Homes: What you can buy for $185,000

PHOTO COURTESY OF ZILLOW

The current national median home value is $183,500, up about 4 percent since this time last year, according to real estate website Zillow.

Zillow estimates the value of more than 110 million homes in the U.S. to calculate the median, said Svenja Gudell, Zillow’s chief economist. The company uses the median, rather than average value, to track the health of the housing market because averages are more easily influenced by extremely expensive and extremely inexpensive homes.

Broadly speaking, markets in coastal areas tend to be more expensive than the median, Gudell said. These markets tends to have higher demand, and the cost of land and construction labor to build new homes is higher, she said.

Metro areas such as Orlando, Florida, ($180,600) and Dallas-Fort Worth ($177,200) have median home values close to the national median, while San Jose, California, ($933,000) and San Francisco ($785,800) are much more expensive. Detroit ($121,800) and Pittsburgh ($126,700) have some of the lowest median home values, according to Zillow.

What you can buy for $185,000 depends greatly on where you look. For example, in Chicago you can buy a two-bedroom, one-bathroom condo with granite countertops. In Milwaukee, you can buy a four-bedroom house with a balcony.

So, what do homes close to the median home value look like? Click ahead to seewhat you can buy for about $185,000 in 10 cities across the country.

 

[Source:- cbsnews]