According to a new study, eight out the top ten most expensive housing markets in the United States are in California, while eight Midwestern cities are among the ten most affordable. The Coldwell Banker Home Price Comparison index compares the average value of a 2,200 square foot house with four bedrooms, two and half bathrooms and a two car garage across the top 315 US markets. La Jolla, CA came in as the most expensive community in the country while Sioux City, Iowa came in as the most affordable.
The average price of a home in La Jolla, which is an oceanfront suburb of San Diego in Southern California, is approximately $1.8 million. That compares to a similar home in Sioux City that averages $133,459. Typically, homes located near the coast, water and mountains are more expensive as they are more attractive destinations for property seekers. Additionally, homes near the coast appreciate more, according to the report.
Following La Jolla as the most expensive cities in the US are Greenwich, CT and Beverly Hills, CA with home prices just under $1.8 million. The rest of the top ten California markets were Palo Alto, Santa Monica, Santa Barbara, Newport Beach, San Francisco and San Mateo, while Boston, MA came in 9th with an average home price of $1.5 million.
After Sioux City, the most affordable markets for housing were Jackson, Michigan, which had an average price of $134,325, and Akron, Ohio, which had an average of $135,780. The rest of the top ten most affordable US housing markets were Canton, Ohio; Grayling, Michigan; Minot, North Dakota; Arlington, Texas; Muncie, Indiana; Killeen, Texas; and Eau Clair, Wisconsin.
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