The value of a home depends to a great extent on the location of the home in which city, town or country the home will be located. It is also dependent on the availability of land for building a home, population and number of investors interested. Though the price of a specific home depends to a some extent on the condition of the home, how well maintained it is,age of the home, the location is usually the main factor determining the value of a home.
Usually in the more expensive areas of the town or city, there are a limited number of homes available and the residents of the area are well off and high profile. The social status of an individual depends to a great extent on the location where he or she is staying. The amenities in the area are also better, with regular electricity and water supply compared to other parts of the city or state.