Thursday, October 29, 2009
Exploring how far your real estate dollar will stretch in various American housing markets
In the more than three years since the housing bubble popped, American real estate prices have declined at a historic clip. The national median price of an existing home dropped to $177,700 in August. That's 21 percent below the level in August 2006, when the median home price was $225,000. But just as the housing crash has hit various parts of the country with unequal force, $177,700 will buy you a much different house in one real estate market than it will in the next. To get a sense of how far your real estate dollar will stretch in different parts of the country today, here is a look at homes listed in the $177,700 range in 10 distinct U.S. cities. The listings were provided by real estate firm Trulia.com, a U.S. News partner:
 © Trulia.com |
Listing price $179,900
Price per square foot: $78
Single-Family Home
Bedrooms: 4
Bathrooms: 2.5
Size: 2,315 square feet
 © Trulia.com |
Listing price $174,900
Price per square foot: $168
Single-Family Home
Bedrooms: 3
Bathrooms: 2
Size: 1,044 square feet
Home prices in Worcester fell by nearly 23 percent from their peaks through the first quarter of 2009. But Timothy Warren, CEO of the Warren Group, a New England real estate information and data provider, believes that the area's higher education and heathcare industries should support home price appreciation in coming years. Anyone house hunting in this city of 180,000 residents today can check out this three-bedroom, two-bathroom, 1,044-square-foot property. Listed at $174,900, the home has a nice front porch overlooking the city.
 © Trulia.com |
Listing price $174,900
Price per square foot: $95
Single-Family Home
Bedrooms: 4
Bathrooms: 1.5
Size: 1,846 square feet
Although it has just 17,000 residents, Rutland is one of the largest cities in the Green Mountain State. This peaceful community in central Vermont provides residents with all sorts of opportunities to explore the outdoors by golfing, hiking, kayaking, fishing, or -- during the long winter months -- skiing. Those looking to settle down in Rutland can consider this four-bedroom, one and a half bathroom, 1,846-square-foot property. Listed at $174,900, this Victorian home includes a front porch, a butler's pantry, and a spacious backyard.
 © Trulia.com |
Listing price $179,500
Price per square foot: $77
Single-Family Home
Bedrooms: 3
Bathrooms: 2.5
Size: 2,332 square feet
With 63 miles of greenways, a pleasant climate, and an economy boosted by the education and healthcare industries, Raleigh is an attractive community in central North Carolina. Home hunters in this city of 393,000 residents can look into this three-bedroom, two-and-a-half bathroom single-family home. This red brick home with a garage is built on a lot of more than 6,000 square feet. It's listed at $179,500, or $77 per square foot.
 © Trulia.com |
Listing price $174,800
Price per square foot: $102
Single-Family Home
Bedrooms: 3
Bathrooms: 2
Size: 1,720 square feet
Like other markets in Florida, home prices in Tampa were gutted by the real estate crash. Property values in this city of 341,000 residents fell by more than 40 percent from their peaks through the first quarter of 2009. Anyone looking to buy real estate in Tampa today can check out this three-bedroom, two-bathroom single-family home. Listed at $174,800, the home has cathedral ceilings, a spacious kitchen, and a two-car garage.
 © Trulia.com |
Listing price $174,900
Price per square foot: $57
Single-Family Home
Bedrooms: 4
Bathrooms: 2.5
Size: 3,063 square feet
With 200,000 residents, a high desert climate, and hundreds of acres of nearby parks, Boise is a wonderful -- if often overlooked -- community for those looking to move to the West. "It's one of the most vibrant downtown areas you've ever seen," says Paul Hiller, executive director of the Boise Valley Economic Partnership. For $174,900, home buyers can land this four-bedroom, two-and-a-half bathroom single-family home. With more than 3,000 square feet of space, the property includes a gas fireplace, fenced-in backyard, and three walk-in closets.
 © Trulia.com |
Listing price $170,000
Price per square foot: $141
Single-Family Home
Bedrooms: 3
Bathrooms: 1
Size: 1,209 square feet
Located on the Atlantic Coast, historic Charleston has long been a popular tourist destination. Although home prices dropped nearly 17 percent from their peaks through the first quarter of 2009, values are expected to rebound over the coming years. Anyone looking to buy property in this community of 112,000 can check out this 1,200-square-foot, three-bedroom, one-bathroom single-family home. Listed at $170,000, the property includes a fireplace and is located not far from the city's charming downtown district.
 © Trulia.com |
Listing price $171,900
Price per square foot: $83
Single-Family Home
Bedrooms: 3
Bathrooms: 3
Size: 2,060 square feet
The collapse of the U.S. auto industry has hit Flint particularly hard. The city's unemployment rate stood at more than 16 percent in August. A buyer can get this three-bedroom, three-bathroom, 2,060-square-foot home for $171,900, or $83 per square foot.
 © Trulia.com |
Listing price $185,000
Price per square foot: $133
Single-Family Home
Bedrooms: 3
Bathrooms: 2.5
Size: 1,394 square feet
With lush green parks, more than 20 microbreweries, and an economy fueled by high-tech jobs, Portland is one of the gems of the Pacific Northwest. Anyone looking to buy into this community of 558,000 residents can consider this three-bedroom, two-and-a-half bathroom, 1,394-square-foot home. The property, listed at $185,000, features an open floor plan and a fenced-in yard. (This property is a short sale.)
 © Trulia.com |
Listing price $175,000
Price per square foot: $95
Bedrooms: 4
Bathrooms: 2
Size: 1,833 square feet
As in other cities in California, the housing market in Fresno was hammered in the real estate crash. Home prices in Fresno plummeted by more than 48 percent from their peaks through the first quarter of 2009. Today, $175,000 can get you this four-bedroom, two-bathroom, 1,833-square-foot property. It includes vaulted ceilings and a patio.
Copyrighted, U.S.News & World Report, L.P. All rights reserved.
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