Most Affordable Real Estate Markets By State

Where are the affordable real estate markets in your state? Oh, we don’t know. It’s a good thing BusinessWeek does. They’ve made a list of the most and least affordable markets in each of these United States.

Without futher ado, some interesting highlights:

Kentucky doesn’t vary much:

Most Affordable: Florence
2007 Avg. Sales Price: $209,579

Most Expensive: Louisville
2007 Avg. Sales Price: $238,000

Variance: $28,421

California, on the other hand, is all about the neighborhood:

Most Affordable: Sacramento
2007 Avg. Sales Price: $380,625

Most Expensive: Beverly Hills
2007 Avg. Sales Price: $2,206,883

Variance: $1,826,258

Living cheaply in Illinois may require living in Rockford, but we think you can probably find some better deals:

Most Affordable: Rockford
2007 Avg. Sales Price: $199,875

Most Expensive: Chicago
2007 Avg. Sales Price: $732,333

Variance: $532,458

In New York, we should all move to Binghamton:

Most Affordable: Binghamton
2007 Avg. Sales Price: $193,382

Most Expensive: Katonah
2007 Avg. Sales Price: $904,750

Variance: $711,368

The cheapest of all? Killeen, TX:

Most Affordable: Killeen
2007 Avg. Sales Price: $136,725

Most Expensive: Dallas
2007 Avg. Sales Price: $302,198

Variance: $165,473

Affordable Homes in Every State [BusinessWeek]

Comments

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  1. amoeba says:

    FLORENCE KY? oh my gward! I used to live in there and I have a very good memory of being a Nice town. At least, you can enjoy the surroundings or small towns going south (TABACO FARMS, HORSES, GRASS, RED NECKS and…THE NICE BACKYRADS FULL OF CRAP). Some areas are very civilized! Meg, you made me cry!

  2. magic8ball says:

    Idaho had even less variation than Kentucky – there’s only a $30 difference between the most expensive market and the least expensive.

  3. BelBivDevolkswagen says:

    Binghamton? Yikes – you might as well just lock yourself in your house 8 months out of the year…

  4. mantari says:

    What Would The Donald Do?

  5. Meg Marco says:

    @amoeba: Wait, in a good way or in a bad way? @magic8ball: Some of the states only had one market, too. Kentucky seemed more interesting than Idaho. No offense to Idaho.

  6. thepounder says:

    Killeen has the highest Military density in the country (Ft. Hood)… hence, the housing prices. Prices have gone up quite a bit since I moved back to the Killeen/Ft. Hood area in 2000, but it has been nowhere near all the insanity we see on TV every day. If the prices did shoot up like that nobody could live there; the Army only pays so much for housing allowance.

    I live about 30 minutes west of there… and it’s even cheaper out where I live (I got a bunch more land than a person could get in Killeen for about the same price that they’d pay for 1/4 to 1/2 acre.)

    The prices do not reflect a lack of quality either. In Killeen, there are probably five or six major construction companies who seem to be building all the new housing. To my knowledge at least three of those companies are family owned and have/had Military affiliation. It’s kind of a “take care of your own” sort of situation and it’s great to see that Soldiers can actually afford decent houses.

  7. Chicago7 says:

    Anybody else see Binghampton and think: “McHale’s Navy was a great show?”

    :D

    Nobody?

  8. amoeba says:

    @meghannmarco: In a GOOD way, I have a few friends in Florence :-)

  9. samurailynn says:

    Wow… it’s hard to believe Medford is the most expensive place to buy a home in Oregon. I can’t see why anyone would choose to live there. Besides that, Portland is the biggest urban area, and Bend is where everyone moves to buy a mansion out in the middle of nowhere… erm, I mean, to be closer to nature.

  10. UpsetPanda says:

    What the heck? It keeps saying on the front that there are 6 comments (it used to be 3) and when I click, there’s just one, by Amoeba.

  11. jgkelley says:

    This is the data that the info was taken from, and shows what your house would cost in other areas by what its market value is:

    [hpci.coldwellbanker.com]

  12. UpsetPanda says:

    Edit: okay, so as soon as it posted my comment, all the others popped up. :)

    Alexandria as the most expensive place in VA makes sense because it’s so close to D.C., though I would’ve thought Arlington was the most expensive because of its vicinity as well. *shrug* I lived in Lynchburg for a few years and there were parts of that town that definitely looked shady – like everyone part, but to me, Lynchburg was not a growing town. There wasn’t very much potential for the real estate market there to increase. All the well-off people either lived in the Boonsboro neighborhood of Lynchburg or lived in the next town over, Forest. Forest is a gorgeous town. Golf courses, lakes and ponds, big homes.

  13. Nick says:

    This isn’t really useful. In fact, it’s very misleading.

