Most affordable and most expensive U.S. cities to invest in

Housing prices should never dictate investment location, with smart investors looking instead at vacancy rates, rents and cap rates, but a new U.S. report identifying the very cheapest markets may tempt them to stray from that formula.

The 2014 Coldwell Banker Real Estate Home Listing Report finds that the average difference between the most expensive and the most affordable markets stateside was a whopping $1.9 million.

And analyzing 2,000 real estate markets across the U.S., it ranks Cleveland, Ohio, as the most affordable market, with an average listing price at $64,993.

On the opposite end of the spectrum, Los Altos, Calif., is the most expensive market, with an average listing price of $1.96 million.

For Canadian investors with an eye towards the U.S., the lower priced markets are becoming increasingly popular as the loonie continues to sink below the $0.90 mark. So which U.S. cities should you be investing in?

The most affordable U.S. markets in which to buy a home (in U.S. dollars):
  1. Cleveland, Ohio – average listing price: $64,993
  2. Riverdale, Georgia – average listing price: $68,207
  3. Park Forest, Illinois – average listing price: $75,647
  4. Lake Wales, Florida – average listing price: $82,330
  5. Lithonia, Georgia – average listing price: $94,076
The most expensive U.S. markets in which to buy a home (in U.S. dollars):
  1. Los Altos, California – average listing price: $1,963,100
  2. Newport Beach, California – average listing price: $1,904,083
  3. Saratoga, California – average listing price: $1,867,980
  4. Redwood City/Woodside, California – average listing price: $1,430,329
  5. Los Gatos, California – average listing price: $1,307,408

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