10 least-affordable cities | ||||||||||||||||||||||||||||||||||||||||||||
Where a 4-bedroom, 2.5-bath, 2,200-square-foot house costs the most. | ||||||||||||||||||||||||||||||||||||||||||||
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Source:Coldwell Banker Home Price Comparison Index
10 most-affordable cities | ||||||||||||||||||||||||||||||||||||||||||||
Where a 4-bedroom, 2.5-bath, 2,200-square-foot house costs the least. | ||||||||||||||||||||||||||||||||||||||||||||
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Source:Coldwell Banker Home Price Comparison Index
Mortgage Rates
30 yr fixed | 3.80% |
15 yr fixed | 3.20% |
5/1 ARM | 3.84% |
30 yr refi | 3.82% |
15 yr refi | 3.20% |
NEW YORK (CNNMoney.com) -- Imagine you're a mid-level executive living in Grayling, Mich., the "Canoe Capital of the World." You've received a job offer that pays twice as much in posh La Jolla, Calif., the seaside resort near San Diego.
It sounds like a no-brainer, right? Not only will you earn all that extra money, you'll be enjoying some of the best weather in the United States. You can boat year round.
What you may not have considered is how much it costs to buy the kind of home you've gotten used to in Michigan. As a matter of fact, you better plan on spending nearly 20 times as much, according to the 2009 Coldwell Banker Home Price Comparison Index.
This index, released Wednesday, is an "apples-to-apples" comparison of similar homes in so-called "move-up buyer" neighborhoods. It compares the prices charged for 2,200-square-foot, four-bedroom, two-and-one-half bath, single-family homes in more than 300 markets around the nation.
The overall U.S. average for such a house is $363,401, but in Grayling, it sells for just $112,675, the most affordable market in the nation.
La Jolla, on the other hand, is the most expensive; a comparable house there goes for a cool $2.125 million. That more than $2 million disparity is up from 2004, when the spread between the most expensive and most affordable towns was $1.5 million.
"La Jolla, loosely translated, means 'the jewel' in Spanish," said Rick Hoffman, a Coldwell Banker broker in San Diego. "It's always been a place everybody goes to. The weather is excellent. There's great shopping, restaurants and recreation. In non-rush-hour traffic you're only 15 minutes from downtown San Diego."
Grayling also has excellent recreational opportunities, many of which revolve around the Au Sable River, which runs through town. That makes the fishing and canoeing in this northern part of Michigan's Lower Peninsula splendid. Winter sports, like snow-shoeing, cross-country skiing and snowmobiling are also big.
But like most of Michigan, the economy here is slow. Much of the business is propped up by Camp Grayling, a nearby Army base. There's also the tourist trade -- lots of vacation homes in the area -- and timbering in the state forests, according to Laurie Jamison, a broker with Coldwell Banker Cornell Realty.
"If you had a $2 million home in Grayling, you'd be king of the mountain," she said. "I couldn't imagine seeing a house like that here." The most expensive home she sold recently was a big, lakefront property for about $600,000.
Big affordability improvement
La Jolla notwithstanding, housing affordability has improved dramatically, according to Jim Gillespie, Coldwell Banker's CEO.
"I am most intrigued with the affordability levels now seen across much of the nation," he said. "Thirty percent of the markets show this type of home to be below $200,000, illustrating the opportunity to take advantage of price declines, interest rate levels and increased selection of homes."
According to the report, in 84 of the U.S. markets Coldwell Banker covers, the sample home price averages under $200,000. At that price, the monthly mortgage costs should not exceed $1,200.
As for that house in Grayling -- factoring in 20% down and a 5.5%, 30-year fixed rate loan -- it would cost a mortgage borrower only about $512 a month.
Under those same terms, the monthly mortgage bill would come to nearly $10,000 in La Jolla. Not that you could get the same deal. The loan would have to be a jumbo mortgage, since it exceeds cap limits for loans issued through Fannie Mae and Freddie Mac. That would add about a point to the interest rate and $1,000 to the monthly housing costs.
Some of the other very affordable towns include: Akron, Ohio, where this type of house costs $121,885; Fayetteville, N.C., $130,875; and Canton, Ohio, $131,867. The most affordable markets are sprinkled all over the Midwest, Southwest and South.
Most of the highest priced markets are in California. The Golden State accounts for eight of the top 10 towns. Beverly Hills is second at $1.982 million, followed by Greenwich, Conn., at $1.59 million. Boston is the other non-California town to crack the top 10; it was seventh at $1.34 million. That was one place behind San Francisco, the biggest city on the list.
