Notes from Charlotte County, Florida

Charlotte Sun Herald (reprint from 9/29/07)

The age-old adage that defines home prices equates to a $2.1 million difference between the nations most expensive and most affordable housing markets, this according to a recent Home Price Comparison Index conducted by a leading nation brokerage.

This annual “apples to apples” comparison of similar middle management homes in 317 US markets finds that Beverly Hills, California, repeats as the most expensive market in the nation. An average 2,200 square foot four bedroom, two and one half bath home in Beverly Hills would cost $2.21 million. Yet, more than 1,400 miles away from the glitz of Rodeo Drive, the Beverly Wilshire Hotel sits Killeen, Texas, the nation’s most affordable market where a home with similar characteristics would cost $136,725. Killeen residents rejoice in their fishing, hunting, boating and Friday Night Lights-type high school football passions while embracing their role as a support system for the family and troops based at Fort Hood.

Serving as a “snapshot” study, the comparison evaluates average home values for select 2,200 square foot single-family dwellings with four bedrooms, two and one-half baths, a family room, (or equivalent) and two-car garage in 394 markets across the United States, Puerto Rico, Canada and a sampling of countries/territories outside of North America where this firm has a presence.

The cumulative average sales price of the homes surveyed in the 317 U.S. markets (including one in Puerto Rico) covered in the survey is $422,343.

Similar homes in Charlotte County (Port Charlotte) average $239,100, making the area one of the most affordable markets in the nation and the most affordable market in the state of Florida!