Coldwell Banker Real Estate announced the findings of its new Home Listing Report (HLR) ranking the most affordable and expensive real estate markets in America. It's no shock that California (with 14 of the top 25 most-expensive housing markets) came out on top, but some big cities may be cheaper than you expect.
Last week, I posted a blog about the most recession-proof cities and the Midwest came up on top. The HLR shows much of the same: if you want an affordable place to live, stay in the center of the country. All five of the least expensive housing (is markets are in the Midwest, and all have pretty brutal winters (is there a weather-cost correlation?).
#1 Least Expensive Housing Market: Detroit, MichiganA typical four-bedroom, two bathroom house in Motor City will cost you just $68,007. I wouldn't expect real estate investors to rush to D-town, even with such great deals, but here's hoping. If you are looking for an affordable place to lay your head in Detroit, check out this 4-bedroom, 2 1/2-bath house for $50,000.
Here's a quick look at the other least expensive housing markets in America:
2. Grayling, Michigan. Grayling touts itself as being a place where "time has no meaning," but it is also a place where you can get a great home for a low price. A typical four-bedroom will run you about $84,625. Or you could spend your days in this rugged 4-bedroom, 2 1/2-bath home for $79,900.
3. Sioux City, Iowa. Sioux City has been penned the All-American City twice by the National Civic League, so if you are looking for an affordable and patriotic place to call home your search is over. While a typical house will cost about $85,967, you could call this 3-bedroom, 1 1/2-bath home for $75,000.
4. Cleveland, Ohio. Turns out Cleveland really does rock--for affordable housing. The typical home in the Forest City is $87,240, but you could own this 4-bedroom, 2-bath yellow palace for $75,000.
5. Muncie, Indiana. While Muncie may not be the prettiest sounding town, it certainly isn't hard on the pocketbook, with the average home costing $100,314. For $109,900 you could get this 4-bedroom, 2-bathroom ranch.
Surprised by the list or want to see where your city falls? Here's Coldwell Banker's full Home Listing Report with data on more than 300 markets.
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Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com and The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.