{"id":11367,"date":"2024-07-17T11:00:55","date_gmt":"2024-07-17T15:00:55","guid":{"rendered":"https:\/\/www.realtyhop.com\/blog\/?p=11367"},"modified":"2024-07-16T18:36:41","modified_gmt":"2024-07-16T22:36:41","slug":"how-much-square-footage-400k-gets-you","status":"publish","type":"post","link":"https:\/\/www.realtyhop.com\/blog\/how-much-square-footage-400k-gets-you\/","title":{"rendered":"How Much Square Footage $400K Gets You in the 100 Largest U.S. Cities"},"content":{"rendered":"
American homebuyers still face an expensive market as housing costs continue to climb. With interest rates around 7%, most buyers nationwide must sacrifice the size of their home or risk getting pushed out of their local market altogether. Without a sign of home prices or interest rates dropping in the near future, potential buyers must weigh the risks of an unaffordable market and decide whether they\u2019ll compromise on size or location. <\/span><\/p>\n In our third annual report, we calculated how much square footage homebuyers can afford across major cities in America with the national median purchase price of $400k. Our findings provide insights for buyers about where their dollar stretches furthest, from a shoebox in New York to a sprawling home in Ohio. <\/span><\/p>\n Detroit<\/a> has the lowest price per square foot of all the cities, and buyers could purchase a substantial 5,200-square-foot home for $400k. Detroit buyers can acquire 12.47 times more space<\/b> than buyers in San Francisco. <\/span><\/p>\n Cleveland<\/span><\/a> came in second in our rankings, where the price per square foot is $83.54. In this city, a $400k budget can purchase a 4,788 square foot home. <\/span><\/p>\n Ohio made our top rankings twice, with <\/span>Toledo<\/span><\/a> also earning a spot on the list. Prospective buyers in this city will pay a reasonable $103.03 per square foot. <\/span><\/p>\n In <\/span>Wichita<\/span><\/a>, families can purchase a home with 3,345 square feet for $400k. With a price per square foot of $119.59, buyers can acquire larger pieces of property here compared to coastal cities. <\/span><\/p>\n Memphis<\/a> became more affordable for buyers, with the cost per square foot decreasing by 3.38% from 2023. Buyers can now acquire 3,181 square feet with a $400k purchase price. <\/span><\/p>\n While the price per square foot for residential homes in <\/span>San Francisco<\/span><\/a> dropped 0.28% to $959.07 this year, the city remains the most expensive city on the list. A buyer with a budget of $400k can only afford a home with 417 square feet, which measures out to a small studio apartment fit for one adult.<\/span><\/p>\n New York City<\/span><\/a> is only $9.07 more affordable per square foot than San Francisco, coming in a close second place. Homebuyers purchasing at the median national home price can expect to acquire a property with 421 square feet. <\/span><\/p>\n Fremont<\/span><\/a> became more expensive for buyers this year, with the price per square foot increasing 8.78%. A home in the city now costs $864.83 per square foot. <\/span><\/p>\n Those looking to purchase property in <\/span>Boston<\/span><\/a> will need to pay $831.68 per square foot. With a $400k budget, they can afford a home that spans a modest 481 square feet.<\/span><\/p>\n San Jose<\/span><\/a> rounds out our most expensive list and is the third city in California to join the rankings. The price per square foot has increased 5.80% since last year, and buyers now pay $804.44 per square foot.<\/span><\/p>\n To create this report, we analyzed home price data taken from over 5 million for-sale listings on RealtyHop advertised in the past 12 months. Listings included residential single-family homes, condos, co-ops, and townhouses but excluded those that did not list square footage.<\/span><\/p>\n To calculate the median price per square foot, we divided each listing\u2019s price by its total square footage. These statistics were then aggregated based on the area, with the median taken for each city.<\/span><\/p>\n We used the <\/span>National Association of Realtors\u2019<\/span><\/a> latest May 2024 median existing-home sales price of $400K to calculate the square footage one could purchase at that price.<\/span><\/p>\n While we\u2019ve used the citywide median price per square foot in our calculations, one limitation of our study is that this statistic is usually not uniform across a city. Our findings are meant to paint a picture of the differences across cities (and broadly within a city) and not meant to dictate the exact properties you could buy at any given price and size.<\/span><\/p>\n Have questions or comments about this report? Reach us at press@realtyhop.com<\/a>.<\/span><\/p>\nKey Findings<\/span><\/h2>\n
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Cities With the Most Space for $400K<\/span><\/h2>\n
1. Detroit, MI \u2014 5,200 square feet<\/span><\/h3>\n
2. Cleveland, OH – 4,788 square feet <\/span><\/h3>\n
3. Toledo, OH – 3,882 square feet<\/span><\/h3>\n
4. Wichita, KS – 3,345 square feet <\/span><\/h3>\n
5. Memphis, TN – 3,181 square feet <\/span><\/h3>\n

Cities with the Least Space for $400K<\/span><\/h2>\n
1. San Francisco, CA – 417 square feet <\/span><\/h3>\n
2. New York, NY \u2014 421 square feet<\/span><\/h3>\n
3. Fremont, CA \u2014 463 square feet<\/span><\/h3>\n
4. Boston, MA \u2014 581 square feet<\/span><\/h3>\n
5. San Jose, CA \u2014 497 square feet<\/span><\/h3>\n
Methodology & Limitations<\/span><\/h2>\n
Methodology<\/span><\/h3>\n
Limitations<\/span><\/h3>\n
Full City List<\/span><\/h2>\n