Mequon was recently rated the most expensive community in Wisconsin in the 2016 Coldwell Banker Home Listing Report.
The report ranks more than 2,000 markets across the country based on the affordability of the average listing price of a four-bedroom, two-bathroom home.
According to the report, Mequon's average listing came in at $474,739. The next highest community is Whitefish Bay at $458,262, meaning Mequon took the top place by nearly $16,500. Also in the top five are Oconomowoc, Cedarburg and Hudson.
The average price for a home with those options in Wisconsin was $225,442 with the national average listing price at $320,120, according to a news release on the study.
Alderman John Wirth, when presented with Mequon's top rating, said homes in the city may be more expensive, but they also "retain their value better."
Both Wirth and Mayor Dan Abendroth said Mequon has a higher percentage of expensive homes, but the city also offers plenty of cheaper and more affordable options.
The most affordable cities in the state include Beloit in first place with the average home costing $117,655 followed by Wisconsin Rapids, Merrill, Ashland and Manitowoc.
Mequon is well behind the national leader of Saratoga, California, however, where the average home costs $2,453,718. All top 10 markets in the study are in California.
In contrast, Detroit, Michigan, was the most affordable in the nation, where a four-bedroom and two-bathroom home costs $64,110 on average.
According to the release, the report analyzed real estate properties on coldwellbanker.com between January and June. Markets without at least 10 four-bedroom, two-bathroom listings were excluded.
"While other affordability reports provide average or median prices for all homes in a given area, the Coldwell Banker Home Listing Report analyzes more than 50,000 four-bedroom, two-bathroom home listings to better address how much a home in one market would cost if the same home were located somewhere else in the country," the report said.