Your Money > Your Home
Most expensive housing markets
How much for 2,200 square feet and four bedrooms? You'll be surprised by just how much that varies.
October 24, 2003: 1:30 PM EDT
By Sarah Max, CNN/Money Staff Writer

BEND, Ore. (CNN/Money) - Most homeowners know that how much house you'll get for your money depends entirely on where you live.

Most expensive markets
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 
 Source: Coldwell Banker

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 ½ 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.)

Least expensive markets
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.

Broad sample

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.

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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.

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