The 10 Most, Least Affordable Housing Markets

Home owners are going to pay the highest prices for real estate out West, notably in California. For those looking for more affordable real estate, they may want to head to the Midwest.

Read more: This Month’s 20 Hottest Housing Markets

For the third time in five years, Silicon Valley ranked as the most expensive place to live in the country, according to Coldwell Banker’s 2016 Real Estate Home Listing Report. The average four-bedroom, two-bathroom home in Saratoga, Calif., costs a whopping $2,453,718.

“Silicon Valley has been at the forefront of innovation in the U.S. for years, with leading tech companies attracting some of the brightest entrepreneurial minds in the world,” says Charlie Young, president and CEO of Coldwell Banker Real Estate LLC. “Clearly, the amenities of the region are also impacting home prices. While there are 25 communities in the U.S. where the average price of a four-bed, two-bath home is more than $1 million, it’s fascinating to find that nearly 40 percent of the cities we studied had like-sized homes for less than $250,000.”

In Detroit, home owners can get a four-bedroom, two-bathroom home, on average, for $64,110. Detroit was ranked as the most affordable housing market in the country.

“The city of Detroit has been experiencing a renaissance in the last few years,” says John North, CEO of Coldwell Banker Weir Manuel in Bingham Farms, Mich. “Due to an invigorated community, culture and resurgence of young professionals, more and more people are looking to Detroit as an affordable place to settle and lay down roots.”

Coldwell Banker’s report revealed the following 10 priciest housing markets in the country:

1.    Saratoga*, Calif., $2,453,718

2.    Newport Beach, Calif., $2,130,338

3.    Cupertino*, Calif., $1,812,833

4.    Redwood City*, Calif., $1,807,068

5.    Arcadia, Calif., $1,748,680

6.    Carmel, Calif., $1,722,500

7.    San Francisco*, Calif., $1,672,100

8.    La Cañada Flintridge, Calif., $1,571,846

9.    Sunnyvale*, Calif., $1,566,616

10.Los Gatos*, Calif., $1,470,524

*Indicates Silicon Valley

On the other hand, Coldwell Banker’s report revealed these 10 markets are the most affordable in the country: 

1.   Detroit*, Mich., $64,110

2.   Cleveland*, Ohio, $73,073

3.   Park Forest*, Ill., $78,392

4.   Jamestown*, N.Y., $88,891

5.   Utica*, N.Y., $92,891

6.   Wilkes-Barre*, Pa., $94,436

7.   Scranton*, Pa., $104,842

8.   Huntington*, Ind., $105,614

9.   Augusta*, Ga., $106,567

10. Palatka*, Fla., $110,655*

*Indicates a market in or within commuting distance to metropolitan areas

Check out how your state ranked.

Source: Coldwell Banker

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