RealtyHop, the real estate company, submitted a report in which calculated the number of square feet a consumer could purchase in every major city in the United States at the current national median sales price of $375,000.
Today more than ever it is vital to get the most out of our money, so it is important to know where we can buy more with less. The results of the report provide a snapshot of where we can make the best investment.
Key results of the analysis:
At the current national median home price of $375,000, San Francisco gets the least space at 374 square feet, while Detroit gets the most at 5,109 square feet.
· California is again the state with the most space constraintswith 11 of the 20 cities with the most expensive price per square foot.
· Despite unaffordable housing prices nationwide, there are desirable cities where you can find solid deals. In the national median, Winston-Salem, NC with 2,647 square feetSan Antonio, TX at 2,268 sf, Houston, TX at 1,932 sf, and Richmond, VA at 1,779 sf were great choices.
Hialeah, FL, experienced the largest increase in price per square foot last year, 16.51% to $288.76 dollars.
· New York City came closest to San Francisco in price per square footwith a city median increase of 5.84% over the past year to $917.89.
Cities Offering the Most Space for $375,000
(1) City: Detroit, MI
Area: 5,109 square feet
Detroit has the lowest price per square foot of any city in the country at just $69.30, which means $375K would get you a giant 5,109-square-foot home. For perspective, this is 13.6 times larger than the most expensive city, San Francisco.
(2) City: Birmingham, AL
Area: 4,962 square feet
(3) City: Cleveland, OH
Area: 4,186 square feet
(4) City: Lubbock, TX
Area: 3,824 square feet
(5) City: Wichita, Kansas
Area: 3,723 square feet
In counterpart:
City: San Francisco, CA
Area: 374 square feet
San Francisco is the most space-constrained city in the US., with a national median sales price of $375,000 that would only yield 374 square feet of space. Despite a 4.12% drop from the previous year, the city is still very expensive, averaging $961.80 per square foot.
To see more details of the report, go here.
Keep reading:
· Save money: the cheapest cities in the US to buy a family home
· 30-Year Mortgage Rate Continues to Rise and US Homebuyers Need to Embrace It
· Single-family home rentals continue to rise in the US.