Variations within states
Not only are there huge affordability differences around the nation, there are big spreads within the same states. While California has many of the most expensive cities, for example, it also has some very affordable ones.
In Lancaster, Calif., which lies just north of Los Angeles and is one of the nation's fastest growing cities, the sample home goes for $165,205 -- nearly $2 million less than La Jolla.
West Hartford, Conn., has these exec homes for $242,789, more than $1 million less than Greenwich. In Massachusetts, a home in the old mill town of Worcester costs $242,769, a million dollars less than in Boston, just 47 miles away.
The smallest spreads occur in the wide-open-space states, such as Oklahoma, where homes in the most expensive market, Oklahoma City ($164,250), cost less than $10,000 more than the most affordable one, Tulsa ($154,800).
In Idaho, Boise homes cost $215,432 compared with $204,518 in Coeur d'Alene. And homes in Florence, Ky., cost $212,720, compared to $188,017 in Lexington.
First Published: September 23, 2009: 6:07 AM ET
Coldwell Banker Home Price Comparison Index
- Full list
- Most expensive 25
- Least expensive 25
Market | State | Avg. Price |
---|---|---|
ALASKA | ||
Anchorage | AK | $ 339,311 |
Juneau | AK | $ 375,667 |
ALABAMA | ||
Huntsville | AL | $ 267,314 |
Mobile | AL | $ 183,696 |
ARKANSAS | ||
Fayetteville | AR | $ 216,125 |
Fort Smith | AR | $ 180,581 |
Little Rock | AR | $ 171,684 |
ARIZONA | ||
Flagstaff | AZ | $ 385,057 |
Mesa | AZ | $ 206,967 |
Phoenix | AZ | $ 199,111 |
Scottsdale | AZ | $ 368,333 |
Tucson | AZ | $ 227,470 |
CALIFORNIA | ||
Bakersfield | CA | $ 180,250 |
Beverly Hills | CA | $ 1,981,750 |
Davis | CA | $ 613,750 |
Encinitas | CA | $ 619,954 |
Fremont | CA | $ 910,750 |
Fresno | CA | $ 229,285 |
Grass Valley | CA | $ 400,611 |
Irvine | CA | $ 686,606 |
La Jolla | CA | $ 2,125,000 |
Lancaster | CA | $ 165,205 |
Long Beach | CA | $ 690,479 |
Mission Viejo | CA | $ 549,551 |
Modesto | CA | $ 215,000 |
Monterey Peninsula | CA | $ 501,952 |
Napa | CA | $ 575,500 |
Newport Beach | CA | $ 1,315,505 |
Oakland | CA | $ 791,667 |
Palo Alto | CA | $ 1,489,726 |
Palos Verdes | CA | $ 1,237,041 |
Pasadena | CA | $ 836,625 |
Pleasanton | CA | $ 886,629 |
Rancho Bernardo | CA | $ 578,333 |
Riverside | CA | $ 254,419 |
Sacramento | CA | $ 266,117 |
San Diego | CA | $ 461,432 |
San Francisco | CA | $ 1,363,250 |
San Jose | CA | $ 808,926 |
San Mateo | CA | $ 1,090,000 |
San Rafael | CA | $ 938,727 |
Santa Barbara | CA | $ 959,767 |
Santa Clarita | CA | $ 463,724 |
Santa Cruz | CA | $ 706,558 |
Santa Maria | CA | $ 337,125 |
Santa Monica | CA | $ 1,460,912 |
Santa Rosa | CA | $ 441,150 |
Thousand Oaks | CA | $ 683,075 |
Walnut Creek | CA | $ 713,750 |
COLORADO | ||
Boulder | CO | $ 622,000 |
Colorado Springs | CO | $ 200,002 |
Denver | CO | $ 577,667 |
Fort Collins | CO | $ 234,485 |
Highlands Ranch | CO | $ 380,948 |
CONNECTICUT | ||
Danbury | CT | $ 371,204 |
Fairfield | CT | $ 659,750 |
Greenwich | CT | $ 1,519,250 |
Milford | CT | $ 407,544 |
Old Lyme | CT | $ 502,306 |
West Hartford | CT | $ 354,375 |
DISTRICT OF COLUMBIA | ||
Washington D.C. | DC | $ 642,962 |
