50 Most Expensive Small Towns in America
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
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
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
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
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
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
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
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
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
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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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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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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
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
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
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
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
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
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
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
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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
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
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
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
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
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
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
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
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
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