What are the Least Expensive Housing Markets in America?
Last week Coldwell Banker released the findings of its new Home Listing Report (HLR) that shows prices for a normal four-bedroom, two bathroom home in different cities. While it may be no surprise to find Detroit bringing up the rear, you may be shocked to see how much it costs to buy a home in many California communities.
#1 Most Expensive Housing Market: Newport Beach, Calif.
Newport Beach tops the list as the most expensive real estate market in America. You'll need $1,826,348 to buy a slice of the golden state in Newport (and that only gets you four-bedrooms and two bathrooms).
The price difference between the home in Detroit and the one in Newport Beach is a staggering $1,758,341. You could buy about 27 homes in Detroit for that amount.
The rest of the most expensive markets in America include:
- Palo Alto, California. As the city that houses Stanford, maybe you expected this Nor Cal town to top the list, but with typical home values at $1,479,227, this is no place for student housing.
- Rye, New York. Although the town is not extremely well known, the shocking sticker price ($1,325,500) of a home is a reason to open your eyes to this New York commuting haven.
- San Francisco, California. While San Fran was once a place for free love, housing is going to cost you. A typical home will now cost you $1,325,103.
- La Jolla, California. It is not called "The Jewel of San Diego" for nothing. A typical home in this Southern California town will run you $1,210,300.
Most expensive state for real estate: California real estate is the most expensive and the state dominates the top of the list claiming 14 spots of the top 25.
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.
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 atThinkGlink.com and The Equifax Personal Finance Blog, and is Chief Content Strategist atRealtyJoin.com, a community for real estate investors.