PORTLAND, Ore. (KOIN) — Turns out, the idea that housing is inherently less expensive in towns than in cities is largely fiction, according to a new study by LendingTree.
For this analysis, LendingTree compiled the data from the U.S. Census Bureau 2022 American Community Survey on 50 U.S. towns with populations between 10,000 and 50,000.
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The top three United States towns with the highest home values are Vineyard Haven, Mass. ($998,100), Jackson, Wyo. ($847,300) and Breckenridge, Colo. ($760,000).
But among the top 25, five Oregon towns made the list:
7) Hood River
Total population: 23,965
Median home value: $492,500
Metro with comparable median home value: Portland, Ore.
10) Astoria
Total population: 41,190
Median home value: $407,700
Metro with comparable median home value: Austin, Tex.
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16) Prineville
Total population: 24,987
Median home value: $368,200
Metro with comparable median home value: Las Vegas, Nev.
18) Brookings
Total population: 23,404
Median home value: $353,200
Metro with comparable median home value: Baltimore, Md.
25) The Dalles
Total population: 26,639
Median home value: $298,200
Metro with comparable median home value: Dallas, Tex.
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Honorable mention:
39) La Grande
Total population: 26,286
Median home value: $243,400
Metro with comparable median home value: New Orleans, La.
The full top 25 towns are as follows:
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Vineyard Haven, Mass.
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Jackson, Wyo.
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Breckenridge, Colo.
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Steamboat Springs, Colo.
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Hailey, Idaho
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Gardnerville Ranchos, Nev.
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Hood River, Ore.
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Ellensburg, Wash.
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Los Alamos, N.M.
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Astoria, Ore.
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Juneau, Alaska
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Fredericksburg, Tex.
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Kill Devil Hills, N.C.
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Easton, Md.
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Sandpoint, Idaho
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Prineville, Ore.
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Ketchikan, Alaska
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Brookings, Ore.
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Sheridan, Wyo.
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Montrose, Colo.
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Taos, N.M.
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Moscow, Idaho
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Brevard, N.C.
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Pullman, Wash.
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The Dalles, Ore.
Overall, the study found that many towns across the country have some home average home values that rival, or even exceed, those of some of the nation’s 50 largest metropolitan areas, including Los Angeles ($772,000) and San Francisco ($1,073,300).
This is likely due to many expensive towns being popular vacation spots for more affluent individuals. According to LendingTree, these buyers can purchase the housing supply that typically comes with a rural area and further drive up prices.
Additionally, even rural towns that aren’t popular vacation spots can see high prices solely due to limited real estate and housing in the area. This creates competition among buyers, and again, further increases prices.
Despite these results, the study did state that not all real estate in smaller towns is “prohibitively expensive.” However, the current high-rate, high-price housing market does make it a bit more challenging.
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