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The Most (and Least) Expensive Housing Markets

The 10 most expensive housing markets are all located in California, with the Silicon Valley being rated as the most expensive place to live in the U.S. for the third time in five years, according to the 2016 Coldwell Banker Real Estate Home Listing Report (HLR).

Three of the top four and six of the top 10 most expensive housing markets were located in the Silicon Valley, with Saratoga, California, ranking the highest with an average home price of $2.45 million for a four-bedroom, two-bathroom home.

“Silicon Valley has been at the forefront of innovation in the U.S. for years, with leading tech companies attracting some of the brightest entrepreneurial minds in the world,” said Charlie Young, president and CEO of Coldwell Banker Real Estate LLC. “Clearly, the amenities of the region are also impacting home prices. While there are 25 communities in the U.S. where the average price of a four-bed, two-bath home is more than $1 million, it’s fascinating to find that nearly 40 percent of the cities we studied had like-sized homes for less than $250,000.”

By comparison, a four-bedroom, two-bathroom home in the most affordable market, Detroit, carried an average price of just $64,000. The top six most affordable markets all featured median home prices of under $100,000, and the top 10 list featured six markets in the East (two in New York, two in Pennsylvania, and one each in Florida and Georgia) and four in the Midwest (one each in Ohio, Indiana, Michigan, and Illinois)—but none in the West.

“The city of Detroit has been experiencing a renaissance in the last few years. Due to an invigorated community, culture and resurgence of young professionals, more and more people are looking to Detroit as an affordable place to settle and lay down roots,” said John North, CEO of Coldwell Banker Weir Manuel in Bingham Farms, Michigan.

According to the HLR, which analyzed more than 50,000 four-bedroom, two-bathroom homes in 2,000 markets, the national average price of a home that size is $320,120—which will buy a home that size in almost 1,300 markets.

About Author: Seth Welborn

Seth Welborn is a Harding University graduate with a degree in English and a minor in writing. He is a contributing writer for MReport. An East Texas Native, he has studied abroad in Athens, Greece and works part-time as a photographer.
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