50 Most Expensive Small Towns in America

Joel Anderson
·15 min read
Harwood Court in Scarsdale, Westchester county, New York State, USA.
Harwood Court in Scarsdale, Westchester county, New York State, USA.

If you?re a city dweller, you might sometimes be tempted to give up the rat race for small-town life. Sure, some of that thinking may revolve around Norman Rockwell images of quaint main streets, family-owned shops and diners where everyone knows each other. Based on the current housing market in many major U.S. metropolises, however, you?re probably focused on the potential of buying a modestly priced home in a cost-friendly area.

But you shouldn?t assume that living in a small town always equates to affordable housing and lower expenses. Not all small towns are priced the same. There are several areas, in particular, where your mortgage wouldn?t feel out of place in some of the nation?s most expensive urban real estate markets.

GOBankingRates identified the priciest small towns in America by calculating typical mortgage and rent costs in places with 500-15,000 housing units. The study also determined the total cost of necessities like groceries, healthcare, utilities and transportation in those small towns. Overall, the places featured in GOBankingRates? study might be small in size, but they?re enormous when it comes to cost: The 50 most expensive small towns in the U.S. all feature a median estimated home value in excess of $1 million. You might have to ramp up your earnings significantly to live in these rich small towns.

Last updated: Oct. 29, 2020

PIEDMONT, CA - Jan.
PIEDMONT, CA - Jan.

50. Piedmont, California

  • Population: 11,296

  • Housing units: 3,988

  • Median estimated home value: $2,129,200

  • 20% down payment: $425,840

  • Property tax rate: 0.78%

  • Monthly mortgage payment: $9,205

  • Monthly rent: $6,563

  • Annual cost of necessities (excluding housing): $19,996.76

Harrison, New York
Harrison, New York

49. Harrison, New York

  • Population: 28,319

  • Housing units: 8,969

  • Median estimated home value: $1,075,500

  • 20% down payment: $215,100

  • Property tax rate: 1.97%

  • Monthly mortgage payment: $5,716

  • Monthly rent: $6,211

  • Annual cost of necessities (excluding housing): $22,127.73

San Carlos, California, USA - May 05, 2019: A pond in Filoli estate garden on sunny day with blue sky - Image.
San Carlos, California, USA - May 05, 2019: A pond in Filoli estate garden on sunny day with blue sky - Image.

48. San Carlos, California

  • Population: 29,954

  • Housing units: 11,894

  • Median estimated home value: $1,772,700

  • 20% down payment: $354,540

  • Property tax rate: 0.66%

  • Monthly mortgage payment: $7,487

  • Monthly rent: $5,087

  • Annual cost of necessities (excluding housing): $21,769.33

SPRING LAKE, NEW JERSEY-AUGUST 20 - A crowd of sunbathers and swimmers enjoy a warm beach day on August 20 2016 in Spring Lake New Jersey.
SPRING LAKE, NEW JERSEY-AUGUST 20 - A crowd of sunbathers and swimmers enjoy a warm beach day on August 20 2016 in Spring Lake New Jersey.

47. Spring Lake, New Jersey

  • Population: 2,980

  • Housing units: 2,203

  • Median estimated home value: $1,889,400

  • 20% down payment: $377,880

  • Property tax rate: 2.06%

  • Monthly mortgage payment: $10,184

  • Monthly rent: $9,312

  • Annual cost of necessities (excluding housing): $18,657.97

Darien, CT, USA January 26, 2014 The modern Rowayton United Church in Darien, Connecticut sits under a blanket of fresh snow - Image.
Darien, CT, USA January 26, 2014 The modern Rowayton United Church in Darien, Connecticut sits under a blanket of fresh snow - Image.

