No, no you dont get it, how many "words" in a city or state name does not dictate the value. LosAngelesCA is much better domain than BarstowCA, NewYorkCityNY is much better than lodiCA and so on, it is all about the market.
Also nobody is typing in anything, we are talking about SEO here.
This domains value is very low because of the low population and no commercial or industrial zones and geared towards one market who would have interest.
Yes expensive cities do far better than poor cities IMO. If this was a poor city of the same size worth almost $0. But only a factor in selling to an end user in that city.
Low to mid $xxx.