Although both are waterfront cities, something besides the salt water separates La Jolla on the Pacific Ocean from Sioux City, Iowa on the Missouri River – a $1.7 million dollar difference in the cost of homes studied in the 2008 Coldwell Banker Home Price Comparison Index.
In Oklahoma, the average most expensive home is $165,000 in Oklahoma City while the average affordable home in Tulsa is $154,200 — a $10,800 difference.
In an annual comparison of similar homes in 315 U.S. markets, La Jolla topped the chart as the most expensive real estate market in the nation with a $1,841,667 average home price. Sixteen hundred miles away in America’s heartland sits Sioux City, the most affordable real estate market in America, where a similar home would cost $133,459.
La Jolla and Sioux City are not alone in representing California and the Midwest. In fact, eight out of ten of the country’s most expensive housing markets are in California, and eight Midwestern cities make the list of the nation’s 10 most affordable home markets.
Differing from most housing reports which compare median prices, the annual Coldwell Banker HPCI, which first launched in the late 1980s, provides an apples-to-apple comparison of similar 2,200 square foot, four-bedroom, two-and-a-half bath homes in 315 markets across the United States, in addition to Puerto Rico, Canada and a sampling of countries/territories outside of North America where Coldwell Banker has a presence.
Offering a “snapshot” of affordability across the U.S., the Coldwell Banker HPCI evaluates average home values for select 2,200 square foot single-family dwellings with four bedrooms, two-and-one-half baths, a family room (or equivalent) and a two-car garage.