A new report is showcasing just how important location is while shopping for a home. What city you're buying in could be the difference between getting a mansion or a small one-bedroom apartment for the exact same price.
To show the contrast between different housing markets, MoneyWise found homes in every state around $500,000.
"To demonstrate just how radical the difference can be, we’ve highlighted one residence in the most populated city in each state onRealtor.com," reads the website.
MoneyWise found a home just under half a million dollars in Los Angeles to represent the housing market in California.
Anyone who has bought, or attempted to buy, a house in California in recent years may already know that what MoneyWise found in LA looks a lot different compared to what they found in other states.
For a price tag of $495,000 they found the following:
"This 1,074-square-foot property in East L.A. is a fixer-upper for sure, but it comes with quick access to the 710, 5 and 60 freeways. The listing says it could be a smart investment opportunity for someone with the gumption to transform the space into a “forever home.” It reportedly has three bedrooms and one bathroom. The listing, however, says potential buyers should check with the city and tax records for the official count. How mysterious!"
You can find photos of the East L.A. home here.
Click here to read the full report by MoneyWise.