46. Darien, Connecticut

  • Population: 21,742

  • Housing units: 7,045

  • Median estimated home value: $1,271,800

  • 20% down payment: $254,360

  • Property tax rate: 1.73%

  • Monthly mortgage payment: $6,505

  • Monthly rent: $6,246

  • Annual cost of necessities (excluding housing): $21,895.62

Clyde Hill, Washington
Clyde Hill, Washington

45. Clyde Hill, Washington

  • Population: 3,231

  • Housing units: 1,263

  • Median estimated home value: $2,577,400

  • 20% down payment: $515,480

  • Property tax rate: 0.95%

  • Monthly mortgage payment: $11,508

  • Monthly rent: $8,114

  • Annual cost of necessities (excluding housing): $18,566.15

San Mateo California
San Mateo California

44. Highlands-Baywood Park, California

  • Population: 4,245

  • Housing units: 1,488

  • Median estimated home value: $1,933,500

  • 20% down payment: $386,700

  • Property tax rate: 0.66%

  • Monthly mortgage payment: $8,166

  • Monthly rent: $5,299

  • Annual cost of necessities (excluding housing): $21,608.05

Pictured: Nearby city of San Mateo, California

July 30, 2018 Los Gatos / CA / USA - Entrance to the Old Town Center Shopping and Dining area in downtown Los Gatos, south San Francisco bay - Image.
July 30, 2018 Los Gatos / CA / USA - Entrance to the Old Town Center Shopping and Dining area in downtown Los Gatos, south San Francisco bay - Image.

43. Los Gatos, California

  • Population: 30,709

  • Housing units: 12,941

  • Median estimated home value: $1,872,800

  • 20% down payment: $374,560

  • Property tax rate: 0.75%

  • Monthly mortgage payment: $8,050

  • Monthly rent: $5,026

  • Annual cost of necessities (excluding housing): $21,901.26

Beach Cottages at Captiva in the Summer - Image.
Beach Cottages at Captiva in the Summer - Image.

42. Captiva, Florida

  • Population: 194

  • Housing units: 1,520

  • Median estimated home value: $1,111,600

  • 20% down payment: $222,320

  • Property tax rate: 0.97%

  • Monthly mortgage payment: $4,982

  • Monthly rent: $13,056

  • Annual cost of necessities (excluding housing): $20,455.97

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Alamo, California.
Alamo, California.

41. Alamo, California

  • Population: 15,521

  • Housing units: 5,644

  • Median estimated home value: $1,707,600

  • 20% down payment: $341,520

  • Property tax rate: 0.87%

  • Monthly mortgage payment: $8,922

  • Monthly rent: $5,941

  • Annual cost of necessities (excluding housing): $21,249.09

Aerial drone photography Medina Washington USA - Image.
Aerial drone photography Medina Washington USA - Image.

40. Medina, Washington

  • Population: 3,217

  • Housing units: 1,290

  • Median estimated home value: $2,707,300

  • 20% down payment: $541,460

  • Property tax rate: 0.95%

  • Monthly mortgage payment: $12,088

  • Monthly rent: $8,252

  • Annual cost of necessities (excluding housing): $18,813.87

Sunrise over the Anahulu Stream Bridge in Haleiwa, Oahu, Hawaii - Image.
Sunrise over the Anahulu Stream Bridge in Haleiwa, Oahu, Hawaii - Image.

39. Haleiwa, Hawaii

  • Population: 3,625

  • Housing units: 1,201

  • Median estimated home value: $1,220,500

  • 20% down payment: $244,100

  • Property tax rate: 0.29%

  • Monthly mortgage payment: $4,778

  • Monthly rent: $2,771

  • Annual cost of necessities (excluding housing): $24,910.74

Aerial: Sandhill Road, home of the venture capital firms, in Menlo Park, Silicon Valley.
Aerial: Sandhill Road, home of the venture capital firms, in Menlo Park, Silicon Valley.

38. Menlo Park, California

  • Population: 33,661

  • Housing units: 12,760

  • Median estimated home value: $2,223,700

  • 20% down payment: $444,740

  • Property tax rate: 0.66%

  • Monthly mortgage payment: $9,391

  • Monthly rent: $5,860

  • Annual cost of necessities (excluding housing): $21,265.65

Neptune Statue in Malaga Cove Plaza in Palos Verdes, Los Angeles - Image.
Neptune Statue in Malaga Cove Plaza in Palos Verdes, Los Angeles - Image.

