Yahoo Finance 10 Rich Small Towns Where Average Rent Costs More Than $10,000
When you think of a small town, you probably think of down-to-earth people living in quaint houses with white picket fences and laundry drying on a backyard line. While those places do exist, not all small towns are quaint, quiet or cost-effective — at least for most of us.
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In fact, some American small towns are high in price. Using data from Zilliow.com, we found the highest average monthly rents for towns with between 500 and 15,000 housing units. So if you think your rent is high, read on, you might feel much better about it in about 10 minutes.
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10. Malibu, California
Average Monthly Rent: $13,251
Average Home Value: $3.28 million
Households: 4,442
With waves, sun, sand and celebrities, what’s not to like about Malibu? The high rent for starters. And while most people think of Malibu as a small stretch of beach fronting the famous surf break, the town actually stretches 30 miles along Pacific Coast Highway with many attributes and attractions. From surfing perfect waves, cliffside sunsets and whale watching to farmers markets, wine tasting and upscale retail centers, there’s more to do than star gaze. Of course, with the 10th highest small town rent in the nation, it’ll cost you.
9. Palm Beach, Florida
Average Monthly Rent: $13,350
Average Home Value: $11.19 million
Households: 5,359
Now most famous as the site of Mara Lago, the residence of Donald Trump, former U.S. president, the long, thin, palm-lined island of Palm Beach in south Florida has forever been a vacation haven. With many resorts, world-class golf and upscale shopping, not to mention white sand beaches and crystal clear seas, there’s a reason Palm Beach is one of the nation’s most expensive places to rent.
8. Paradise Valley, Arizona
Average Monthly Rent: $17,000
Average Home Value: $3.22 million
Households: 5,064
You might be surprised that a small town in Arizona makes the list, but Paradise Valley isn’t just any old desert town. The state’s most affluent address, Paradise is home to eight full-service resorts, world-class golf and is a prime tourist destination. Nestled between three mountain ranges and boasting an average of 294 days of sunshine a year, Paradise Valley lives up to both words in its name. The only thing not so paradisiacal is the blue sky-high rent.
7. Montauk, New York
Average Monthly Rent: $32,111
Average Home Value: $1.82 million
Households: 1,571
Way out at the east end of New York’s Long Island is the quaint — but rich — little town of Montauk. Featuring a 200-year-old lighthouse, a 300-year-old cottage built for East Hampton shepherds and a whole lot of isolated beaches, Montauk is as picturesque as it is pricey. With great fishing, surfing and beachcombing, along with pubs, cafes and a summer music scene, Montauk has a lot to offer visitors. And if you can’t afford the steep rent, Hither Hills State Park has some prime campsites.
6. Aspen, Colorado
Average Monthly Rent: $32,278
Average Home Value: $8.82 million
Households: 3,278
Known as a ski resort to most, Aspen is actually a year-round vacation destination. In the winter, there are the luxury ski resorts and world-class ski runs. But in the summer those same mountains become prime hiking and mountain biking sites. And tourists do flock here. In fact, while the year-round population is about 6,000, the average daily population is over 20,000, with the high-season population at 27,000, according to Aspen’s Chamber Resort Association. Perhaps that’s why there’s more than just high-priced real estate — within Aspen’s 3.66 square miles are 75 lodging choices, 130 restaurants and bars and 235 shops.
5. Sag Harbor, New York
Average Monthly Rent: $32,643
Average Home Value: $1.97 million
Households: 1,095
This small town at the east end of Long Island, part of the East Hampton and Southampton townships, was an important 19th century whaling port, as evidenced by the Old Whalers’ Church and the Sag Harbor Whaling and Historical Museum. Today, in addition to featuring crazy high rents and home prices, the small, approximately two-square-mile town attracts a booming tourist business.
4. East Hampton, New York
Average Monthly Rent: $34,808
Average Home Value: $1.77 million
Households: 588
How did a small farming village become a place where homes cost millions to buy and tens of thousands to rent? Celebrity, that’s how. Beginning in the early 1950s with artists and writers such as Jackson Pollock, Willem de Kooning and Truman Capote looking for peace and solitude, the celebrity vibe continued through the next few decades with Hollywood stars and music icons discovering the town’s charms. Now, it’s a high-priced tourist destination with fancy restaurants, art galleries and antique shops.
3. Westhampton Beach, New York
Average Monthly Rent: $41,000
Average Home Value: $1.75 million
Households: 955
Closer to the city than Southampton and East Hampton, Westhampton is a popular summer rental destination for Manhattanites wanting to shorten their weekend vacation commute to and from the city. But it’s also turned into a solid tourist destination, with upscale shops and eateries and stretches of pristine beaches. The three-square-mile community also still holds much of its quaint charm — which will cost you.
2. Southampton, New York
Average Monthly Rent: $42,333
Average Home Value: $1.99 million
Households: 1,660
Whether it’s worth $42,000 a month or not probably depends on your tax bracket, but Southampton has a lot going for it. Its long stretches of beautiful beaches and peaceful parks are a big draw, as are the art galleries and cafes. But, of course, most know it for its reputation as the playground of the rich and famous, with exclusive clubs, fine dining and multi-billion-dollar estates. Helping that rep is “Billionaire Lane,” named for its ostentatious estates and uber-rich homeowners.
1. Bridgehampton, New York
Average Monthly Rent: $46,042
Average Home Value: $3.82 million
Households: 525
The dubious honor of most expensive small town rents in the nation goes to Long Island’s Bridgehampton, which, as the name implies, was named after the first bridge — Sagg Bridge — built over Sagaponack Pond in 1686. “Bridge,” as many locals call it, was part of Southampton until the bridge was erected. Today, Bridgehampton still has a small town feel, but it’s a small town studded with multi-million-dollar properties, furniture, clothing and jewelry boutiques, and fine dining.
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