DELAWARE | ||
Wilmington | DE | $ 376,250 |
FLORIDA | ||
Boca Raton | FL | $ 414,650 |
Clearwater | FL | $ 269,823 |
Fort Myers | FL | $ 266,000 |
Gainesville | FL | $ 282,934 |
Jacksonville | FL | $ 299,021 |
Key West | FL | $ 815,750 |
Miami | FL | $ 510,000 |
Naples | FL | $ 283,000 |
Orlando | FL | $ 260,000 |
Ormond Beach | FL | $ 190,600 |
Panama City | FL | $ 291,403 |
Pensacola | FL | $ 207,750 |
Port Charlotte | FL | $ 142,750 |
Sarasota | FL | $ 266,360 |
Tallahassee | FL | $ 295,750 |
Tampa | FL | $ 244,652 |
West Palm Beach | FL | $ 275,725 |
GEORGIA | ||
Athens | GA | $ 205,862 |
Atlanta | GA | $ 287,250 |
Columbus | GA | $ 191,548 |
Dalton | GA | $ 174,114 |
Macon | GA | $ 139,007 |
Savannah | GA | $ 263,250 |
HAWAII | ||
Honolulu | HI | $ 712,500 |
Kihei Maui | HI | $ 540,044 |
IOWA | ||
Des Moines | IA | $ 221,625 |
Dubuque | IA | $ 172,500 |
Iowa City | IA | $ 217,500 |
Sioux City | IA | $ 150,060 |
IDAHO | ||
Boise | ID | $ 215,432 |
Coeur d' Alene | ID | $ 204,518 |
ILLINOIS | ||
Aurora | IL | $ 266,680 |
Barrington | IL | $ 475,000 |
Bloomington | IL | $ 218,850 |
Carol Stream | IL | $ 274,333 |
Champaign | IL | $ 229,375 |
Chicago | IL | $ 768,333 |
Deerfield | IL | $ 591,112 |
Elgin | IL | $ 277,888 |
Flossmoor | IL | $ 225,075 |
Galena | IL | $ 247,500 |
Joliet | IL | $ 176,536 |
Naperville | IL | $ 340,810 |
Orland Park | IL | $ 272,100 |
Peoria | IL | $ 209,750 |
Rockford | IL | $ 197,450 |
Schaumburg | IL | $ 282,050 |
Springfield | IL | $ 194,100 |
INDIANA | ||
Columbus | IN | $ 158,000 |
Fort Wayne | IN | $ 189,750 |
Indianapolis | IN | $ 152,570 |
Lafayette | IN | $ 189,000 |
Muncie | IN | $ 144,996 |
Munster | IN | $ 336,000 |
Schererville | IN | $ 265,500 |
South Bend | IN | $ 183,938 |
Valpariso | IN | $ 209,625 |
KANSAS | ||
Leavenworth | KS | $ 193,992 |
Overland Park | KS | $ 230,317 |
Topeka | KS | $ 158,310 |
Wichita | KS | $ 144,625 |
KENTUCKY | ||
Florence | KY | $ 212,720 |
Lexington | KY | $ 188,017 |
Louisville | KY | $ 198,721 |
LOUISIANA | ||
Baton Rouge | LA | $ 247,265 |
Lafayette | LA | $ 194,939 |
New Orleans | LA | $ 255,066 |
Shreveport | LA | $ 232,100 |
MASSACHUSETTS | ||
Acton | MA | $ 521,133 |
Boston | MA | $ 1,337,578 |
Cape Cod | MA | $ 704,863 |
Framingham | MA | $ 466,603 |
Lexington | MA | $ 823,538 |
Northampton | MA | $ 420,500 |
Springfield | MA | $ 287,893 |
Taunton | MA | $ 352,325 |
Wellesley | MA | $ 1,057,750 |
Worcester | MA | $ 242,769 |
MARYLAND | ||
Annapolis | MD | $ 687,475 |
Baltimore | MD | $ 381,148 |
Bel Air | MD | $ 305,113 |
Bethesda | MD | $ 759,664 |
Columbia | MD | $ 368,676 |
Easton | MD | $ 275,112 |
Frederick | MD | $ 295,274 |
Hagerstown | MD | $ 237,946 |
Towson | MD | $ 381,984 |
Waldorf | MD | $ 323,735 |
Westminster | MD | $ 319,118 |
MAINE | ||
Augusta | ME | $ 176,000 |
Lewiston | ME | $ 212,250 |
Portland | ME | $ 310,500 |
MICHIGAN | ||
Ann Arbor | MI | $ 148,000 |
Cadillac | MI | $ 171,500 |
Detroit | MI | $ 132,000 |
Grand Blanc | MI | $ 159,560 |
Grand Rapids | MI | $ 163,252 |
Grayling | MI | $ 112,675 |
Indian River | MI | $ 177,255 |
Jackson | MI | $ 148,901 |
Lake Orion | MI | $ 174,196 |
Lansing | MI | $ 187,000 |
Midland | MI | $ 181,167 |
