Midwest stomps California in home affordability
4 bedrooms in La Jolla: $1,841,667; same house in Sioux City: $133,459
THE ASSOCIATED PRESS
Home prices
Prices for 2,200-square-foot houses with four bedrooms, 21/2 baths, a family room and a two-car garage.
Most expensive
Rank/city 2008 avg. price
1. La Jolla, Calif. $1,841,667
2. Greenwich, Conn. $1,787,000
3. Beverly Hills, Calif. $1,777,475
4. Palo Alto, Calif. $1,740,333
5. Santa Monica, Calif. $1,653,333
6. Santa Barbara, Calif. $1,599,667
7. Newport Beach, Calif. $1,546,250
8. San Francisco, Calif. $1,513,181
9. Boston, Mass. $1,493,750
10. San Mateo, Calif. $1,366,475
Arizona*
Rank/city 2008 avg. price
1. Scottsdale $472,833
2. Flagstaff $435,913
3. Phoenix $288,000
4. Tucson $258,000
5. Mesa $231,720
*Only surveyed cities in the state
Most affordable
Rank/city 2008 avg. price
1. Sioux City, Iowa $133,459
2. Jackson, Mich. $134,325
3. Akron, Ohio $135,780
4. Canton, Ohio $139,667
5. Grayling, Mich. $141,000
6. Minot, N.D. $142,000
7. Arlington, Texas $143,775
8. Muncie, Ind. $144,250
9. Killeen, Texas $145,812
10. Eau Claire, Wis. $147,300
Source: Coldwell Banker
Compare prices
• Find an online tool to compare home prices based on the Coldwell Banker Home Price Comparison Index at hpci.coldwellbanker.com.
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LOS ANGELES — Californians rave about year-round sunshine, temperate climate and easy access to surfing, snowboarding and everything in between.
But when it comes to getting the most out of their homebuying dollar, they've got nothing on homeowners in the Midwest, a new study suggests.
Eight out of the top 10 most expensive housing markets in the U.S. are in California, while eight Midwestern cities are among the 10 most affordable markets, according to the Coldwell Banker Home Price Comparison Index released Tuesday.
The study compared the average value of 2,200-square-foot houses with four bedrooms, 2 1/2 baths, a family room and a two-car garage across 315 U.S. markets.
The results underscore the vast disparity in how much homeowners in different markets pay for essentially the same amount of living space.
The sharpest contrast was found between La Jolla, Calif., and Sioux City, Iowa — the most expensive and most affordable cities, respectively, tracked in the study.
In La Jolla, an upscale seaside suburb of San Diego, the average price of homes tracked by the study was about $1.8 million. In contrast, the average price of a similar-sized home in Sioux City was $133,459.
Home prices
Prices for 2,200-square-foot houses with four bedrooms, 21/2 baths, a family room and a two-car garage.
Most expensive
Rank/city 2008 avg. price
1. La Jolla, Calif. $1,841,667
2. Greenwich, Conn. $1,787,000
3. Beverly Hills, Calif. $1,777,475
4. Palo Alto, Calif. $1,740,333
5. Santa Monica, Calif. $1,653,333
6. Santa Barbara, Calif. $1,599,667
7. Newport Beach, Calif. $1,546,250
8. San Francisco, Calif. $1,513,181
9. Boston, Mass. $1,493,750
10. San Mateo, Calif. $1,366,475
Arizona*
Rank/city 2008 avg. price
1. Scottsdale $472,833
2. Flagstaff $435,913
3. Phoenix $288,000
4. Tucson $258,000
5. Mesa $231,720
*Only surveyed cities in the state
Most affordable
Rank/city 2008 avg. price
1. Sioux City, Iowa $133,459
2. Jackson, Mich. $134,325
3. Akron, Ohio $135,780
4. Canton, Ohio $139,667
5. Grayling, Mich. $141,000
6. Minot, N.D. $142,000
7. Arlington, Texas $143,775
8. Muncie, Ind. $144,250
9. Killeen, Texas $145,812
10. Eau Claire, Wis. $147,300
Source: Coldwell Banker
Compare prices
• Find an online tool to compare home prices based on the Coldwell Banker Home Price Comparison Index at hpci.coldwellbanker.com.
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