What’s the difference between Palo Alto and Killeen, Texas? About 1,770 miles and $1.4

million.

The annual Coldwell Banker Home Price Comparison Index (HPCI), which is an “apples-to-apples” comparison of homes sold in typical, middle-management neighborhoods, found that Palo Alto ranked fifth in the nation at $1,550,000 while Killeen was the most affordable area at $131,328. The tony beach town of La Jolla topped the charts at $1,875,000.

Bay Area cities continue to be among the most expensive housing markets in the country with four cities ranking in the top 10 and seven in the top 20, according to the 2005 Coldwell Banker HPCI.

The HPCI evaluated average home values for a single-family dwelling measuring approximately 2,200 square feet with four bedrooms, 2-1/2 baths, a family room (or equivalent) and two-car garage. The snapshot study examined 344 total markets across the United States, Puerto Rico and Canada.

Besides Palo Alto, three other Bay Area cities ranking in the top 10 were San Mateo at No. 7 ($1,334,425), San Francisco at No. 8 ($1,300,000), and San Jose at No. 9 ($1,272,625). Also in the top 20 markets were the Oakland/Montclair area at No. 14 ($1,100,000), Fremont at No. 18 ($898,750) and Pleasanton at No. 20 ($880,333). Los Altos was not listed.