Most and least expensive markets
How much for 2,200 square feet, four bedrooms and a two-car garage? That depends.
October 4, 2004: 5:34 PM EDT
By Sarah Max, CNN/Money senior writer

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

Most expensive places
Where does your city fall on the list?Click here to find out.

But Coldwell Banker's recently released Home Price Comparison Index 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 $1.5 million.

In Minot, N.D. – the most affordable market in the annual index – the average sale price for this house is just $130,300. (Coldwell Banker looked at nearly 350 markets – click here to see how your city stacks up.)

But in La Jolla, Calif., that same house will cost $1,708,333, or more than 13 times as much.

One nation, many price points

The index looked at similar houses in 323 markets in the United States and Puerto Rico and 25 markets in Canada.

The national average for this 2,200-square-foot house is $354,372, up 11.4 percent from 2003.

California claimed seven of the 10 most expensive markets, with La Jolla topping the list, followed by Beverly Hills, where the average price is $1.3 million and Santa Barbara, where the average price is $1.2 million.

Most expensive markets
Market 2004 sale price 
La Jolla, Calif. $1,708,000 
Beverly Hills, Calif. $1,314,000 
Santa Barbara, Calif. $1,230,000 
Palo Alto, Calif. $1,212,000 
Greenwich, Conn. $1,192,000 
 * prices rounded to the nearest thousand
 Source:  Coldwell Banker

Other affordable markets include: Great Falls, Mont.; Arlington, Texas; Billings, Mont.; and Killeen, Texas, where the average sale price for this type of house is less than $140,000.

Homeowners interested in seeing how much their house would cost in another market should check out Coldwell Banker's home price comparison tool. Enter the price of your current house, your market and up to three markets you're considering.

Least expensive markets
Market 2004 sale price 
Minot, N.D. $130,300 
Great Falls, Mont. $130,500 
Arlington, Texas $134,500 
Billings, Mont. $134,600 
Killeen, Texas $136,700 
 * prices rounded to nearest hundred
 Source:  Coldwell Banker

A $400,000 house in Portland, Ore., for example, would cost $425,000 in Burlington, Vt., according to the index. It would be $519,000 in Ann Arbor, Mich. and nearly $1.3 million in Long Beach, Calif.  Top of page

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