the town is nearly eight times the median household income ($54,987).
4 | Steamboat Springs, Colorado
ShutterstockMedian home value: $535,300
This popular ski destination has a home value is high, especially considering the median household income is $77,443. Steamboat Springs also has a comparable home value to that of San Diego, California, which is $563,700.
3 | Jackson, Wyoming
iStockMedian home value: $549,800
Another sought after ski getaway, Jackson, Wyoming has a median household income of $81,427 and a home value-to-income ratio of 6.75.
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2 | Breckenridge, Colorado
ShutterstockMedian home value: $579,600
Rounding out the trio of western mountain resort towns at the top of this list is Breckenridge, Colorado. Like both Jackson and Steamboat Springs, it has a median home value comparable to San Diego. It also has a median household income of $79,277 and a home value-to-income ratio of 7.31—the third highest among the most expensive small towns in the U.S.
1 | Vineyard Haven, Massachusetts
Michael Sean OLeary / ShutterstockMedian home value: $699,500
The most expensive small town in the U.S. is Vineyard Haven, Massachusetts, on Martha's Vineyard, and by a fairly significant margin, to boot. The median home value ($699,500) is more than $100,000 more than the second most expensive town, and more than $80,000 more than notoriously expensive Los Angeles.
In addition, the median household income in Vineyard Haven is only $71,811, giving it the largest home value-to-income ratio on this list at 9.74.
RELATED: This City Has the Most Overpriced Homes in America, According to Data.
