|
$140,000 x 126 ÷ 65 = $271,385
|
The average 2,200 square-foot hometypical for a corporate middle-management transfereecan be purchased for as little as $100,350 in Killeen, TX, or for as much as $812,225 in Beverly Hills, CA.Burlington, VT came in as America's most average market, with an average home price of $216,176. The average price of all homes surveyed increased during the past yearrising approximately 5 percent from $205,886 to $216,176.According to the HPCI, the most affordable markets within each region of the U.S. and Canada are:
| West -- Killeen, TX |
$100,350 |
Midwest -- Rapid City, SD |
$118,714 |
|
| Northeast -- Charleston, WV |
$127,159 |
Southeast -- Fort Smith, AK |
$121,227 |
According to the HPCI, the most expensive markets within each region of the U.S. and Canada are:
| West -- Beverly Hills, CA |
$812,225 |
Midwest -- Chicago, IL |
$473,265 |
|
| Northeast -- Greenwich, CT |
$694,161 |
Southeast -- Sarasota, FL |
$217,989 |
According to the survey, the Western region of the United States has the highest average price for the subject home, $255,157, followed by the Northeast, $250,163, the Midwest, $184,566, and the Southeast, $160,099.
The methodology used to compile the data included the surveying of hundreds of Coldwell Banker offices throughout the HPCI's corresponding U.S. and Canadian markets and factoring in the percentage change in the increase or decrease of average home prices per market from 1996 to 1997. The "subject home" that the HPCI was based on included the following criteria: a single-family dwelling with four bedrooms, two and one-half baths, family room and two-car garage in a typical middle management transferee neighborhood.
"The study demonstrates the economic diversity in home values across the country as well as the overall increase in average sales prices during 1997," said Judith A. Green, president of Coldwell Banker Residential Real Estate, Inc. of West Central Florida. "In addition to providing useful information on average home prices in a variety of markets throughout North America, the Home Price Comparison Index is also a valuable tool for relocating homeowners since it gives them a formula to calculate what a specific home would cost in another market."
The Coldwell Banker Home Price Comparison Index features an index number for each market and a formula that helps consumers quickly calculate the cost to replace their home in another location.
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