Vineyard Haven Named Most Expensive Town In Country

MARTHA'S VINEYARD, MA — While real estate prices seem to skyrocket and a housing market that shows no signs of cooling down, a new study by LendingTree dug into data to find the 50 U.S. towns with populations between 10,000 and 50,000 with the most expensive median home values.

Martha's Vineyard's Vineyard Haven sits at number one.

For years, the idea of moving further away from the city for more of a laid-back country-styled living seemed like the cheaper idea, but this study shows that might not be the case anymore.

In raw dollars, the study found Vineyard Haven, Massachusetts, Breckenridge, Colorado, and Jackson, Wyoming, to be the most expensive towns in the U.S. The median home prices in these towns are $699,500, $579,600 and $549,800, respectively. Meaning a median-priced home in Vineyard Haven costs more than one in Los Angeles $613,400.

The study found that on average, buying a home in one of the country's 50 most expensive towns is almost as expensive as buying a home in one of the nation's 50 largest metros.

The study found the nation's most expensive towns tend to be popular vacation spots for affluent people who often don't make their money locally and who can afford to spend significant sums of money on homes.

The types of people buying these homes drive up the prices and make housing difficult to afford for locals trying to scrape by.

A lack of housing supply also proved to make home prices more expensive in areas that aren't prominent vacation spots.

According to the study, rural areas often see a significant lack of housing development because construction is expensive and not profitable enough for the builders.

To see the full study and read tips for home buyers, check out LendingTree's full report here.