37. Palos Verdes Estates, California

  • Population: 13,591

  • Housing units: 5,360

  • Median estimated home value: $1,965,200

  • 20% down payment: $393,040

  • Property tax rate: 0.75%

  • Monthly mortgage payment: $8,447

  • Monthly rent: $7,206

  • Annual cost of necessities (excluding housing): $21,325.51

Homes along the ridge, Redwood City, California - Image.
Homes along the ridge, Redwood City, California - Image.

36. Emerald Lake Hills, California

  • Population: 4,648

  • Housing units: 1,698

  • Median estimated home value: $2,055,900

  • 20% down payment: $411,180

  • Property tax rate: 0.66%

  • Monthly mortgage payment: $8,683

  • Monthly rent: $5,735

  • Annual cost of necessities (excluding housing): $21,898.57

Pictured: Nearby city of Redwood City, California

Burlingame,California,USA - December 10, 2017 : View of the Main Street of Burlingame - Image.
Burlingame,California,USA - December 10, 2017 : View of the Main Street of Burlingame - Image.

35. Burlingame, California

  • Population: 30,401

  • Housing units: 12,691

  • Median estimated home value: $2,189,100

  • 20% down payment: $437,820

  • Property tax rate: 0.66%

  • Monthly mortgage payment: $9,242

  • Monthly rent: $5,501

  • Annual cost of necessities (excluding housing): $21,709.11

The Gazebo at Larchmont, New York, USA - Image.
The Gazebo at Larchmont, New York, USA - Image.

34. Larchmont, New York

  • Population: 6,111

  • Housing units: 2,130

  • Median estimated home value: $1,100,700

  • 20% down payment: $220,140

  • Property tax rate: 1.97%

  • Monthly mortgage payment: $5,850

  • Monthly rent: $6,849

  • Annual cost of necessities (excluding housing): $23,155.93

Welwyn Preserve County Park.
Welwyn Preserve County Park.

33. Lattingtown, New York

  • Population: 1,830

  • Housing units: 717

  • Median estimated home value: $1,103,600

  • 20% down payment: $220,720

  • Property tax rate: 2.24%

  • Monthly mortgage payment: $6,114

  • Monthly rent: $5,024

  • Annual cost of necessities (excluding housing): $23,827.76

Pictured: Nearby city of Glen Cove, New York

Harwood Court in Scarsdale, Westchester county, New York State, USA.
Harwood Court in Scarsdale, Westchester county, New York State, USA.

32. Scarsdale, New York

  • Population: 17,856

  • Housing units: 5,782

  • Median estimated home value: $1,013,700

  • 20% down payment: $202,740

  • Property tax rate: 1.97%

  • Monthly mortgage payment: $5,388

  • Monthly rent: $7,587

  • Annual cost of necessities (excluding housing): $23,295.33

park in saddle river, new jersey - Image.
park in saddle river, new jersey - Image.

31. Saddle River, New Jersey

  • Population: 3,248

  • Housing units: 1,351

  • Median estimated home value: $1,701,500

  • 20% down payment: $340,300

  • Property tax rate: 2.2%

  • Monthly mortgage payment: $9,369

  • Monthly rent: $6,602

  • Annual cost of necessities (excluding housing): $21,633.58

Short Hills, New Jersey
Short Hills, New Jersey

30. Short Hills, New Jersey

  • Population: 13,092

  • Housing units: 4,222

  • Median estimated home value: $1,426,900

  • 20% down payment: $285,380

  • Property tax rate: 2.7%

  • Monthly mortgage payment: $8,452

  • Monthly rent: $6,429

  • Annual cost of necessities (excluding housing): $22,380

Yacht harbor and waterfront in Tiburon, CA.
Yacht harbor and waterfront in Tiburon, CA.

