Highest- and Lowest-priced Housing Markets

[Valerie S. Johnson]

By Valerie S. Johnson

Every day we hear statements about the U.S. housing market. The bubble has burst. Adjustable rate mortgages are ratcheting up and becoming unaffordable for many homeowners. The residential real estate sky is falling.

If housing prices are down, it might be time to go shopping. What does a house cost? Bankrate.com has published lists of the most expensive and the least expensive housing markets in the country, based on recent data from the National Association of Realtors.

The median price of a house in the costliest market is almost ten times the price at the other end of the spectrum. New York State has the distinction of appearing at least twice on each list. Do you live in or near any of these areas?

10 highest-priced housing markets:

1. San Jose-Sunnyvale-Santa Clara, CA, median price $775,000
2. San Francisco-Oakland-Fremont, CA, median price $736,800
3. Anaheim-Santa Ana-Irvine, CA, median price $709,000
4. Honolulu, HI, median price $630,000
5. San Diego-Carlsbad-San Marcos, CA, median price $601,800
6. Los Angeles-Long Beach, CA, median price $584,800
7. New York-Westchester County, NY, median price $537,800
8. Nassau-Suffolk counties, NY, median price $474,700
9. Bridgeport-Stamford-Norwalk, CT, median price $473,700
10.Northern New Jersey, median price $469,500

10 lowest-priced housing markets:

1. Youngstown-Warren-Boardman, OH, median price $81,500
2. Decatur, IL, median price $85,400
3. Elmira, NY, median price $86,800
4. South Bend-Mishawaka, IN, median price $92,700
5. Cumberland, MD/WV, median price $95,700
6. Binghamton, NY, median price $96,900
7. Buffalo-Niagra Falls, NY, median price $97,900
8. Fort Wayne, IN, median price $99,700
9. Erie, PA, median price $100,600
10. Springfield, IL, median price $105,400

The Bankrate.com article is available here.

[MonkeyMama]

I grew up in #1 - San Jose. Lucky me. Of course it made it easier to move anywhere and afford a cheaper lifestyle.

Anyway, people have been waiting for that particular bubble to burst for decades. In the 70s you could buy a decent 3-4 bedroom new home for $50k. $150k in the 80s. Today those homes sell for $700k - $1 million. We bought a condo in 1999 and everyone told us we were crazy, they were waiting for the bubble to burst. Paid $260k, sold it for $300k later and moved. Said condo is upwards $500k today.

I had a friend who never really understood. Everyone always assumes the wages are so grand. Yes, in certain industries, but not for most, not enough to make up for the high COL if you are not in high tech. So I just had a friend visit my hometown and my parent's nad in-laws modest homes in older neighborhoods. When I left I said - yup - those are million dollar homes. She just looked at me like I must be crazy - LOL. But that is how it is. I think she "gets it" a little more. But it is so unbelievable people just tend to think you exxagerate all the same.

Anyway, my parents were waiting for the bubble to burst in 1976 so I ain't holding my breath in that market. An unfortunate side effect is that with telecommuting and all the surrounding areas like Sacramento have just shot up to similar values over night. People in Sac are waiting for this bubble to burst. I Really think it is here to stay as long as working 2 hours away and telecommuting is an option. Everyone is spreading out trying to find some more affordable housing. & they are finding this is a nice place to live. It may level out a bit but I Don't see any indication you can ever buy a nice house in Sacramento for $100k again. You could have in 1999. Those days are so over.