Nantucket County, Massachusetts, has been identified as the most expensive county in the United States, with an average home value of $2.709 million and a median of $2.775 million in September 2024, reflecting a 5.2% increase from the previous year and a staggering 57.5% rise since September 2019. This surge in housing prices places Nantucket at the forefront of affluent communities, where 17% of households earn $150,000 or more annually. Our inquiry into the most expensive counties stems from a thorough analysis of over 3,000 counties nationwide, utilizing data from Zillow and the U.S. Census Bureau’s American Community Survey from 2023 to pinpoint trends in home values and income levels. These figures reveal a significant overarching trend of stark income and home value disparities across various counties in the U.S.
Following Nantucket, Pitkin County in Colorado, renowned for its luxurious ski resort towns like Aspen and Snowmass, ranks as the second most expensive county, with a median home value of $2.437 million. Home values in Pitkin County skyrocketed by 84.3% over five years, from $1.323 million in 2019, alongside a 10.6% increase within the past year. Intriguingly, while housing prices have soared, the local median household income remains relatively modest at $68,621, highlighting the affordability crisis in this otherwise upscale environment. This scenario mirrors a wider pattern evident in many highly desirable areas across the U.S., where incomes often struggle to keep pace with booming property values.
Teton County, Wyoming, comes in third, with a striking 91.9% increase in home values from a median of $1.177 million five years ago to approximately $2.258 million today. Home to iconic locations such as Jackson Hole and parts of Yellowstone National Park, Teton County paints a picture of rapidly appreciating real estate amid natural beauty. Meanwhile, Santa Clara County in California, known for its Silicon Valley connections and tech industry wealth, rounds out the top four, registering a more moderate yet substantial 44.2% appreciation in home values, leading to a median of $1.601 million as of 2024. Unlike the resort towns, Santa Clara boasts a higher household income, with over 26% of families earning above $150,000 per year, allowing residents to better handle the expensive housing market.
The broader landscape of the most expensive counties illustrates a concerning trend: the widening gulf between housing costs and income levels. The pandemic spurred a significant surge in housing demand, causing prices to balloon without a corresponding increase in incomes. This discrepancy raises questions about affordability in regions where real estate seems increasingly out of reach for average earners. Additionally, it’s crucial to contextualize these median values accurately. For instance, Santa Clara County’s high figures encompass a diverse range of communities, and Williamson County, Tennessee, which ranks as the 30th most expensive county, showcases how expansive regions can still possess comparatively lower median home values despite notable year-over-year increases.
Examining the data further, some counties reveal staggering percentages in home value growth, indicating a continuation of pandemic-driven housing dynamics that have yet to stabilize. While counties like Teton and Pitkin have become symbols of affluent living due to their natural features and recreational activities, their accompanying economic challenges remind us of the persistent issues of affordability and access within the real estate market. As affluent counties proliferate within the top 50 list, the data indicate that the issue of income stagnation juxtaposed against rising housing costs will persist, driving the narrative of inequality in the housing landscape.
In summary, Nantucket County’s prestigious title reflects not only its breathtaking surroundings and historical charm but also an alarming trend prevalent across the U.S.: rapidly escalating housing prices that consistently outstrip wage growth. As we delve deeper into the housing markets of America’s wealthiest counties, the challenges of affording these properties increasingly challenge the socio-economic fabric of communities, warranting a closer examination of policy responses to address this growing disparity and ensure balanced growth that includes diverse income brackets in the housing market.