Tuesday, November 27, 2007

Something to be thankful for: Affordable housing markets

In Greenwich, Conn., Boston and many parts of California, a four-bedroom house can easily set you back more than $1 million, while in parts of Texas and in the Midwest, a similar house can be had for just over $100,000.
But you knew that already. It's no secret that homes in ritzy Beverly Hills cost 10 times more than comparable houses in the military community of Killeen, Texas. The question is: How much do you really need to pay for the lifestyle you want? It might be less than you originally thought.
According to Coldwell Banker's 2007 Home Price Comparison Index (HPCI), Beverly Hills is the most expensive housing market in the nation for the second year in a row, with the average price of a home sold through July 2007 at $2.21 million. In Killeen -- the most affordable market in the U.S., according to the HPCI study -- a similar home sells for $136,725.
Killeen is a city of about 100,000 next to the Fort Hood Army base, with a military-dependent economy. You won't find anything akin to Rodeo Drive here -- but you will find community events such as fairs, concerts and high school football games; outdoor recreation such as fishing and hunting; and a pervasive sense of patriotism.

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