What $500,000 buys across America

MSNBC.com looks at what homes $500,000 can buy across major cities across the United States.

Experts say the three most important factors in real estate are location, location, location.

In California, few home buyers would deny the existence of a housing bubble. The median home price statewide has surged past $500,000, but even half-a-million will not get you much more than a shack in the hottest markets like Los Angeles and San Jose.

Take that same amount to Kansas City and you can buy a near-mansion with 3,000 square feet of living area, a spacious yard, golf course views and four full bathrooms.

Future homeowners in Houston don't need to look very hard for options. In addition to a lot of resale, there is a large amount of new-home construction. Sales continue to break records in the city every month, says real estate agent Susan Bryja of Prudential Gary Greene Realtors. New construction is so plentiful in the Houston area that older homes can take longer to sell. And travel 30 miles out of the city and you can get twice as much for your money.

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