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Your Money > Your Home
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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
CityPrice
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 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
CityPrice
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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