For homeowners in South Bend, Ind., or Topeka, Kan., where home prices hover close to $100,000, talk of a real estate bubble is a lot of hot air. But for a first-time buyer in New York City, a 425-square-foot studio going for $300,000 is proof positive of runaway housing costs.

Over the past five years, the national median home price has appreciated 51% and now tops $200,000 for the first time in history, according to the National Association of Realtors.

Prices and demand, of course, vary widely from city to city and region to region. The median home price in the western U.S., for example, is nearly $313,000 -- up 70% in the past five years. But the typical home costs around $700,000 in some areas, such as San Francisco and Orange County, Calif. By comparison, the median home price in the Midwest runs $168,000 -- up 38% in the past five years.

Next year, sales are expected to slow and prices are expected to level off, or even reverse in some areas as long-term interest rates climb, editors of The Kiplinger Letter predict. Homeowners should expect about a 4% price increase in 2006, compared with an average gain of 8.5% this year.

If the slowing market has you mulling an upgrade, thinking of downsizing or even considering a move to a different city for a change of lifestyle -- or if you're just curious about how the rest of the country lives -- see our snapshots of what's on the market today.

We asked realtors in 14 metro areas to send us representative properties in their hometowns. (We weren't looking for deeply discounted fixer-uppers, foreclosures or homes sitting on toxic waste dumps.) We set out three different price limits -- $300,000, $650,000 and $1 million -- to show what would be available to many first-time buyers, expanding families and luxury shoppers.

This sampling was collected in September, and all the homes were either on the market at the time or had been recently sold.

What $300,000 buys in
City Property Sq. ft. Price
New York, N.Y. Ground-floor studio, Upper East Side 425 $260,000
Boston, Mass. 2-BR, 1-BA condominium 770 $274,000
Washington, D.C. 2-BR, 1-BA condo; parking $35,000 extra NA $289,000
Philadelphia, Pa. 4-BR, 1-BA split-level 2,372 $299,000
Atlanta, Ga. 3-BR, 2-BA remodel, downtown NA $299,000
Charlotte, N.C. 5-BR, 3-BA, two-story foyer 2,912 $299,000
Nashville, Tenn. 4-BR, 2.5-BA, finished basement 3,620 $289,000
Chicago, Ill. 2-BR, 1-BA condo, vintage 1910 NA $299,000
Dallas, Texas 4-BR, 3.5-BA, media and game room 3,465 $299,921
Minneapolis, Minn. 3-BR, 1-BA condo, full-wall fireplace 1,500 $299,900
Wichita, Kan. 4-BR, 2-BA waterfront 3,550 $289,900
San Francisco, Calif. Studio, roof deck access 520 $299,000
Seattle, Wash. 1-BR, 1-BA waterfront condo 958 $300,000
Phoenix, Ariz. 4-BR, 3-BA new construction 1,800 $295,000

http://moneycentral.msn.com/content/Banking/Homebuyingguide/P134365.asp

Yeah it scary how much it cost
To stay in NY condos are crazy high
I have seen higher than that
I think that just say you stay in a certain area
Or just cause you want to have that status
Is crazy in itself-Wake Up People

http://moneycentral.msn.com/content/Banking/Homebuyingguide/P134365.asp


Brother Pan I will defintely atest to this article. The Real Estate Market has really cooled down in areas that were not really bubbles, but also I believe they will be quite a few foreclosures coming up because the middle class financed much more house than they could afford.

However, I believe the re-fi market will be hot.

Brother Pan I will defintely atest to this article. The Real Estate Market has really cooled down in areas that were not really bubbles, but also I believe they will be quite a few foreclosures coming up because the middle class financed much more house than they could afford.
However, I believe the re-fi market will be hot.

As a realtor I also anticipate a lot of foreclosures in the coming years, when variable interest rates make mortgage payments higher than the average family can afford. However as the market is cooling (and prices go down), now is a perfect time to buy. I don't mean right this minute, but in the next 2-3 years. The foreclosure market is also a great place for new homeowners and those looking for investment properties.

As a realtor I also anticipate a lot of foreclosures in the coming years, when variable interest rates make mortgage payments higher than the average family can afford. However as the market is cooling (and prices go down), now is a perfect time to buy. I don't mean right this minute, but in the next 2-3 years. The foreclosure market is also a great place for new homeowners and those looking for investment properties.


That's good to know. I've been wanting to try and buy a house, but I didn't want to overpay, especially in Cali when the average cost of a house is $440,000. And that's not a really nice house, that's just a house. I made my decision to wait until the market cools and there isn't so much competition for one house, where the owners tries to see how much they can get because so many people are interested. I'm thinking 2007, but we'll see. Great info guys. :peace:

"San Francisco, Calif. Studio, roof deck access 520 $299,000 "

Now this is ludicrous. I remember back in 96' in san Fran. I rented a studio apt for $1,100. I will never go there again, I look foward to home ownership by the year 2008(before/by 30 y/o). Until then I'll be building my credibility and rental history by living in one apt........BTW *cheering* yesterday I beat my landlords judgement against us, and we do not owe one red cent in back rent, moved to bigger and better, for less, with more amenities. One less eviction on my record. Does anybody have any info on the rent-to-own option?