One of the best metrics for determining your next real estate investment is median home price by city. Following this statistic can clue you into volatile markets that may be ripe for a quick flip or a residential culture that you may want to invest in over the long term. Here is a look at the median home prices in many top US cities so that you can make an informed decision about your next move.
What is the median home price in Los Angeles?
Los Angeles is often seen as the benchmark for upscale living in the United States thanks to the mystique of Hollywood. The City of Angels definitely costs a pretty penny to live in, but it is not the most expensive by a long shot. In order to buy the average home in LA, you will need to fork over $445,200. However, this will not get you into the neighborhoods that everyone talks about like Beverly Hills, Malibu or Bel Air. You may be able to afford an entry level condo on the Hollywood Hills, but that is it for the Hollywood life.
What is the median home price in San Francisco?
$841,600 is the real benchmark for the Hollywood lifestyle and the standard for the entire United States, and it is in San Francisco, not Hollywood. As the epicenter of gentrification and upscale living, San Francisco is the most expensive city in the US, bar none. However, you cannot find a bad location in San Francisco, nor are any of the houses subpar in any way. You will live a life of upscale, suburban luxury no matter where you choose to put yourself in San Francisco: This is the advantage of actually being able to afford to live here.
What is the median home price in Cleveland?
As one of the cheapest metropolitan cities at a $129,700 median price, Cleveland has plenty of opportunity for up and coming professionals and starter families. If you are an industrialist, then you will definitely appreciate the opportunity that you can get in the city.
What is the median home price in Miami?
As the most active city in the southern United States, one might think that Miami would top out the list of median properties in that area. However, retirees in downsized neighborhoods even out the high flying properties on the coastline. The median price is $289,900, a price that is actually cheaper than cities with worse weather and less beach.
What is the median home price in Houston?
Houston is the up-and-coming city in Texas, with Austin being the fully developed metropolitan center of culture. However, Houston is close enough to Austin to be accessible and growing in its own right. If you do not mind spending $221,100 for a respectable home, then you can live in the home of the Astros, the Rockets, and the highest number of Fortune 500 companies in the US outside of New York City.
What is the median home price in New York City?
New York City is the quintessential property haven on the East Coast, and many markets along that coastline set the tbperature of their real estate to the volatility or the stability in the Big Apple. Right now, the median home price in New York City is $410,400. However, the range of properties give you more choice than you might have in cities without billionaires driving up the price.
What is the median home price in Philadelphia?
If you are looking for an East Coast metropolitan city without the huge prbium of New York, then you may enjoy Philadelphia. At a median home price of $231,700, you get the same kind of international flair in a New York flat or condo for about half of the price. You also lose none of the community amenities: Philadelphia has plenty of sports culture, and you can actually involve yourself in some pretty serious rivalries with New York if you are so inclined.
What is the median home price in Chicago?
The Windy City is actually one of the more stable home markets over the past decade. $230,500 is the median home price, and this number has changed much less than more volatile markets such as New York or Los Angeles. If you are looking for a city with plenty of opportunity without all of the market watching, then Chicago may be just the city for you.
What is the median home price in St. Louis?
There is plenty of economic opportunity in St. Louis; the city also has professional sports and plenty of local culture. St. Louis is one of the cheapest cities with these big city amenities, and you can create a very good life here for very little money. The median home price is $157,100, just below Detroit in terms of large, famous American cities.
2 Point Highlight
You will live a life of upscale, suburban luxury no matter where you choose to put yourself in San Francisco: This is the advantage of actually being able to afford to live here.
If you are looking for a city with plenty of opportunity without all of the market watching, then Chicago may be just the city for you.
