The COVID-19 pandemic fueled a surge in demand among homebuyers that is only now beginning to show signs of slowing. This historic demand coincided with low borrowing costs, limited housing inventory, and labor and materials bottlenecks that have been hampering new construction. These factors have pushed home values to all time highs.
Of course, in some parts of the country, exorbitant home prices are nothing new. Even before the pandemic, the majority of states had at least one town where the value of most homes exceeded half a million dollars.
Using data on median home value from the U.S. Census Bureau, 24/7 Wall St. identified the most expensive town to buy a home in every state. We included cities, towns, villages, and unincorporated communities with populations between 1,000 and 25,000 in our analysis. The prices listed here are five year average estimates as of 2019, the most recent year of available data from the Census Bureau.
Home values in a given area are often a reflection of what residents can afford. And not surprisingly, the vast majority of the towns on this list have a median household income that exceeds the median across the state as a whole. Here is a look at the richest town in every state.
High home prices in these communities do not appear to be discouraging homebuyers. In most of the communities on this list, the homeownership rate exceeds the comparable rate across the state as a whole. Here is a look at how much home you can buy for $200,000 in every state.