Do you have $10 million to spend on a house?
In New York, it will not get you this townhouse on East 71st Street. It’s offered for just under $17 million.
In Austin, that same $17 million would buy you just over 92 median priced houses. According to the Austin Chamber website, the median house cost in Austin was $183,700 in 2007.
Obviously that is a special townhouse in New York, but it does sometime amaze me the divergence in housing prices between regions in the United States. Even the price difference between different areas of the same town can vary just as dramatically.
So… location, location, location.
When you go out looking for a house, the condition and size of a house is only a portion of the price. Remember to find the right location, and to that end, compare similar houses in similar locations when deciding if you are finding the right price.