Tech is hot, and Silicon Valley is hotter. For the third time in five years, the technology capital of the world ranked as the most expensive place to live in the United States in the Coldwell Banker Real Estate Home Listing Report (HLR).
According to the report, which is the most extensive home price comparison tool in the U.S., the average four-bedroom, two-bathroom home costs $2,453,718 in this year's most expensive market, Saratoga, California.
Six of the top 10 most expensive markets are in Silicon Valley, and all 10 are in California. Saratoga, CA most expensive city to buy a home in U.S. where 4-bed, 2-bath home costs $2.5 million @ColdwellBanker Home Listing Report Top 10 Most Expensive Markets 1. Saratoga*, Calif., $2,453,718 2. Newport Beach, Calif., $2,130,338 3. Cupertino*, Calif., $1,812,833 4. Redwood City*, Calif., $1,807,068 5. Arcadia, Calif., $1,748,680 6. Carmel, Calif., $1,722,500 7. San Francisco*, Calif., $1,672,100 8. La Cañada Flintridge, Calif., $1,571,846 9. Sunnyvale*, Calif., $1,566,616 10. Los Gatos*, Calif., $1,470,524 *Indicates Silicon Valley In contrast, the 2016
HLR found that you don't have to move to the middle of nowhere to find an affordable home. Many of the most affordable markets are located in -or within an hour's drive to- metropolitan areas that offer access to jobs, culture, entertainment or top universities.
This year, Detroit, an iconic city which has seen a major revitalization, ranked as the most affordable market in the country where an average four-bedroom, two-bathroom home costs $64,110. Detroit most affordable city to buy a home in U.S. where 4-bed, 2-bath home costs $64,110
Top 10 Most Affordable Markets
1. Detroit*, Mich.,$64,110 2. Cleveland*, Ohio , $73,073 3. Park Forest*, Ill., $78,392 4. Jamestown*, N.Y., $88,891 5. Utica*, N.Y. , $92,891 6. Wilkes-Barre*, Pa. , $94,436 7. Scranton*, Pa. , $104,842 8. Huntington*, Ind. , $105,614 9. Augusta*, Ga. , $106,567 10. Palatka*, Fla. , $110,655*