    The survey is definitely not detailed enough to be broken down by state. How many of the 317 “markets” in the survey are in Utah? Two. Provo is listed as “most affordable” while Salt Lake barley edges it out by $44,150 for “most expensive”. The real statistics are a bit more telling: The most expensive area is Park City, Utah with an average home price of $947,715 and the most affordable homes are in Carbon and Emery Counties with an average price of $75,632. Provo and Salt Lake are both towards the top of the market (Park City is a statistical anomaly in Utah), not the most expensive or more affordable by any means.

    The same thing goes for Idaho, Nevada, etc. Unless you live in California or New York — which the most of us do not — these “by state” breakdowns are pretty meaningless.

    View the full data set from Coldwell Banker’s “survey” (where “full” means two cities from many of the states) is available at [hpci.coldwellbanker.com]

  14. christ…where’s the list of state-by-state entries? I dont wanna click 52 slides on that slideshow

  15. Snakeophelia says:

    I already knew I lived in the most expensive area of my state (luckily, there are a few cheap neighborhoods left). I didn’t know that apparently I could easily buy a house in the most expensive part of North Dakota.

  16. smbriones says:

    Wow, we just moved from a town a few minutes from Florence, KY to Columbus, OH. It was so neat to visit the Consumerist and see a picture of something we drove by all the time.

    Awesome.

  17. smarty says:

    I heard the peak was 2005?

    Guess not…maybe it depends on the local area?

    [www.dallasnews.com]
    Several recent housing forecasts have called for modest increases in Dallas in the year ahead, while the majority of U.S. housing markets are in decline.
    “The real estate market has certainly changed over the last year,” Coldwell Banker chief executive Jim Gillespie said Wednesday in a news release.

    “I continue to point out that we cannot make national blanket statements about appreciation and inventory,” Mr. Gillespie said.

    “Real estate is a local business, with each market having its own story to tell.”

  18. The Bigger Unit says:

    Yup, whenever I needed a reminder that I was living in the southern states, I’d drive through Kentucky and see that water tower that says “FLORENCE Y’ALL”. Wow. Just…wow.

  19. lockdog says:

    The locals tell me that it originally said “Florence Mall” because believe me, if your town in Kentucky is big enough to have a mall, you would be proud enough to paint a water tower. But apparently some other business owners thought it a bit unfair for the mall to get all that free advertising from the city. So out came the paint buckets….look real closely at that “Y.”

  20. sroelofs says:

    Most markets would be affordable if builders would focus on more modest homes and condos rather than over-the-top McMansions and granite this and stainless steel that and jacuzzis and bidets out the wazoo. Seriously, who NEEDS a 6,000 square foot home these days except for folks in Utah?

  21. synergy says:

    I’m just glad someone spelled y’all right. It’s not ya’ll! It’s short for you all.

  22. ARP says:

    They seem to be focusing on HOUSE, not condo, apartment, townhome, etc. So, many cities are probably much more affordable than the survey implies.

  23. plasmanic says:

    @Chicago7 As a Binghamton native, I have to point out that it’s Binghamton, not BinghamPton.

    It is kind of a dump though. The housing market opened up a lot after IBM shut down.

  24. micahd says:

    I grew up in Kentucky and I used to drive by the water tower when go to visit family in the Akron, OH area. I always get this weird connection when I see something familiar on the web like, “…is this what people who live in New York feel like..?”

    I must say though, that as a Kentucky native, Florence may be geographically in Kentucky but we give it to Ohio, pretty much anything north of Louisville belongs to Ohio.

  25. number six says:

    I’d rather be dead in New York than alive anywhere near “Florence, Y’all”.

  26. mac-phisto says:

    nice try, but no. the data only includes 6 markets in CT & they are by no means representative of the trends in the state.

    our state reports median home price (by previous years’ sales) for each town in the state at –> [www.cerc.com]

    that’s much more indicative of what the market is like. west hartford is by no means the “most affordable” market here. you could buy a really nice house in my neck of the woods & two porsches for the garage for what an “average” house is going for in west harford.

  27. Dennis says:

    @The Bigger Unit: Wait, that wasn’t a photoshop job? Wow, just wow.

  28. afq1483 says:

    How did they pick neighborhoods? I know that the average sale price in Manhattan was $1.3 million last year and that was including coops and condos. I haven’t seen a listing for a house that was under $2 million.

  29. It would be interesting to see the median incomes for these places too. I would think that saying a city has affordable housing would mean that a high percentage of the people living there have household incomes high enough to be able to buy a house there. I guess that doesn’t work though since lots of people don’t live where they work.

  30. nobodygrrl says:

    As a former Lexingtonian, the urban legend is that tower was changed from “MALL” to “Y’ALL” not only to placate the adjacent retailers, but also to advise folks traveling along I-75 that they were leaving/entering the South. As if they couldn’t tell 5 minutes later when, after entering Ohio, the so-called “chili” is made with spaghetti.