Half of the most expensive property markets in the United States are in California, a new survey of the most expensive and affordable destinations reveals.

Newport Beach tops the list, where the average price of a four-bedroom, two-bathroom home is $2,291,764, according to the Coldwell Banker Home Listing Report (HLR).

For the third year in a row, Cleveland is the most affordable market, with an average four-bedroom, two-bathroom home is listed at $74,502 –– a difference of $2.2million over Newport Beach.

Budge Huskey, President and Chief Executive Officer of Coldwell Banker Real Estate LLC, the original Silicon Valley real estate start-up founded in 1906, says, “The beauty of Newport Beach combined with the continued tech sector growth in Silicon Valley is powering California’s dominance of the most expensive communities in our report.

 “On the opposite side, home affordability coupled with the economic and cultural renaissance makes Cleveland very attractive. We see that 45 per cent of the most affordable markets are in the Midwestern states.”

Ed Dolinsky, President of Coldwell Banker Hunter Realty in Cleveland, says, “Cleveland’s community, revitalized downtown and renewed sense of pride have contributed to the rapid growth in this market. 

“Many first-time home buyers and young professionals are looking at Cleveland as an affordable place to settle down and enjoy all of the great things the city has to offer.”