A studio in San Francisco is identical value as a mansion in Detroit, report finds

How far you may stretch the U.S. median dwelling sale value of $375,000 is dependent upon what a part of the nation you’re seeking to dwell in, in accordance with a brand new report.

That six-figure sum can get you a 374-square-foot dwelling in San Francisco, a 432-square-foot residence in New York City and a 512- square-foot house in Boston, in accordance with a report printed Monday by actual property agency RealtyHop.

The median dwelling value might additionally internet you a 677-square-foot house in Washington, D.C. — which isn’t a lot better than the 784 sq. ft you may get in neighboring Arlington, Virginia, for a similar value.

Detroit, then again, was discovered to be one of the best place to land a house for $375,000. That value might internet a 5,109-square-foot home for a purchaser in Michigan’s most populous metropolis.

RealtyHop used the National Association of Realtors’ median sale value from March 2023 because the reference level to see how a lot buying energy that determine has within the nation’s 100 largest cities.

The studies’ authors regarded on the sq. footage for greater than 1.5 million listings on the market — from single-family houses and condos to co-ops and townhomes — on its web site between January and March to investigate what sort of houses that value level can internet consumers.

The Bay space is the area the place homebuyers get the weakest bang for his or her buck. Along with San Francisco, neighboring cities resembling Fremont (412 sq. ft) and San Jose (513 sq. ft) crack RealtyHop’s prime 5 locations the place residents get the least quantity of dwelling for the median sale value.

The report discovered that California is essentially the most space-constrained state total.

Eleven out of the 20 cities with the most costly value per sq. foot are within the Golden State, together with standouts resembling Irvine, Los Angeles, San Diego and Oakland.

The East Coast isn’t spared from this pattern.

A $375,000 dwelling in Miami would solely cowl a comfortable 625 sq. ft. That similar amount of money in Jersey City, located proper throughout the Hudson River from Manhattan, might get you a 675-square-foot residence.

Other locations the place the median sale value doesn’t go far consists of Honolulu (570 sq. ft); Seattle (685 sq. ft); Scottsdale (936 sq. ft); Denver (1,067 sq. ft); Austin (1,129 sq. ft) and Portland (1,144 sq. ft).

Good-sized houses are extra attainable for homebuyers all through the Midwest and elements of the Southern U.S.