29. Tiburon, California

  • Population: 9,205

  • Housing units: 4,149

  • Median estimated home value: $2,344,400

  • 20% down payment: $468,880

  • Property tax rate: 0.78%

  • Monthly mortgage payment: $10,135

  • Monthly rent: $8,782

  • Annual cost of necessities (excluding housing): $20,678.10

Great Neck, New York
Great Neck, New York

28. Great Neck, New York

  • Population: 10,272

  • Housing units: 3,495

  • Median estimated home value: $1,212,400

  • 20% down payment: $242,480

  • Property tax rate: 2.24%

  • Monthly mortgage payment: $6,717

  • Monthly rent: $5,079

  • Annual cost of necessities (excluding housing): $24,124.83

Los Angeles, APR 5: The beautiful Chinese Garden of Huntington Library on APR 5, 2019 at Los Angeles, California - Image.
Los Angeles, APR 5: The beautiful Chinese Garden of Huntington Library on APR 5, 2019 at Los Angeles, California - Image.

27. San Marino, California

  • Population: 13,331

  • Housing units: 4,943

  • Median estimated home value: $2,220,600

  • 20% down payment: $444,120

  • Property tax rate: 0.75%

  • Monthly mortgage payment: $9,545

  • Monthly rent: $7,881

  • Annual cost of necessities (excluding housing): $21,525.10

Del Mar--California
Del Mar--California

26. Del Mar, California

  • Population: 4,338

  • Housing units: 2,838

  • Median estimated home value: $2,392,700

  • 20% down payment: $478,540

  • Property tax rate: 0.76%

  • Monthly mortgage payment: $10,304

  • Monthly rent: $10,598

  • Annual cost of necessities (excluding housing): $20,202.91

Old Westbury park, New York - fall, 2016: Long Island, at Old Westbury Gardens.
Old Westbury park, New York - fall, 2016: Long Island, at Old Westbury Gardens.

25. East Hills, New York

  • Population: $7,114

  • Housing units: $2,459

  • Median estimated home value: $1,139,300

  • 20% down payment: $227,860

  • Property tax rate: 2.24%

  • Monthly mortgage payment: $6,312

  • Monthly rent: $5,563

  • Annual cost of necessities (excluding housing): $24,354.15

Pictured: Nearby city of Old Westbury, New York

Rye, New York - March 14, 2019: People enjoying sunset at Rye Playland in Rye, New York - Image.
Rye, New York - March 14, 2019: People enjoying sunset at Rye Playland in Rye, New York - Image.

24. Rye, New York

  • Population: 16,004

  • Housing units: 5,718

  • Median estimated home value: $1,638,700

  • 20% down payment: $327,740

  • Property tax rate: 1.97%

  • Monthly mortgage payment: $8,709

  • Monthly rent: $9,158

  • Annual cost of necessities (excluding housing): $21,745.51

Sunset in Florida - Image.
Sunset in Florida - Image.

23. Gulf Stream, Florida

  • Population: 752

  • Housing units: 564

  • Median estimated home value: $1,698,200

  • 20% down payment: $339,640

  • Property tax rate: 1.12%

  • Monthly mortgage payment: $7,823

  • Monthly rent: $14,385

  • Annual cost of necessities (excluding housing): $20,282.89

Pictured: Nearby city of Delray Beach, Florida

Stanford, California, USA - March 17, 2019: Aerial view of Stanford University in Stanford California.
Stanford, California, USA - March 17, 2019: Aerial view of Stanford University in Stanford California.

22. Stanford, California

  • Population: 15,277

  • Housing units: 3,690

  • Median estimated home value: $2,916,000

  • 20% down payment: $583,200

  • Property tax rate: 0.75%

  • Monthly mortgage payment: $12,534

  • Monthly rent: $7,603

  • Annual cost of necessities (excluding housing): $20,428.80

Encinitas, Calif.
Encinitas, Calif.

21. Rancho Santa Fe, California

  • Population: 2,428

  • Housing units: 1,214

  • Median estimated home value: $2,445,000

  • 20% down payment: $489,000

  • Property tax rate: 0.76%

  • Monthly mortgage payment: $10,530

  • Monthly rent: $10,463

  • Annual cost of necessities (excluding housing): $20,394.86

Pictured: Nearby city of Encinitas, California

Old Westbury, New York - July 3, 2015: Long Island Gold Coast Mansion.
Old Westbury, New York - July 3, 2015: Long Island Gold Coast Mansion.

