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A Heartland Of Affordable Homes

With prices far below those in red hot markets on the East and West coasts, the nation's heartland offers home buyers plenty of choices.
June 20, 2004, 11am PDT | Christian Madera | @cpmadera
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"The recent explosion in housing prices in California and parts of the East Coast has split the country into two distinct cultures when it comes to pursuing the American Dream." While buyers in Los Angeles have seen prices shoot up 25% in the past year, home buyers in the upper-middle-class suburbs of St. Louis can take their pick of roomy three-bedroom, two-bath homes in a top school district...all priced less than $250,000. Part of the disparity can be attributed to the supply of housing. With Southern California becoming largely built out, new development becomes more difficult. "In the nation's midsection, however, there's plenty of room to build suburbs on former farmland —- and because traffic tends to be light, even the newest developments are often just 30 to 45 minutes from downtown St. Louis. The ample inventory helps keep housing prices in check. The median sale price for an existing house in Los Angeles County in April was $387,000. In Ventura County, it was $463,000; in Orange County, $523,000. In the St. Louis metro area, the median stands at $135,000."

Thanks to Christian Peralta

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Published on Thursday, June 10, 2004 in The Los Angeles Times
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