True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

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Real Estate

This is how much money you need to buy a house across the U.S.

Which markets give you more bang for your buck?

The average American homeowner pays $123 per square foot for a house, but that varies based on where the house is.

According to a new report from Realtor.com, among the 100 largest cities in the U.S., the highest price per square foot is over $1,000, while the lowest is $42.

“In general, price per square foot is higher in markets where there’s high demand but land is scarce due to underlying geographic constraints,” explains Robert Dietz, chief economist of the National Association of Home Builders said in a release. “In other words, when people pack themselves onto a tiny island (e.g., Manhattan), price per square foot tends to shoot up.”

Despite 2019’s construction goods and labor shortage, people are still buying.

Dietz said that this is also credited to prices being higher in markets with steeper construction labor costs, or more regulated markets that have fees, zoning among other rules making building difficult.

The common denominator in the following list? As the price per square foot goes down, the amount of square footage goes up.

Here’s a comparison of 10 cities in the U.S. and how much home you can get for your money:

  1. Boston
    Median price per square foot: $1,160
    How much home $305,000 can buy: 263 square feet
  2. New York
    Median price per square foot: $1,106
    How much home $305,000 can buy: 276 square feet
  3. San Francisco
    Average price per square foot: $1,004
    How much home $305,000 can buy: 304 square feet
  4. Los Angeles
    Average price per square foot: $646
    How much home $305,000 can buy: 472 square feet
  5. Washington, D.C.
    Average price per square foot: $473
    How much home $305,000 can buy: 740 square feet
  6. Seattle
    Average price per square foot: $454
    How much home $305,000 can buy: 672 square feet
  7. Miami
    Average price per square foot: $313
    How much home $305,000 can buy: 974 square feet
  8. Dallas
    Average price per square foot: $215
    How much home $305,000 can buy: 1,419 square feet
  9. Chicago
    Average price per square foot: $193
    How much home $305,000 can buy: 1,580 square feet
  10. Detroit
    Average price per square foot: $42
    How much home $305,000 can buy: 7,262 square feet

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