20. Flower Hill, New York

  • Population: 4,785

  • Housing units: 1,609

  • Median estimated home value: $1,190,400

  • 20% down payment: $238,080

  • Property tax rate: 2.24%

  • Monthly mortgage payment: $6,595

  • Monthly rent: $4,967

  • Annual cost of necessities (excluding housing): $24,678.37

Pictured: Nearby city of Old Westbury, New York

Beachfront condominiums and the Atlantic Ocean at Jupiter Island, Florida.
Beachfront condominiums and the Atlantic Ocean at Jupiter Island, Florida.

19. Montecito, California

  • Population: 8,984

  • Housing units: 4,312

  • Median estimated home value: $3,024,900

  • 20% down payment: $604,980

  • Property tax rate: 0.68%

  • Monthly mortgage payment: $12,825

  • Monthly rent: $11,539

  • Annual cost of necessities (excluding housing): $18,797.53

Related: What It Costs To Live In America?s Most Expensive ZIP Codes

Orchard in late afternoon sunlight; Saratoga, California - Image.
Orchard in late afternoon sunlight; Saratoga, California - Image.

18. Saratoga, California

  • Population: 31,013

  • Housing units: 11,282

  • Median estimated home value: $2,628,200

  • 20% down payment: $525,640

  • Property tax rate: 0.75%

  • Monthly mortgage payment: $11,297

  • Monthly rent: $6,420

  • Annual cost of necessities (excluding housing): $21,709.72

New York State, Port Washington - New York State, City, Cityscape, Long Island.
New York State, Port Washington - New York State, City, Cityscape, Long Island.

17. Manhasset, New York

  • Population: 7,922

  • Housing units: 2,872

  • Median estimated home value: $1,447,400

  • 20% down payment: $289,480

  • Property tax rate: 2.24%

  • Monthly mortgage payment: $8,018

  • Monthly rent: $5,748

  • Annual cost of necessities (excluding housing): $24,217.21

Pictured: Manhasset Bay, New York

Winery Wedding Venue View - Image.
Winery Wedding Venue View - Image.

16. Woodside, California

  • Population: 5,550

  • Housing units: 2,142

  • Median estimated home value: $3,024,300

  • 20% down payment: $604,860

  • Property tax rate: 0.66%

  • Monthly mortgage payment: $12,775

  • Monthly rent: $7,560

  • Annual cost of necessities (excluding housing): $21,505.59

HUNTINGTON, NEW YORK - FEB 9: Huntington Village shopping district main streets cleared less than 24 hours after the Feb 8 blizzard that dumped 1-2 ft of snow on Huntington, New York.
HUNTINGTON, NEW YORK - FEB 9: Huntington Village shopping district main streets cleared less than 24 hours after the Feb 8 blizzard that dumped 1-2 ft of snow on Huntington, New York.

15. Laurel Hollow, New York

  • Population: 1,982

  • Housing units: 617

  • Median estimated home value: $1,550,100

  • 20% down payment: $310,020

  • Property tax rate: 1.97%

  • Monthly mortgage payment: $8,239

  • Monthly rent: $6,087

  • Annual cost of necessities (excluding housing): $24,563.03

Pictured: Nearby city of Huntington, New York

July 30, 2018 Los Gatos / CA / USA - Shopping street in downtown Los Gatos, south San Francisco bay area.
July 30, 2018 Los Gatos / CA / USA - Shopping street in downtown Los Gatos, south San Francisco bay area.

14. Monte Sereno, California

  • Population: 3,551

  • Housing units: 1,346

  • Median estimated home value: $3,004,500

  • 20% down payment: $600,900

  • Property tax rate: 0.75%

  • Monthly mortgage payment: $12,914

  • Monthly rent: $7,013

  • Annual cost of necessities (excluding housing): $21,716.29

Pictured: Nearby city of Los Gatos, California

Hillside housing development sports tile roofs and blue awnings.
Hillside housing development sports tile roofs and blue awnings.

