Detroit Most Affordable City to Buy Home
Posted on: September 24, 2010No comments yet
Michigan’s largest city topped Coldwell Banker’s list of most affordable city to purchase a home this year. On the other end of the survey, it was Newport Beach, California, earned the spot as the most expensive city to buy a home.
The survey examined more than 18,000 four-bedroom, two-bathroom properties listed on its website between February and August.
According to the Coldwell Banker Home Listing Report, which covered more than 300 markets across the country, said that the average listing price in Detroit is $68,000. Based on a 4.5% interest rate on a 30-year fixed-rate mortgage and a 20% down payment, the monthly payment would be $350. Meanwhile, the average price listing in Newport Beach is a stark contrast at $1.83 million. It is the setting of a number of television shows like “The O.C.”
Looking at the list, most of the expensive listings were seen in California and the Northeast. The modest prices, meanwhile, were mostly found in the Midwest.
Jim Gillespie, chief executive of Coldwell Banker, said that the results were widely expected. “People like the sun, they like the beaches, they like the mountains. (California) has been the land of opportunity,” he said, noting that the Golden State is one of the largest economies in the world.
Here’s the top ten most affordable cities to purchase a home, according to Coldwell Banker: Detroit, $68,007; Grayling, Mich., $84,625; Sioux City, Iowa, $85,967; Cleveland, Ohio, $87,240; Muncie, Ind., $100,314; Norfolk, Neb., $107,814; Kansas City, Mo., $112,449; Canton, Ohio, $114,325; Port Huron, Mich., $116,267; Topeka, Kan., $116,343
Here’s the top 10 most expensive cities: Newport Beach, Calif., $1.83 million; Palo Alto, Calif., $1.48 million; Rye, N.Y., $1.33 million; San Francisco, $1.33 million; La Jolla, Calif., $1.21 million; Greenwich, Conn., $1.20 million; Wellesley, Mass., $1.08 million; Pasadena, Calif., $1.04 million; Honolulu, $1.03 million; Santa Barbara, Calif., $1.02 million.