A 2,200-square-foot house, with 4 bedrooms, 2 baths and a 2-car garage, might cost you about $300,000 in south suburban Flossmoor. The price tag for that same home in a popular Chicago neighborhood would be $860,000.

Coldwell Banker's annual Home Price Comparison Index looks at the prices of similar homes in 315 U.S. markets and 100 international cities.

Here are average sales prices for other area municipalities: Deerfield ($581,000), Barrington ($546,000), Naperville ($352,000), Orland Park ($360,000), Carol Stream ($336,000) and Schaumburg ($321,000).

"The survey serves as a valuable tool for consumers who are relocating, considering relocating or simply curious to compare the value of their home against nearby cities, and the rest of the world," said Fran Broude, president of Coldwell Banker Residential Brokerage.

Eight out of 10 of the country's most expensive housing markets are in California. The list is topped by La Jolla, Calif., with a 2008 average sales price of $1.8 million, followed by Greenwich, Conn. ($1.78 million) and Beverly Hills, Calif. ($1.77 million).

"This year's study comes at an interesting time in our nation's history with the impact of the housing correction and mortgage financing serving as critical economic issues in the presidential election," says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate. "While Americans move for lifestyle reasons, a home is usually a family's most valuable investment asset."

The survey also charts each state's most expensive and most affordable cities. In Illinois, the range is Chicago ($860,000) and Rockford ($199,000 average sales price). The range in Indiana is Munster ($342,000) and Muncie ($144,000), and in Wisconsin it's Milwaukee ($374,000) and Eau Claire ($147,000). Muncie and Eau Claire are among the top 10 affordable municipalities in the nation.

The cumulative average sales price of the 4-bedroom homes surveyed was $403,738, a 4.4 percent decline from 2007. Thirteen U.S. markets exceed a $1 million average price.

Dubai is the most expensive market studied outside of North America, where homes averaged $2.45 million. Coldwell Banker charts a total of 15 markets outside of the U.S. averaging more than $1 million, including Bucuresti, Romania ($1.9 million); and Madrid, Spain ($1.7 million). Quito, Ecuador, ($96,750) is the most affordable foreign market in the survey. Nine markets average less than $200,000, including Guayaquil in Ecuador.

Resale homes in the Chicago area that sold during the third quarter of this year were on the market for an average of 153 days, according to an industry report. That's about how many days there are until opening day of the 2009 baseball season.

"When homeowners must move out of a home, whether the reason is a job transfer, a financial problem or something else, a growing number are choosing to rent [their home for sale] rather than continue reducing the price of the property until it sells," said Jim Merrion, regional director of the RE/MAX network in northern Illinois.

"It is not a risk-free strategy. But if a seller thinks it is likely that home prices will rebound in the next year or two, it can be an effective way to deal with a difficult situation even if the monthly costs of continued ownership [mortgage, taxes and insurance] are more than the rent received." Approval from the condo association may be needed in order to rent a condo.

For example, assume a home purchased three years ago for $460,000 has a current market value of $410,000, and the homeowner's monthly cost is $3,300. If the home can command just $2,200 a month in rent, the owner would have to pay $26,400 out of his or her own pocket over a 24-month rental period. However, if the homeowner believes the market will rebound so that the home will be worth at least $440,000 in two years, the out-of-pocket costs of renting can be recaptured when the home is sold.

Moreover, because the mortgage principal will continue to be paid down while the house is rented, the balance due to the mortgage lender will decrease over the rental period, allowing the seller to keep more of the sale proceeds.

Another good reason to consider renting, according to Carol Ficarra-Harczak of RE/MAX All Stars in Niles, is that leaving a home unoccupied, especially in winter, can be expensive and risky.

"Energy costs are up substantially this year, and even a vacant home must be heated in winter," she said. "However, if you rent the home, the tenant pays the heat. Plus, there is the security of knowing someone is in the home looking after things. Unoccupied homes are a risk in cold weather. If the furnace fails and the pipes freeze, it can be extremely costly. It happened to one of my neighbors, and repairs were $50,000."