Same Home in Different Areas Means Different Value

CNNMoney today has an idea that should come as no surprise to many appraisers. If you have the same home in various parts of the country you will get different values for the home. They take the same 4-bedroom, 2.5 bath, 2,200 square foot home and place it in cities across the country and find that home values vary. In Grayling, MI your house will cost just under $125,000. The same house in La Jolla, CA is more than $2.1 million. You might also not be surprised to find that housing costs vary within the states as well.

The real point of the article is that housing affordability has been improving. “According to the report, in 84 of the U.S. markets Coldwell Banker covers, the sample home price averages under $200,000. At that price, the monthly mortgage costs should not exceed $1,200.” Aside from Grayling, other affordable cities are Canton, OH; Arlington, TX; Port Charlotte, FL. You can find a list of cities and their cost of housing at the end of the article.