From the “Beverly Hills of Arizona” to Utah’s Silicon Slopes, the most expensive cities in these states have one thing in common: rich people are flocking to their luxury mountain estates tucked away next to business-booming capitals.
Paradise Valley, Arizona, which earned its Beverly Hills nickname by attracting high-profile residents, is the most expensive city in Arizona, according to Zillow’s home value index. Meanwhile, Park City, a ski resort town in Utah’s tech hub, is the most expensive place to live in Utah.
I’m a New Yorker who visited both millionaire hideouts — Paradise Valley in April 2024 and Park City in January 2025.
I’m quite fond of the bustling lifestyle my city offers, so I didn’t expect to leave either place with the thought that I’d consider moving there someday, but one of these towns felt like a place I could call home in the distant future.
Paradise Valley and Park City are wealthy areas on the outskirts of major cities.
At the bases of the Camelback and Mummy mountains, Paradise Valley sits on roughly 15 square miles of land between Phoenix and Scottsdale. It’s about a 20-minute drive to the Phoenix Sky Harbor International Airport.
On 20 square miles along Utah’s Wasatch Front, Park City is conveniently located near Salt Lake City and the tech-centric suburbs of Draper and Lehi, among others. Park City is roughly 30 to 45 minutes away from Salt Lake City International Airport by car.
Paradise Valley has been a residential enclave since its inception in the 1960s.
Paradise Valley was developed for residents craving an escape from the fast-paced lifestyles in the neighboring cities of Phoenix and Scottsdale, according to the town’s website.
Today, Paradise Valley remains mostly residential, save for a few resorts and businesses on the town’s borders.
According to World Population Review, Paradise Valley has roughly 12,400 residents and a median household income of $236,250.
Shawn Shackleton, a local real-estate agent, told Business Insider that Paradise Valley has had a primarily luxury market since she began selling homes there more than 20 years ago.
Park City grew into a ski town over the last century.
Park City wasn’t always a luxury ski hub. When the city was established in 1884, it was known for its silver mining industry, according to the town’s website. In 1930, when a ski jump was built on a mine site on top of a pile of wasted rock, Park City began to transform into a skier’s paradise. During the 2002 Olympic Games, the town hosted ski jumping and bobsledding events.
The town has grown a lot since then, and it’s gotten more expensive, local real-estate agent Derrik Carlson told BI.
Today, Park City has about 8,100 residents with a median household income of $140,875, according to World Population Review.
Billionaires, celebrities, and wealthy Californians buy homes in Paradise Valley.
Shackelton told BI that larger lots and lower taxes have drawn affluent residents to Paradise Valley, from entrepreneurs and C-suite executives to medical professionals and retirees.
AZ Central reported that high-profile people, from musicians Alice Cooper and Alicia Keys to Campbell Soup heir Bennett Dorrance and pro athletes including Michael Phelps and MLB Hall of Famer Randy Johnson, have purchased homes in Paradise Valley.
Park City draws a mix of backgrounds; about half of incoming residents live there part-time.
From California to New York, Florida, and Chicago, techies, business owners, CEOs, and retirees are starting over in Park City, Carlson told BI. About half of Park City buyers are in the market for a vacation home and only reside there for about three months a year.
Curbed reported that A-list celebrities, including Taylor Swift and Justin Bieber, have lived and vacationed in the private and exclusive Colony neighborhood.
Park City is more affordable than Paradise Valley.
If I consider moving elsewhere, I have to be realistic about the cost of living. So, when I returned home from both trips, I looked at the numbers using Payscale’s cost-of-living calculator, which factors in prices for housing, transportation, utilities, groceries, and healthcare.
Paradise Valley’s cost of living is 123% higher than the national average, while Park City’s is 66% above the national average.
In both cities, housing is the driving factor for the high cost. Paradise Valley’s home expenses cost 521% more than the US average, while Park City’s are 268% above the national average. You’ll find cheaper groceries and utility bills in Park City, while healthcare and transportation cost less in Paradise Valley.
The luxury market dominates Paradise Valley real estate.
Paradise Valley has a median listing price of $5.2 million, according to Realtor.com.
On the high end of the market, custom homes costing around $30 million are sprawled across vast, private properties in various architectural styles, from Southwestern adobe to modern luxury.
While exploring Paradise Valley, I noticed the more affordable homes were at the town’s lowest elevations. As I approached the streets leading up into the mountains, I saw nothing but luxury estates.
“When you get up into the higher price points, many of the houses in Paradise Valley are individually gated,” Shackleton said. “Some like the feeling of being their own private estate.”
Park City has a wider range of price points.
According to Realtor.com, Park City has a median listing price of $2.2 million, with more listings available for under $1 million than in Paradise Valley. Seeing slightly more affordable homes on the Park City market made living there seem more attainable than in Paradise Valley.
Still, the most expensive homes on the market cost up to $50 million for ski-in, ski-out mansions — some built in traditional mountain cabin style and others boasting modern architecture with flat rooftops and floor-to-ceiling windows.
Like in Paradise Valley, the price point seemed to rise with elevation. The most modest homes I spotted were at the bottom of the mountains. To see the mega-mansions, I went up to a ski resort deck and peered over the ledge. Estates sat on the edges of trails dotted with skiers. I imagined residents gearing up and sliding into the action from their front doors.
Only Park City has a downtown area with walkable streets.
As a New Yorker, having a downtown neighborhood in whatever city I live in is important to me. And as someone who doesn’t drive, walkability is also crucial. So, I was excited by Old Town, Park City’s downtown area, where there are homes, restaurants, stores, entertainment venues, and even ski lifts.
“Downtown is designed to be walkable to get to Main Street or skiing,” Carlson said.
On Zillow, only a few condos under $1 million are listed in this neighborhood — even the smallest houses cost seven digits.
Paradise Valley is about 10 to 15 minutes from shopping in Downtown Scottsdale by car, depending on the neighborhood, but you can’t beat the convenience of walking.
Both cities support active, outdoorsy lifestyles, but the weather is drastically different.
Paradise Valley and Park City are both scenic locations immersed in nature. I’m sure I’d be happy to wake up to either mountain landscape each morning. Residents of both towns said they appreciate outdoor activities like golf, hiking, and mountain biking.
But the seasons have completely different weather patterns.
When I visited Paradise Valley in the spring, it was 90 degrees Fahrenheit. I felt perpetually sweaty, and I couldn’t imagine doing any strenuous activities outside in the summertime when it’s often in the 100s. But I’m sure I’d spend all winter in nature, enjoying sunny, breezy days in the 70s.
Winter weather in Paradise Valley is summer weather in Park City. And Park City winters are crisp and frosty. Growing up in Connecticut, I know the challenges of months of snow — bitter walks against the wind, ice soaking my socks, and endless shoveling.
But there’s also something magical about a city feeling like a completely different place for a portion of the year. I loved spending entire days shoveling my friend’s backyard pond in ice skates just to glide around for an hour before sundown and do it all again the next day. And when the snow melted, I was so grateful for the spring and summer months.
I’m sure winter weather would feel even more magical in Park City if I took up skiing or snowboarding. I thought having another hobby I could only enjoy in the coldest months would make me look forward to the winter.
I could see why wealthy people are moving to both locations — but I’d only consider Park City.
Paradise Valley and Park City are both naturally stunning and provide opportunities for active lifestyles, large-scale living, and convenient city access. But Park City’s walkable streets, seasonal variation, and more affordable real estate made me think it could be suitable for me someday.
The post I visited the most expensive cities in Utah and Arizona. There’s only one I’d consider moving to. appeared first on Business Insider.
