Why are home prices so different in different parts of the country?

Thank you so much. I too have been bugged that perfectly nice houses are so overpriced just because they are tropical or near a 'hot' spot. Wood, windows, bricks, mortar etc does not swing that widely from place to place really. The land is the key, truly though we cannot own the land. We do not take it anywhere with us. It was here long before us. Anyway, it is insane and people should not pay those prices. If they stay strong then the prices would come down and people could live almost anywhere and not just where they can afford. There is nothing but greed going on.

Prices are usually higher in areas where the demand is greater. For example - I live in Florida, and houses in the county where I live are high because there is no more land to build on, and we are one of the largest counties. There is a high demand to live here, so the prices are higher because the demand is higher. I have my real estate license... since 1998. And let's be honest - my aunt has a town house identical to my FLorida townhouse except hers has a basement and mine has a lake. She can't even get $53,000 out of hers while mine is currently worth $156,000 - it's because not many people want to live in Stow, Ohio... but Seminole is one of the most desired places in my county. It's not really fair, but it's the laws of supply and demand at work here.

No, it doesn't seem fair. It's all about location I think. I've heard that for years - location, location, location. Never really thought much about it until I started looking at housing prices, then I understood! While it doesn't seem fair, a house is worth what someone is willing to pay for it. Obviously someone thought the townhouse in Florida was worth that high price tag! I like to watch Sell This House. I think it's on A&E? I always find the house prices interesting and enjoy the inexpensive things they do to help the house sell.

I think it is the location I mean near Disney in Florida my guess is that it is proberly going to be higer because of it being so close to Walt Disney now the other places I am not all to sure about

The prices will differ in real estate because you're not buying how many rooms or baths but the location. where you are. youre house can be as big as a mansion but if its not in a prime location, it doesnt have that much worth.

I don't have any knowledge about the cost of purchasing a house in your area. But here in my country, the prices given depend on the location of the house. I'm living in an urban city and the houses here are quite expensive. Just the other day, I was scouting for some newly built house and found one that I really like. But the price is really enormous. Its around $500,000. There are some places away from urban city where you can purchase at a lower price.

I don't know about other places, but as a New Jersey resident I can say that housing has gotten out of hand! My home that needs a TON of work is appraised at nearly 5 times what I paid in 1995! The home prices have gone up but I have been unable to find a job to afford to pay for my home alone. My father is selling his home and moving to North Carolina and my sister and her husband already moved to South Carolina--all from NJ! I swear I don't think they want us to live here any more! Sheesh!

The reason for this is the cost of living in that area . Some areas have more where they can offer more jobs with more pay while ohter areas people are scrambling trying to find a good job . Also the area itself , is it a safe area is it clean and suitable for a family and is it where you would like to live . Do you have a view etc . All this will take into consideration how much a house will end up costing . Where I live the prices of housing has gone up because there are so many people from away coming up here to buy land and there money is worth more then ours so when locals are trying to sell a house now they jack up the price hoping to get someone from away that will pay the price they are asking .

$149,999 near Disney is not bad at all! My g-ma bought a 1 bedromm condo down there with my Uncle and it was $200,000. My hubby and I lucked out, we live in Northern Illinois and bought our 4 bedroom, 2 full bath(w/whirlpool tubs), 2800 sq. feet, swimming pool, etc.. for a mere $135,000. Our same house an hour south of here would be woth $300,000 easy. It's all about location. We live in a moderate size town in a good neighborhood. What gets us is property taxes...$3600 a year. It's crazy, but that's how it is.

well may be becoz the territorial, geographical and climatic conditions are different and yes the industries and buissness around also affects alot in rise or fall of land prices.

It's because so many people would want to live in a good area and not enough houses for them all, it is this that drives prices up. It's like diamonds, if they fell like rain from the sky no one would want them but because they are hard to get and lots want them that the price becomes high.

yes, prices grow according to the demand - but the demographs of the area help to pay the price. people working there do not generally make $8 an hour. To think we got 5 acres, 2000 sq ft plus 24 x 40 out building for under 100K. Location is lovely but it is not especially close to a major city. it is give and take.

Holy cow!! I just can't believe the home prices in some areas either. My sister-in-law lives in San Francisco, and I've heard some real horror stories about real estate prices there. We live in a small town in southern Virginia, and just bought a home last November. It's a split-level with three bedrooms and two full baths, on 20 acres of land - we paid less than $100,000. That's right, less than one hundred thousand, that's not a typo. So hearing about a $330,000 ONE bedroom house really blows my mind. Although, I'd certainly be willing to pay more to live closer to Disney. :)

see if u like a place and you love a place, don't think about the cost, if u live there u will be happy, because u like the place and love the place. Money is not a matter

simple different cultures and different regions. different laws. that should be a rhetorical question.

I can't beleive house prices are so high nowadays.I bought a house 3 years ago.The only thing wrong with it was it needed to be painted inside.I got lucky the person who owned it needed a quick sale.This is a rancher style house.It has 3 bedrooms,living room,dining room,kitchen,i bath and basement.I have a huge pool I just put in.It is in a nice neighborhood.I don't even lock my doors! I only paid $59,000 3 years ago and it was just apraised for $125,000.I guess I got lucky.

It's pure economics. Supply and Demand. House prices go DOWN in areas that are poor, have high crime, or have a lot of empty houses because people are moving away. House prices go UP in places where there are more jobs, great weather, and where land costs are higher. A house isn't priced by it's intrinsic value, but priced on what you can sell it for, and what someone will pay for it. The same house in Detroit might cost three times as much in Miami or San Fransisco.

It doesnt seem fair at all that the same size houses pretty much should be such different prices. I think its just because the cost of living in different places is much higher than others. Ive heard to get an affordable home to move to a place that isn't as highly populated because their prices are lower because they almost have to be

I think it's perfectly fair. It's all a supply and demand structure. It is also a reflection of the cost of living in that area. I have a friend in Texas that bought a very nice place for about 25% less than what I bought mine in Ohio for. However, for a similar job to what I have they make about 25% less or so. Do I think money shows a part of quality? No. I just think it shows what's hot and what's not. If you want to work for CNN and make $100,000, then you should expect to pay $400,000 minimum for a house around their headquarters (wherever it is, lol.)

Although I may not be in your part of the country but I will assume that a lot of it depends on the area and the way that area is surrounded by - people, living, earning, ease of services particularly above ones will constitute anywhere in the world for high cost of home prices in different parts anywhere in the world.