13. Los Altos, California

  • Population: 30,527

  • Housing units: 11,045

  • Median estimated home value: $3,102,500

  • 20% down payment: $620,500

  • Property tax rate: 0.75%

  • Monthly mortgage payment: $13,323

  • Monthly rent: $7,534

  • Annual cost of necessities (excluding housing): $21,323.03

Oyster Bay, New York, USA - July 12, 2015: View of Sagamore Hill, former home of President Theodore Roosevelt.
Oyster Bay, New York, USA - July 12, 2015: View of Sagamore Hill, former home of President Theodore Roosevelt.

12. Muttontown, New York

  • Population: 3,661

  • Housing units: 1,352

  • Median estimated home value: $1,541,600

  • 20% down payment: $308,320

  • Property tax rate: 1.97%

  • Monthly mortgage payment: $8,193

  • Monthly rent: $6,542

  • Annual cost of necessities (excluding housing): $24,507.37

Pictured: Nearby city of Oyster Bay, New York

Palm Beach Florida climate change
Palm Beach Florida climate change

11. Palm Beach, Florida

  • Population: 8,593

  • Housing units: 9,828

  • Median estimated home value: $1,155,300

  • 20% down payment: $231,060

  • Property tax rate: 1.12%

  • Monthly mortgage payment: $5,322

  • Monthly rent: $21,884

  • Annual cost of necessities (excluding housing): $20,285.72

What About Your Golden Years? The 30 Best Small Towns To Retire in America

Bright pink cherry blossoms in full bloom by Coe Hall at the Planting Fields Arboretum State Park in Upper Brookville, Oyster Bay, Long Island, NY.
Bright pink cherry blossoms in full bloom by Coe Hall at the Planting Fields Arboretum State Park in Upper Brookville, Oyster Bay, Long Island, NY.

10. Upper Brookville, New York

  • Population: 1,535

  • Housing units: 570

  • Median estimated home value: $1,796,200

  • 20% down payment: $359,240

  • Property tax rate: 2.24%

  • Monthly mortgage payment: $9,951

  • Monthly rent: $7,574

  • Annual cost of necessities (excluding housing): $23,949.87

Old Westbury, New York - fall, 2016: Long Island Gold Coast Mansion at Old Westbury Gardens - Image.
Old Westbury, New York - fall, 2016: Long Island Gold Coast Mansion at Old Westbury Gardens - Image.

9. Old Westbury, New York

  • Population: 4,711

  • Housing units: 1,139

  • Median estimated home value: $2,059,800

  • 20% down payment: $411,960

  • Property tax rate: 2.24%

  • Monthly mortgage payment: $11,411

  • Monthly rent: $8,150

  • Annual cost of necessities (excluding housing): $23,820.98

Belvedere, USA: June 23, 2018 : A view of a marina in front of luxury residential homes that built on the coastline and on hillsides in the city of Belvedere - Image.
Belvedere, USA: June 23, 2018 : A view of a marina in front of luxury residential homes that built on the coastline and on hillsides in the city of Belvedere - Image.

8. Belvedere, California

  • Population: 2,156

  • Housing units: 1,079

  • Median estimated home value: $3,330,500

  • 20% down payment: $666,100

  • Property tax rate: 0.78%

  • Monthly mortgage payment: $14,398

  • Monthly rent: $11,396

  • Annual cost of necessities (excluding housing): $21,125.57

Malibu Beach coastline in California with the blue Pacific Ocean with waves coming in and beach with houses and palm tree's in background - Image.
Malibu Beach coastline in California with the blue Pacific Ocean with waves coming in and beach with houses and palm tree's in background - Image.

7. Malibu, California

  • Population: 12,871

  • Housing units: 7,448

  • Median estimated home value: $2,884,000

  • 20% down payment: $576,800

  • Property tax rate: 0.75%

  • Monthly mortgage payment: $12,396

  • Monthly rent: $11,811

  • Annual cost of necessities (excluding housing): $22,180.45

Rolling Hills, California / USA - October 2nd, 2019: Interior photos of a Rolling Hills estate, recently listed for sale.
Rolling Hills, California / USA - October 2nd, 2019: Interior photos of a Rolling Hills estate, recently listed for sale.

