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What $300,000 Buys In Homes Across America
Pristine new property in post-bust Miami, or a cramped one-bedroom in San Diego.
There's good news for Americans thinking about buying a new house. Sure, the real estate market continues to struggle. But the median sale price for a single-family home is 22% lower than it was at its 2006 peak, and would-be buyers who've saved up a nest egg can get themselves some real bargains.
Some experts are still bullish on a housing recovery. But meanwhile, many American families have been unable to get financing as banks tighten lending standards, or are purposefully waiting out the market. That means there's pent-up demand, says Dr. Richard Green, director of the Lusk Center for Real Estate at the University of Southern California, "but you can still get about 33% more house than you could at the peak."
The bargains are better in some cities than others. A dollar buys a lot more in cities that were particularly hard-hit by the bursting real estate bubble--and you could spend the same on a tiny apartment in New York than you might for a five-bedroom manor in Florida.
What $300,000 Buys In Homes Across America
Atlanta, Ga.
Listing
Price: $305,000
Bedrooms/bathrooms: 2/2
Square Feet: 1,241
Description: 1930s brick bungalow with hardwood floors, central air conditioning and a library. Keller Williams Realty Peachtree Road has the listing.
Baltimore, Md.
Listing
Price: $299,999
Bedrooms/bathrooms: 3/1
Square Feet: 1,446
Description: Craftsman style stone-and-siding home with kitchen upgrades, oak floors and fireplace. Coldwell Banker Residential Brokerage Towson has the listing.
Boston, Ma.
Listing
Price: $300,000
Bedrooms/bathrooms: 4/2
Square Feet: 1,989
Description: Traditional row house on a corner lot with hardwood floors, a fireplace and finished basement. Coldwell Banker Residential Mortgage Milton has the listing.
Chicago, Ill.
Listing
Price: $305,000
Bedrooms/bathrooms: 3/2.5
Square Feet: 1,731
Description: Georgian brick home with ceramic-tiled kitchen, oak staircase and expansive patio and backyard. Century 21 Pro-Team has the listing.
Miami, Fla.
Listing
Price: $299,000
Bedrooms/bathrooms: 5/4
Square Feet: 3,449
Description: Tract home built just before the bust in a sunny subdivision. Williams Realty Premier Properties has the listing. |
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