Malibu, California has been a luxurious and exclusive destination for the rich and famous for years. This Southern California haven tops the Coldwell Banker Real Estate 2013 Home Listing Report as the most expensive place to live in the United States. The report made a comparison across the 1,900+ real estate markets in the US, using a four-bed two-bath home as a sample listing of each market. A home this size would list for $2.15 million in the beach community of Malibu, but only cost $63,729 in Cleveland, Ohio.
Malibu was once a seasonal destination, but in recent years has turned into a year-round place to live. You won’t just be paying for a beautiful house with a stunning view, you’ll be paying for a way of life. Cleveland, Ohio was ranked as the #1 most affordable real estate market in the US. While you may not get a star-studded beach, the sampled average four-bed two-bath home will only cost you $63,729. The Cleveland community has been revitalized by more young professionals entering the market in recent years. The Ohio city prides itself on a friendly, hometown feel for residents, but it also boasts a growing tech industry that supports renowned hospitals and research institutions. A growing tech hub and diversified business sectors are just some examples of how this Midwest community is reinventing itself.
With the country moving on from the recession, this year’s report identified 20 markets where a four-bed, two-bath house costs more than $1 million. However, in eight markets, a similar home costs less than $100,000. Here are some more final statistics of the report:
-The average listing price of a four-bed, two-bath home in the survey of more than 1,900 markets and 52,000 listings was $310,414.
-13 of the top 25 spots for the most expensive markets in the US are found in California.
-The top five most expensive markets are all found in California, with Malibu ranked number one and Newport Beach ranked number two.
-On the other side, 60% of the 25 most affordable markets are found in the Midwest.
-New York is the only state with markets ranked in the most expensive and the most affordable categories.
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