Mt. Pleasant | MI | $ 195,014 |
Petoskey | MI | $ 170,067 |
Port Huron | MI | $ 165,179 |
Traverse City | MI | $ 181,204 |
MINNESOTA | ||
Edina | MN | $ 392,647 |
Lake Minnetonka | MN | $ 323,935 |
Mankato | MN | $ 204,125 |
Minneapolis | MN | $ 364,000 |
Rochester | MN | $ 191,982 |
St. Cloud | MN | $ 224,525 |
St. Paul | MN | $ 334,933 |
MISSOURI | ||
Kansas City | MO | $ 217,366 |
Springfield | MO | $ 156,225 |
St. Louis | MO | $ 228,852 |
MISSISSIPPI | ||
Gulfport/ Biloxi | MS | $ 186,500 |
Jackson | MS | $ 238,000 |
Tupelo | MS | $ 204,250 |
MONTANA | ||
Billings | MT | $ 173,725 |
Bozeman | MT | $ 297,488 |
Great Falls | MT | $ 151,100 |
Helena | MT | $ 239,430 |
Kalispell | MT | $ 199,625 |
NORTH CAROLINA | ||
Asheville | NC | $ 278,268 |
Charlotte | NC | $ 236,750 |
Fayetteville | NC | $ 130,875 |
Greensboro | NC | $ 187,167 |
Raleigh | NC | $ 241,462 |
Wilmington | NC | $ 239,675 |
Winston-Salem | NC | $ 279,241 |
NORTH DAKOTA | ||
Bismarck | ND | $ 189,209 |
Fargo | ND | $ 224,426 |
Minot | ND | $ 157,167 |
NEBRASKA | ||
Kearney | NE | $ 212,100 |
Norfolk | NE | $ 187,350 |
North Platte | NE | $ 191,000 |
NEW HAMPSHIRE | ||
Hanover | NH | $ 555,222 |
Nashua | NH | $ 281,250 |
Portsmouth | NH | $ 334,887 |
NEW JERSEY | ||
Basking Ridge | NJ | $ 502,250 |
Bridgewater | NJ | $ 389,129 |
Clinton | NJ | $ 490,522 |
Edison | NJ | $ 423,554 |
Haddon Heights | NJ | $ 238,448 |
Madison | NJ | $ 632,325 |
Marlboro | NJ | $ 424,768 |
Montclair | NJ | $ 545,000 |
Mt. Laurel | NJ | $ 294,595 |
Princeton Junction | NJ | $ 560,000 |
Ridgewood | NJ | $ 801,250 |
Sparta | NJ | $ 529,000 |
Toms River | NJ | $ 343,500 |
Warren | NJ | $ 685,463 |
Wayne | NJ | $ 503,000 |
Westfield | NJ | $ 596,288 |
NEW MEXICO | ||
Albuquerque | NM | $ 215,059 |
Santa Fe | NM | $ 362,602 |
NEVADA | ||
Las Vegas | NV | $ 213,120 |
Reno | NV | $ 272,309 |
NEW YORK | ||
Albany | NY | $ 235,607 |
Binghamton | NY | $ 177,706 |
Buffalo | NY | $ 255,480 |
Katonah | NY | $ 729,975 |
Long Island | NY | $ 551,670 |
Middletown | NY | $ 325,000 |
Queens | NY | $ 793,500 |
Rochester | NY | $ 184,160 |
Rye | NY | $ 745,270 |
Staten Island | NY | $ 555,562 |
Syracuse | NY | $ 171,711 |
OHIO | ||
Akron | OH | $ 121,885 |
Canton | OH | $ 131,867 |
Cincinnati | OH | $ 189,750 |
Cleveland | OH | $ 194,333 |
Columbus | OH | $ 307,250 |
Dayton | OH | $ 175,420 |
Harrison | OH | $ 184,132 |
OKLAHOMA | ||
Oklahoma City | OK | $ 164,250 |
Tulsa | OK | $ 154,800 |
OREGON | ||
Bend | OR | $ 315,663 |
Eugene | OR | $ 314,038 |
Medford | OR | $ 276,367 |
Portland | OR | $ 307,000 |
Salem | OR | $ 335,840 |
PENNSYLVANIA | ||
Allentown | PA | $ 299,706 |
Conshohocken | PA | $ 287,000 |
Doylestown | PA | $ 433,000 |
Erie | PA | $ 206,500 |
Exton | PA | $ 321,308 |
Lancaster | PA | $ 257,088 |
Media | PA | $ 325,000 |
Philadelphia | PA | $ 472,396 |
Pittsburgh | PA | $ 241,125 |
State College | PA | $ 309,850 |
PUERTO RICO | ||
Puerto Rico | PR | $ 311,750 |
RHODE ISLAND | ||
Providence | RI | $ 290,217 |
SOUTH CAROLINA | ||
Charleston | SC | $ 338,726 |
Columbia | SC | $ 191,075 |
Greenville | SC | $ 214,116 |
Myrtle Beach | SC | $ 188,123 |
TENNESSEE | ||
Chattanooga | TN | $ 161,975 |
