California markets rank among the most expensive in the U.S.; Ohio and the Midwest are the most affordable
The Golden State is certainly living up to its name as far as living costs are concerned. A new report shows that 13 of the top 25 most expensive real estate markets in the U.S. are in California.
Malibu, Calif., takes the top spot for Coldwell Banker’s 2013 U.S. Home Listing Report, which compares the average listing price of four-bedroom, two-bathroom homes across 1,900 markets in the U.S. A home that size in the glitzy, star-studded beach town costs an average of $2.15 million.
On the other hand, the most affordable market in the report is Cleveland, where a four-bedroom, two-bathroom house will only set a buyer back $63,729.
While it might lack the ocean view and proximity to sun-tanned celebs, Ed Dolinksy, president of a local Coldwell Banker group, lauds Cleveland’s “friendly, hometown feel” and “growing tech hub.”
Four of the 25 most affordable cities are in Ohio, and nine others are located in the Midwest.
Meanwhile, New York is the only state containing some of the most expensive locales (Great Neck, Larchmont) as well as some of the most affordable (Utica, Buffalo, Niagara Falls).
If the saying, “location, location, location,” never meant anything to you, a glance at the report will provide a concrete meaning when it comes to cold, hard numbers. There are 20 markets where the four-bedroom, two-bathroom home costs more than $1 million, and in eight markets, it costs less than $100,000.
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