Today Coldwell Banker Real Estate released their annual home price comparison index for the United States and select International markets and what an eye opener it is.
Unlike a lot of the reports you see that compare median home prices for particular areas, this report takes a hypothetical 2,200 square foot, four bedroom, two and a half bath home and indexes it in 310 different U.S. markets. So you get an apples to apples comparison home in all of the markets.
This years most expensive market is in La Jolla California where the subject home would average $2,125,000....yeah million, counts me out and the most affordable market is in Grayling Michigan where the same home averages just $112,675.
That leaves a gap of 2 million dollars between the most expensive market and the most affordable market that the other 308 markets fall into. Not surprisingly 8 of the top 10 most expensive homes are in California markets while only 2 of the top ten most affordable markets are west of the mississippi.
Fort Wayne comes in at $145,308 avg (sold comps from Jan 1 to Sept 23rd) for the same home in this market. While that's not the most affordable average for Indiana, Muncie was the most affordable market in Indiana averaging $144,996, it's certainly well below the national average of $363,401.
This is what 2,200 square feet in La Jolla looks like at over $2,000,000 with great views and nice backyard
And this is a little more typical of what you might find in the Fort Wayne area for 2,200 square feet for only $145,308 on average.
So what's 2,200 square feet worth to you? Sure I'd love to live in a coastal area, but I'm not personally willing to give up all the amenities that affordable living allows us here in Fort Wayne. So until I hit the lottery and can buy that vacation home, I'm going to continue living and raising my family in one of the greatest and affordable cities in this nation.
Coldwell Banker Roth Wehrly Graber
(260) 489-2485 ext 8487 or (260) 438-6289 cell