BEND, Ore. (CNN/Money) -
Most homeowners know that how much house you'll get for your money depends entirely on where you live.
|City ||Price |
|La Jolla, Calif ||$1,362,375 |
|Palo Alto, Calif. ||$1,179,000 |
|Greenwich, Conn. ||$1,170,600 |
|Beverly Hills, Calif. ||$1,097,250 |
|San Francisco, Calif. ||$971,750 |
|New Canaan, Conn. ||$963,750 |
|Wellesley, Mass. ||$959,048 |
|Newport Beach, Calif. ||$916,000 |
|Kailua Kona, Hawaii ||$906,250 |
|Manhattan Beach, Calif. ||$904,500 |
But Coldwell Banker's annual Home Price Comparison Index (HPCI), released Wednesday, shows just how huge this affordability gap can be.
The price of a 2,200-square-foot house with 4 bedrooms, 2 ˝ bathrooms, a family room and two-car garage in a neighborhood "typical for corporate middle-management transferees" varies by more than $1 million.
In Binghamton, N.Y. – the most affordable market in the index – the average sale price for this house is just $121,400. (Coldwell Banker looked at more than 300 markets -- see how your home town stacks up.)
|City ||Price |
|Binghamton, NY ||$121,400 |
|Killeen, Tex. ||$127,175 |
|Minot, ND ||$129,075 |
|Oklahoma City, Okla. ||$132,670 |
|Topeka, Kan.* ||$136,266 |
|Tulsa, Okla. ||$136,625 |
|Aberdeen, SD ||$138,000 |
|Billings, Mont. ||$138,725 |
|Sioux City, Iowa ||$139,500 |
|Parkersburg, WV ||$141,250 |
| * includes Shawnee County|
| Source: Coldwell Banker|
Across the country in La Jolla, Calif., that same house will cost $1,362,375, or more than 10 times as much.
The index looked at similar houses in 317 markets in the United States and 25 markets in Canada.
The national average for this 2,200-square-foot house is $318,172, up 9 percent from 2002.
|Real Estate Resources
California claimed six of the 10 most expensive markets, with La Jolla topping the list, followed by Palo Alto.
Leafy Greenwich, Conn., is the third most expensive market, according to the index, with a 2,200-square-foot home averaging $1,170,600.
Other affordable markets include: Killeen, Texas, Minot, N.D., and Oklahoma City, where the average sale price for this same size house is less than $130,000.
The dust bowl never looked so good.