6. Rolling Hills, California

  • Population: 1,684

  • Housing units: 704

  • Median estimated home value: $3,140,600

  • 20% down payment: $628,120

  • Property tax rate: 0.75%

  • Monthly mortgage payment: $13,511

  • Monthly rent: $11,953

  • Annual cost of necessities (excluding housing): $22,025.67

Street view of the entrance to The Commons, an upscale outdoors shopping mall in Calabasas, California.
Street view of the entrance to The Commons, an upscale outdoors shopping mall in Calabasas, California.

5. Hidden Hills, California

  • Population: 1,676

  • Housing units: 594

  • Median estimated home value: $3,182,200

  • 20% down payment: $636,440

  • Property tax rate: 0.75%

  • Monthly mortgage payment: $13,690

  • Monthly rent: $14,738

  • Annual cost of necessities (excluding housing): $21,380.05

Pictured: Nearby city of Calabasas, California

Aerial View of a Rural Farm in the Portola Valley outside of Silicon Valley, California, USA - Image.
Aerial View of a Rural Farm in the Portola Valley outside of Silicon Valley, California, USA - Image.

4. Portola Valley, California

  • Population: 4,589

  • Housing units: 1,930

  • Median estimated home value: $3,724,100

  • 20% down payment: $744,820

  • Property tax rate: 0.66%

  • Monthly mortgage payment: $15,723

  • Monthly rent: $9,963

  • Annual cost of necessities (excluding housing): $22,205.66

Los Altos Hills, Calif.
Los Altos Hills, Calif.

3. Los Altos Hills, California

  • Population: 8,490

  • Housing units: 3,389

  • Median estimated home value: $4,238,800

  • 20% down payment: $847,760

  • Property tax rate: 0.75%

  • Monthly mortgage payment: $18,203

  • Monthly rent: $10,785

  • Annual cost of necessities (excluding housing): $21,687.71

Beachfront condominiums and the Atlantic Ocean at Jupiter Island, Florida.
Beachfront condominiums and the Atlantic Ocean at Jupiter Island, Florida.

2. Jupiter Island, Florida

  • Population: 759

  • Housing units: 783

  • Median estimated home value: $5,030,300

  • 20% down payment: $1,006,060

  • Property tax rate: 1.12%

  • Monthly mortgage payment: $23,165

  • Monthly rent: $20,447

  • Annual cost of necessities (excluding housing): $18,251.58

Atherton, California
Atherton, California

1. Atherton, California

  • Population: 7,182

  • Housing units: 2,522

  • Median estimated home value: $5,920,200

  • 20% down payment: $1,184,040

  • Property tax rate: 0.66%

  • Monthly mortgage payment: $25,002

  • Monthly rent: $15,819

  • Annual cost of necessities (excluding housing): $22,052.01

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Methodology: To find the most expensive small towns in America, GOBankingRates looked at towns with 500-15,000 housing units, according to the 2018 American Community Survey. Once these small towns were located, GOBankingRates used Zillow?s October 2019 housing data to find each city?s median home value as of October 2019. All cities with a median home value below $1 million or without data were discarded. GOBankingRates then found each remaining small town?s median rent listing for single-family residences, as sourced from Zillow. All small towns without this data were then discarded. GOBankingRates analyzed the remaining small towns across the following factors: (1) annual mortgage cost, found using SmartAsset?s mortgage calculator and the median list price from Zillow, along with applicable property taxes sourced from SmartAsset?s property tax calculator based on a constant mortgage rate of 3.68%, as sourced from the Federal Reserve Bank of St. Louis on Dec. 5, 2019; (2) annual rent for a single-family residence, as sourced from Zillow; and (3) annual cost-of-living expenditures (minus housing), based on the Bureau of Labor Statistics? 2018 Consumer Expenditure Survey and local cost-of-living indices, as sourced from Sperling?s Best Places. These three factors were then scored and combined, with the highest scores being the most expensive. Factor No. 1 was weighted 1 1/2 times in the final calculations. All data used to conduct this study was compiled and verified on Dec. 5, 2019.

This article originally appeared on GOBankingRates.com: 50 Most Expensive Small Towns in America