AFSCME 3357-HOF'S BLOG

How much does a house cost?

The table linked below on Coldwell Banker's annual Home Price Comparison Index (HPCI) shows how much a 2200 sq. ft 4 br 2 1/2 bath house costs in most of the major metropolitan areas of the US as of 2004. The differences are astounding. As a union with members scattered across the country, we should keep an eye on data like this as we make our decisions at contract time etc.

For example, in my area, Indianapolis, housing costs are well below average at $189,488, significantly below our neighbor, Cincinnati at $234,167. Minneapolis tips in at $354,175. Michael Moore may make a career out of describing how depressed Flint, Michigan is, but it doesn't show up when it's comparable home price is $237,466. Detroit metro is $282,480.

You better break out your millionaire checkbook if you want a 2200 sq. ft. house in Boston Mass, because it'll cost you a whopping $1,053,594. Honolulu HI is a comparative bargain at $614,750.

On this list, the lowest priced city in California is Fresno at $305,000. If you are buying a 2,200 sq. ft house in La Jolla, you better take some oxygen to the closing table to use when you write out that check for $1,708,333. But if you are lucky at playing California real estate arbitrage, maybe with a year's profits, you can buy outright a retirement house in Arlington Texas for $134,550.

CNN/Money: Most expensive housing markets