REALTOR® Magazine-Daily News-Survey Shows Huge Gap in Markets

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Daily Real Estate News | September 24, 2009 | Survey Shows Huge Gap in Markets
A comparison of similar 2,200-square-foot, 4-bedroom, 2.5 bath homes in 310 U.S. markets by Coldwell Banker found an enormous price disparity between the lowest- and highest-cost areas.

Grayling, in north-central Michigan, ranked as the most affordable market in America, where a home of that size costs $112,675.

La Jolla, north of San Diego, Calif., led the list as the most expensive real estate market in the country with a comparable home costs $2.125 million.

La Jolla was joined on the most expensive list by 13 other California markets, while Grayling was one of 20 Midwest communities on the most affordable list.

Internationally, Singapore was the most expensive market for the same type of home, $1.9 million, compared with Salinas, Ecuador, which at $69,375 was the most affordable international market.

“Half of the markets surveyed showed an average price for this very nice type of home to be less than $300,000 showcasing the affordability of homeownership across our nation,” Coldwell Banker CEO Jim Gillespie says.

The 10 most affordable U.S. markets were: