Study: Mich. Home to 2 of Most Affordable Housing Markets
Los Angeles (AP) -- Californians rave about year-round sunshine, temperate climate and easy access to surfing, snowboarding and everything in between.
But a new study suggests when it comes to getting the most out of their homebuying dollar, they've got nothing on homeowners in the Midwest.
Eight out of the top 10 most expensive housing markets in the U.S. are in California, while eight Midwestern cities -- including Jackson and Gaylord in Michigan -- are among the 10 most affordable markets. That's according to the Coldwell Banker Home Price Comparison Index released today.
The study compared the average value of 22-hundred-square-foot houses with four bedrooms, two and a half baths, a family room and a two-car garage across 315 U.S. markets.
The results underscore the vast disparity in how much homeowners in different markets pay essentially for the same amount of living space.
Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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