Yahoo Finance 7 Small Towns Only the Super Rich Can Afford To Live In
If some small-town living often conjures pastoral images of cozy stores-lined streets and tight-knit communities, some smaller towns in the country are also only affordable for the ultra-wealthy.
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Here are some of the small towns where only the super rich can afford to live.
Larchmont, N.Y.
Median home value according to Zillow: $1.46 million
The Westchester County village was officially incorporated in 1891, despite having structures that pre-date the town by almost a century, according to Veranda.
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Old Greenwich, Conn.
Median home value according to Zillow: $1.9 million
This town, in Fairfield County, was founded in 1641 and is on the Long Island Sound.
“The Old Greenwich Station, a commuter rail station that delivers residents to nearby New York City, was built in 1872 and is listed on the National Register of Historic Places,” according to Veranda.
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Scarsdale, N.Y.
Median home value according to Realtor.com: $1.6 million
Home prices are up 20% year-over-year, according to Zillow.
Veranda noted that the town is just 35 minutes outside New York City and is known for its Tudor-style architecture.
Forest Hills, Tenn.
Median home value according to Realtor.com: $2.9 million
According to The Daily Mail, the median income in this town of approximately 5,000 people- a suburb of Nashville- is $211,250 and the median home price is $894,200.
“The city is almost exclusively residential with very little commercial development and high-density housing is prohibited,” it added.
Paradise Valley, Ariz.
Median home value according to Zillow: $3.32 million
According to The Daily Mail, Paradise Valley is a town in Maricopa County, Ariz., and it’s the state’s single wealthiest municipality, known for its luxury golf courses and expensive homes. The median income is $203,659.
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Meridian Hills, Ind.
Median home value according to Realtor.com: $1.1 million
According to The Daily Mail, this small town is eight miles north of Indianapolis and has a population of about 1,800. The median income in the area is $172,969.
Orinda, Calif.
Median home value according to Redfin: $2 million
The Daily Mail noted that this city of 20,000 people outside of San Francisco was originally a rural area but is now home to an affluent suburban class. The median income in the city of Contra Costa County is $248,984. According to Redfin, home prices are up 21% in the past year.
Maunawili, Hawaii
Median home value according to Realtor.com: $1.8 million
This city, with 2,000 residents, is in Honolulu County. The median income is $159,583, according to The Daily Mail.
The area consists primarily of private homes and community buildings such as schools and churches, and there are no commercial establishments, The Daily Mail added.
“The natural surroundings, proximity to the water, and lack of housing supply make the area’s properties extremely expensive,” it added.
This article originally appeared on GOBankingRates.com: 7 Small Towns Only the Super Rich Can Afford To Live In
