Housing: Big-ticket vs. Big value

NEW YORK (CNNMoney.com) -- What's the difference between living in Beverly Hills and Killeen, Texas? About $2 million, according to a new survey.

Beverly Hills, Calif. topped Coldwell Banker's annual Home Price Comparison Index (HPCI), as the nation's most expensive housing market for the second year in a row with an average cost of $2.21 million for a house.

About 1,400 miles away, Killeen came in as the most affordable market in the index with an average sale price of $136,725.

Coldwell banker compared the price of a 2,200-square-foot house with 4 bedrooms, 2 ½ bathrooms, a family room and two-car garage in 317 U.S. Markets. The national average for a 2,200 square foot house was $422,343.

"People continue to move for lifestyle; they did before, they are today and they will tomorrow," Jim Gillespie, president and chief executive of Coldwell Banker Real Estate LLC, said in a statement.

Out of the most expensive markets, California housed eight of the top 10 markets. Greenwich, Conn. placed second at $2 million after jumping from eighth place last year, while Boston came in tenth place at $1.38 million. In all, 16 U.S. markets exceed the $1 million average price for the surveyed home.

In the top 10 most affordable markets, six were military communities, including Killeen, which is near Fort Hood.

Coastal markets, such as California and the Northeast Corridor, combined for all but five of the most expensive 40 U.S. markets. Texas, led by Killeen, had eight of the study's 40 most affordable markets.

Markets that ranked nearest to the HPCI national average sales price of $422,343 included Modesto, Calif., ($421,667), Minneapolis, Minn., ($415,767) and Frederick, Md., ($415,000).

Outside of the U.S., Dublin, Ireland had the most expensive market where an average HPCI subject home cost $2.1 million.

A major omission from the list was Manhattan in New York City because Coldwell Banker said there was a lack of comparable single-family homes to calculate for the purposes of the index.

If your city is not on the list of 317 U.S. markets, you can use the Home Value Estimator on the Coldwell Banker Web site to get an idea of what your home is worth.