We all know the saying Location! Location! Location! but how big of an impact does it really have on home value. How much would your house be worth if you picked it up and moved it across the country?
An index that come out on Wednesday compared similar homes in "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.
$363,401 is the average for the U.S. but in Grayling, Michigan it sells for just $112,675. That makes Grayling the most affordable market in the nation.
La Jolla, California is on the other end of the spectrum. A comparable house there will run you $2.125 million. What does La Jolla have that Grayling doesn't? Weather for one. They don't have rush hour traffic and they are 15 minutes from downtown San Diego.
Grayling has much to love, like all the outdoor activities in and around the Au Sable River, but Michigan has a much slower economy.
Variations are not only between states but within states. California holds 8 of the top 10 highest priced markets, but there are some affordable towns here too. Just north of L.A. is Lancaster where the sample home would go for $165,205 which is almost $2 million less than in La Jolla, California.
Some states have much less variation. Oklahoma's price spread is less than $10,000. In Boise, Idaho homes cost $215,432 compared with $204,518 in Coeur d'Alene
http://money.cnn.com/2009/09/23/real_estate/home_price_comparison/index.htm?postversion=2009092316
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Interesting. I wouldn't even be able to pay the property taxes on a home in La Jolla, but there are better neaby communities in my opinion. If I owned such a house in Grayling, I'd probably find a homeless couple, and let them use it until the were able to get back on their feet.