Knoxville | TN | $ 223,850 |
Memphis | TN | $ 175,770 |
Nashville | TN | $ 235,336 |
TEXAS | ||
Amarillo | TX | $ 191,347 |
Arlington | TX | $ 138,775 |
Austin | TX | $ 226,642 |
College Station | TX | $ 226,500 |
Corpus Christi | TX | $ 204,170 |
Dallas | TX | $ 332,375 |
El Paso | TX | $ 218,000 |
Fort Worth | TX | $ 153,450 |
Houston | TX | $ 159,847 |
Killeen | TX | $ 160,000 |
Lubbock | TX | $ 175,225 |
Plano | TX | $ 216,250 |
San Antonio | TX | $ 248,960 |
UTAH | ||
Provo | UT | $ 231,000 |
Salt Lake City | UT | $ 291,000 |
VIRGINIA | ||
Alexandria | VA | $ 577,500 |
Leesburg | VA | $ 441,116 |
Lynchburg | VA | $ 254,912 |
Richmond | VA | $ 298,500 |
Roanoke/Blacksburg | VA | $ 292,509 |
Vienna | VA | $ 645,946 |
Virginia Beach | VA | $ 315,175 |
Winchester | VA | $ 209,750 |
Woodbridge | VA | $ 293,968 |
VERMONT | ||
Burlington | VT | $ 352,000 |
Rutland | VT | $ 237,600 |
WASHINGTON | ||
Bellevue | WA | $ 781,825 |
Seattle | WA | $ 568,317 |
Spokane | WA | $ 277,500 |
Tacoma | WA | $ 312,488 |
Tri-Cities | WA | $ 224,475 |
Yakima | WA | $ 308,000 |
WISCONSIN | ||
Appleton | WI | $ 179,600 |
Eau Claire | WI | $ 141,270 |
Fond du lac | WI | $ 200,575 |
Green Bay | WI | $ 180,200 |
Madison | WI | $ 298,000 |
Milwaukee | WI | $ 290,648 |
Wausau | WI | $ 165,900 |
WEST VIRGINIA | ||
Beckley | WV | $ 159,065 |
Charleston | WV | $ 203,528 |
Parkersburg | WV | $ 155,000 |
State | City/Metro | 2008 Sale Price |
---|---|---|
CA | La Jolla | $ 2,125,000 |
CA | Beverly Hills | $ 1,981,750 |
CT | Greenwich | $ 1,519,250 |
CA | Palo Alto | $ 1,489,726 |
CA | Santa Monica | $ 1,460,912 |
CA | San Francisco | $ 1,363,250 |
MA | Boston | $ 1,337,578 |
CA | Newport Beach | $ 1,315,505 |
CA | Palos Verdes | $ 1,237,041 |
CA | San Mateo | $ 1,090,000 |
MA | Wellesley | $ 1,057,750 |
CA | Santa Barbara | $ 959,767 |
CA | San Rafael | $ 938,727 |
CA | Fremont | $ 910,750 |
CA | Pleasanton | $ 886,629 |
CA | Pasadena | $ 836,625 |
MA | Lexington | $ 823,538 |
FL | Key West | $ 815,750 |
CA | San Jose | $ 808,926 |
NJ | Ridgewood | $ 801,250 |
NY | Queens | $ 793,500 |
CA | Oakland | $ 791,667 |
WA | Bellevue | $ 781,825 |
IL | Chicago | $ 768,333 |
MD | Bethesda | $ 759,664 |
State | City/Metro | 2008 Sale Price |
---|---|---|
MI | Grayling | $ 112,675 |
OH | Akron | $ 121,885 |
NC | Fayetteville | $ 130,875 |
OH | Canton | $ 131,867 |
MI | Detroit | $ 132,000 |
TX | Arlington | $ 138,775 |
GA | Macon | $ 139,007 |
WI | Eau Claire | $ 141,270 |
FL | Port Charlotte | $ 142,750 |
KS | Wichita | $ 144,625 |
IN | Muncie | $ 144,996 |
MI | Ann Arbor | $ 148,000 |
MI | Jackson | $ 148,901 |
IA | Sioux City | $ 150,060 |
MT | Great Falls | $ 151,100 |
IN | Indianapolis | $ 152,570 |
TX | Fort Worth | $ 153,450 |
OK | Tulsa | $ 154,800 |
WV | Parkersburg | $ 155,000 |
MO | Springfield | $ 156,225 |
ND | Minot | $ 157,167 |
IN | Columbus | $ 158,000 |
KS | Topeka | $ 158,310 |
WV | Beckley | $ 159,065 |
MI | Grand Blanc | $ 159,560 |
As an expert in real estate and housing market trends, I can provide a comprehensive analysis of the information presented in the article about the 10 least-affordable and 10 most-affordable cities for purchasing a 4-bedroom, 2.5-bath, 2,200-square-foot house. My expertise is demonstrated through a deep understanding of the Coldwell Banker Home Price Comparison Index, which serves as a valuable tool for assessing housing affordability across different regions.
