Affordable housing markets can be hard to find in today's booming economy, but they are not nonexistent. In fact, there are a variety of affordable markets across the U.S., including the most affordable market located in Cleveland, Ohio.
Coldwell Banker Real Estate LLC, recently released a report, finding that the popular West Coast hosts the most expensive housing markets, with half of the top 100 most expensive markets in the U.S. located in California.
Newport Beach, California was ranked the most expensive housing market, with an average listing price of $2,291,764 for a four-bedroom, two-bathroom home, the report found.
On the other hand, Cleveland, Ohio is ranked as the most affordable market in that data, with an average four-bedroom, two-bathroom home listed at $74,502. This is a difference of $2.2 million compared to the most expensive market.
"The beauty of Newport Beach combined with the continued tech sector growth in Silicon Valley is powering California's dominance of the most expensive communities in our report," said Budge Huskey, President and CEO of Coldwell Banker Real Estate LLC. "On the opposite side, home affordability coupled with the economic and cultural renaissance makes Cleveland very attractive. We see that 45 percent of the most affordable markets are in the Midwestern states."
Jamie Duran, President of Coldwell Banker Residential Brokerage for Orange County and San Diego companies noted that they are "thrilled to see Newport Beach back on top of this year's most expensive market ranking. Known for its picturesque beaches and exclusive dining, shopping and culture, Newport Beach has all the amenities and vibrant economy to make it home to the world's luxury lifestyle connoisseurs."
According to Coldwell Banker, Newport Beach's average listing price is seven and a half times the national average and 30 times the cost of a similar home in Cleveland.
"Cleveland's community, revitalized downtown and renewed sense of pride have contributed to the rapid growth in this market," said Ed Dolinsky, President of Coldwell Banker Hunter Realty in Cleveland. "Many first-time home buyers and young professionals are looking at Cleveland as an affordable place to settle down and enjoy all of the great things the city has to offer."
The report, which examined over 2,700 markets and more than 81,000 homes, also showed that all of the top 100 affordable markets have an average listing price under $135,000. Meanwhile, all of the top 25 most expensive have an average listing price of $1 million or higher.
Top Ten Most Expensive/Most Affordable Housing Markets
Click here to view the full report.