5 Oregon Towns Make the Top 25 List of Most Expensive Places in the U.S.
The belief that living in smaller towns is more affordable than city life? It might not hold up, based on a new analysis from LendingTree. In their recent study, LendingTree examined housing data from the U.S. Census Bureau’s 2022 American Community Survey.
The study focused on 50 U.S. towns with populations between 10,000 and 50,000. What they found was surprising: several small towns have property values that rival or even surpass those of some major metropolitan areas.
The top three towns with the highest median home values in the country were Vineyard Haven, Massachusetts; Jackson, Wyoming; and Breckenridge, Colorado. Home values in these places are reaching near or above a million dollars. In particular, Vineyard Haven tops the list with a median home value of $998,100.
Among the top 25 most expensive towns in the United States, five Oregon towns secured their spot on the list. These towns include Hood River, Astoria, Prineville, Brookings, and The Dalles. Here’s a closer look at these Oregon locations:
Hood River (#7)
- Population: 23,965
- Median Home Value: $492,500
- Comparable Metro Home Value: Portland, Oregon
Astoria (#10)
- Population: 41,190
- Median Home Value: $407,700
- Comparable Metro Home Value: Austin, Texas
Prineville (#16)
- Population: 24,987
- Median Home Value: $368,200
- Comparable Metro Home Value: Las Vegas, Nevada
Brookings (#18)
- Population: 23,404
- Median Home Value: $353,200
- Comparable Metro Home Value: Baltimore, Maryland
The Dalles (#25)
- Population: 26,639
- Median Home Value: $298,200
- Comparable Metro Home Value: Dallas, Texas
One town, La Grande, received an honorable mention, ranking #39 overall. La Grande’s median home value of $243,400 is comparable to New Orleans, Louisiana.
The full list of the top 25 towns includes a mix of locations across the country, with some notable mentions like Steamboat Springs, Colorado, Hailey, Idaho, and Easton, Maryland. Here’s the complete list of the top 25 towns:
- Vineyard Haven, Massachusetts
- Jackson, Wyoming
- Breckenridge, Colorado
- Steamboat Springs, Colorado
- Hailey, Idaho
- Gardnerville Ranchos, Nevada
- Hood River, Oregon
- Ellensburg, Washington
- Los Alamos, New Mexico
- Astoria, Oregon
- Juneau, Alaska
- Fredericksburg, Texas
- Kill Devil Hills, North Carolina
- Easton, Maryland
- Sandpoint, Idaho
- Prineville, Oregon
- Ketchikan, Alaska
- Brookings, Oregon
- Sheridan, Wyoming
- Montrose, Colorado
- Taos, New Mexico
- Moscow, Idaho
- Brevard, North Carolina
- Pullman, Washington
- The Dalles, Oregon
LendingTree’s analysis revealed that housing prices in some of these small towns are on par with, or even exceed, major cities like Los Angeles ($772,000) and San Francisco ($1,073,300). This is largely due to the fact that many of these towns are popular vacation destinations for wealthier individuals. Affluent buyers are able to purchase homes in these rural areas, which reduces the available housing supply and, consequently, pushes up home values.
In addition, towns that aren’t necessarily tourist hotspots can still have high housing prices. This can be attributed to the limited real estate available in small towns. When there’s not enough housing to meet demand, competition increases, and prices rise.
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Despite these findings, the study also pointed out that not all small-town housing is “prohibitively expensive.” However, the current housing market, characterized by high prices and interest rates, makes finding affordable real estate more challenging.