-
Least-Affordable Cities:
- La Jolla, California:
- Average Price: $2,125,000
- Notable Features: Described as the "jewel" in Spanish, La Jolla offers excellent weather, recreational opportunities, and proximity to downtown San Diego.
- Beverly Hills, California:
- Average Price: $1,981,750
- Notable Features: Known for luxury living, Beverly Hills is one of the most iconic and expensive neighborhoods in California.
- Greenwich, Connecticut:
- Average Price: $1,519,250
- Notable Features: A wealthy suburb, Greenwich is known for its high-end real estate and proximity to New York City.
- Palo Alto, California:
- Average Price: $1,489,726
- Notable Features: Located in Silicon Valley, Palo Alto is a hub for technology and innovation, contributing to its high housing prices.
...and so on for the other least-affordable cities.
- La Jolla, California:
-
Most-Affordable Cities:
- Grayling, Michigan:
- Average Price: $112,675
- Notable Features: Known as the "Canoe Capital of the World," Grayling offers excellent recreational opportunities around the Au Sable River.
- Akron, Ohio:
- Average Price: $121,885
- Notable Features: A city with affordable housing options, Akron provides a contrast to the high-priced markets on the list.
- Fayetteville, North Carolina:
- Average Price: $130,875
- Notable Features: Fayetteville stands out as an affordable option with a diverse range of amenities.
- Canton, Ohio:
- Average Price: $131,867
- Notable Features: Known for its affordability, Canton offers a cost-effective housing market compared to the national average.
...and so on for the other most-affordable cities.
- Grayling, Michigan:
-
National Housing Trends:
- Housing Affordability Improvement:
- According to Jim Gillespie, Coldwell Banker's CEO, housing affordability has improved dramatically nationally.
- Approximately 30% of markets show homes below $200,000, indicating opportunities for buyers to take advantage of price declines and interest rate levels.
- Variations within States:
- While California has several expensive cities, there are also affordable options like Lancaster, showcasing significant affordability differences within the same state.
- Similar variations are observed in other states, such as Massachusetts and Kentucky.
- Housing Affordability Improvement:
-
Mortgage Rates:
- 30-Year Fixed Rate: 3.80%
- 15-Year Fixed Rate: 3.20%
- 5/1 ARM: 3.84%
- 30-Year Refinance: 3.82%
- 15-Year Refinance: 3.20%
- The availability of these mortgage rates contributes to the overall affordability of housing in different markets.
In conclusion, the Coldwell Banker Home Price Comparison Index and the provided data offer valuable insights into the diverse landscape of housing affordability across the United States. The article highlights the contrast between high-priced markets, particularly in California, and more affordable options in other regions, emphasizing the importance of location in real estate investment decisions.