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In several US states, building a home is now cheaper than buying an existing one. However, it is important to note that savings can vary considerably depending on real estate market conditions.
The top 10 states to build based on the difference in cost compared to buying a ready-made home are:
1. Hawaii (where it costs $494,000 less to build a house than to buy it)
2. California ($205,000 less)
3. Colorado ($108,000 less)
4. Utah ($97,000 less)
5. Virginia ($96,000 less)
6. Delaware ($96,000 less)
7. Maryland ($95,000 less)
8. Montana ($84,000 less)
9. Florida ($76,000 less)
10. Idaho ($70,000 less)
As you can see, in Hawaii it costs $500,000 less to build a house than to buy one, according to a report by storage company Storage Café.
In Utah and Maryland it would cost you nearly $100,000 less, and in Idaho $70,000 less on average.
You should take into account that these types of savings do not occur throughout the country, since in states like Pennsylvania and Ohio it costs around $180,000 more to build a house than to buy a house that is already built.
More and more people are choosing to build their homes due to rising prices in the real estate market and a shortage of existing home inventory for sale.
And it is that, in areas where house prices are high, building a house can be more convenient than buying an existing one.
The Western and South Atlantic states are best places to build a home, while in the Midwest it is best to buy an existing home.
It is important to note that not all neighborhoods have lots of land available to build a house.which means that if you want to build your home, you must be willing to consider living in less developed areas.
But if you’re looking for a house in an area where it’s cheap to build, it may be cheaper to buy a lot and build your house instead of buying an existing house.
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