Buying Dream Homes Across US

The dream has changed. Chastened by the housing collapse, middle-class Americans want a different kind of home these days. The McMansion, with its eight bedrooms, five baths and 10,000 square-feet, is out. A more sensible housing solution is in.

The average size of new homes shrunk by about 5% from 2007 to 2010 and far fewer mega-homes are being built. The number of homes 4,000 square-feet or larger built in 2010 fell to 35,000 from more than 120,000 in 2007.

Sure, some Americans still fantasize about buying grandiose dwellings — like Jennifer Aniston’s $42 million mansion — but then practicality sets in: Nowadays, the real dream house is a family-friendly, four bedroom, with two-and-a-half bath, 2,200 square-foot home.

 

 

But as Coldwell Banker’s 2011 Home Listing Report shows, what you pay for these more down-to-earth dwellings can vary dramatically depending on where you live. The report compared average prices of homes in 2,300 town and cities across North America. Among the findings: At an average cost of $80,000, buying a four bedroom in Lithonia, Ga. is only a fraction of what you’d pay for a similar-sized dwelling in Newport Beach, Ca. where the homes average $2.5 million.

Here’s a sampling of what the American Dream home costs in cities and towns across the U.S.:

Lithonia, Ga.
Average price in area: $77,385
This house: $98,900
Description: 4 beds, 2 baths; 2,004 square feet

 

In Lithonia, GA., a 2,000-sq. ft. house is yours for under $100,000. Photo: Coldwell Banker

 

Atlanta’s expansion has engulfed this one-time stone quarrying town in the hills of Georgia. Residents are now more likely to commute to office jobs in Atlanta (just 20 miles away) than cut granite nearby.

Clobbered by the recession, unemployment — at 9.7% in April — is above the national average and it hasn’t budged over the past year. That has contributed to a spike in foreclosures. Atlanta has the 15th highest foreclosure rate in the nation among metro areas, according to RealtyTrac, the online marketplace of foreclosures.

In fact, this home was foreclosed on, bought by an investor and fixed up for resale. “It’s been almost totally redone and is in move-in condition,” said agent Phyllis Young.

It’s a three-level home and includes a bedroom that could be converted into an in-law suite. Other features include vaulted ceilings and a two-car garage.

 

Muncie, In.
Average price in area: $97,971
This house: $99,900
Description: 4 beds, 2 baths; 2,009 square feet

 

In Muncie, IN., a 2,000-sq. ft. house is yours for under $100,000. Photo: Coldwell Banker

 

Historically, the economy here has relied on manufacturing, thanks to natural gas fields that powered its factories. With most of that cheap power all used up and the automobile industry in decline, nearly all the big plants have vanished. But there are smaller tool-and-die and furnace makers where work has recently picked up. In April, the unemployment rate dropped to 8.6% from 11.2% a year earlier.

Muncie’s biggest employers are currently Ball State University and Ball Memorial Hospital, both named for the Ball Corporation, a one-time fruit-jar manufacturer in the area.

Families here tend to stay in their homes for generations. This home has had only one owner in its 49 years, according to agent Laura Henandez. She should know: She grew up playing with their kids.

 

Lancaster, Tx.
Average price in area: $100,246
This house: $110,000
Description: 4 beds, 2 baths; 2,008 square-feet

 

In Lancaster, TX., a 2,000-sq. ft. house is also about $100,000. Photo: Coldwell Banker

 

A fast-growing town of 35,000 residents on the southern edge of Dallas, Lancaster has plenty of flat and inexpensive land to build on, which has helped keep housing costs low.

However, as the population of Dallas expands, demand for homes in the area has been growing, too. And that has enabled the market to escape the steep price declines experienced by more volatile areas.

This contemporary brick home is on a quarter-acre, corner lot. It has a separate dining room, a master suite and central air for those hot Texas summers.

 

Boise, Id.
Average price in area: $183,746
This house: $199,900
Description: 4 beds, 2 baths; 2,168 square-feet

 

In Boise, ID., a 2,000-sq. ft. house is about $183,000. Photo: Coldwell Banker

 

Idaho’s capital is home to several major companies, including pulp and paper maker Boise Cascade, and chip manufacturer Micron Technologies. The recession has hit the economy hard and unemployment, at 9.5% in April, is the same high rate it was a year earlier.

With hiring slow, real estate prices have been depressed. Boise’s median home price has fallen more than 40% in the bust, according to data from Wells Fargo. The metro area now has the 13th highest foreclosure rate in the nation and all those bank repossessions have added to the inventory of homes for sale.

This home, which has a spacious and modern floor plan and custom touches like French doors and a stone fireplace, is on the market for a reasonable $199,900.

 

Fargo, N.D.
Average price in area: $167,506
This house: $175,000
Description: 4 beds, 2 baths; 2,164 square-feet

 

In Fargo, N.D., a 2,100-sq. ft. house is about $167,000. Photo: Coldwell Banker

 

North Dakota — with its paltry unemployment rate of 3.7% in April — is one of few states to successfully stave off the recession, thanks to particularly strong performances from its oil and agricultural industries. North Dakota’s economy is growing faster than any other state.

This home is located in a Fargo neighborhood that has quadrupled in population since 1990, according to Coldwell Banker agent LuAnn White. That has helped keep home prices higher here.

“We’ve always had a very steady market here,” she said. “We never had double-digit gains and we had only a tiny downturn.”

The house backs up on green space, an area set aside to soak up heavy rains but is, for most of the year, a field of grass. It has a bi-level floor plan with arched entryways between dining and living rooms

 

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