{"id":7906,"date":"2022-04-11T11:00:21","date_gmt":"2022-04-11T15:00:21","guid":{"rendered":"https:\/\/www.realtyhop.com\/blog\/?p=7906"},"modified":"2022-04-09T12:37:32","modified_gmt":"2022-04-09T16:37:32","slug":"how-much-square-footage-350k-gets-you","status":"publish","type":"post","link":"https:\/\/www.realtyhop.com\/blog\/how-much-square-footage-350k-gets-you\/","title":{"rendered":"How Much Square Footage $350K Gets You in the 100 Largest US Cities"},"content":{"rendered":"
For many, the tradeoff between space and cost is a deciding factor on where they choose to settle down. Should you buy a tiny studio in Manhattan or a large townhouse in Atlanta? The reality is that living in certain places often means downsizing your expectations.<\/span><\/p>\n But we at RealtyHop wondered just how drastic these tradeoffs are between cities. Could there be hidden gems where you wouldn\u2019t have to sacrifice size for desirability? To find out, we calculated the amount of square footage you\u2019d be able to buy in every major city in the country at the current U.S. national median home sales price of $350K.<\/span><\/p>\n <\/p>\n Looking for the most space for your dollar? <\/span>Detroit<\/span><\/a> is the place for you. The city has the cheapest price per square foot of any metro area in the United States at $73.39, meaning that the current median home price of $350K would buy a massive 4769 square foot property.<\/span><\/p>\n Birmingham<\/span><\/a> isn\u2019t far behind, coming in as the second cheapest price per square foot at $75.58. At this rate, a buyer with $350K could get over 4631 square feet of property in the city limits.<\/span><\/p>\n If you\u2019ve dreamt of a large home for a reasonable price, <\/span>Cleveland<\/span><\/a> is another top contender. At just under $90 per square foot, a $350K property in the city would mean 3907 square feet of living space. This is about 10x more space than a similarly priced property in New York City.<\/span><\/p>\n For the national average, a buyer in <\/span>Lubbock<\/span><\/a> could get 3569 square feet of property given a reasonable price per square foot of $98.<\/span><\/p>\n Wichita<\/span><\/a> is another great option for those looking for a great deal on space. At $100 per square foot, the city was the fifth most affordable and would net you a 3475 square foot property at the national average.<\/span><\/p>\n <\/p>\n At over $1,000 per square foot, a $350K property in <\/span>San Francisco<\/span><\/a> would get you a tiny 349 square feet of living space. While this sounds crazy, certain SF residents have <\/span>found ways to make it work<\/span><\/a>.<\/span><\/p>\n It\u2019s no surprise to those living in <\/span>New York<\/span><\/a> that a $350K budget would get very little. But, at over $867 per square foot, the 404 square feet of living space one could get does sound a bit extreme.<\/span><\/p>\n Similar to neighboring San Francisco, <\/span>Fremont<\/span><\/a> has some of the most expensive space in the country at $817 per square foot. At the current national home average, a new buyer would only be able to snag a tiny 428 square feet.<\/span><\/p>\n Boston<\/span><\/a> is the fourth most space-constrained city, with the national average home price buying only 477 square feet of space. This comes out to a price per square foot of over $733.<\/span><\/p>\n San Jose<\/span><\/a> rounds out our top five cities where you get the least space for your buck. This Bay Area tech city has a price per square foot of $731, meaning you\u2019ll be only able to purchase a meager 478 square feet of space for $350K.<\/span><\/p>\n <\/p>\n To create this report, we analyzed home price data taken from over 1.6 million listings on RealtyHop between Jan 1, 2022, and Mar 31, 2022. Listings included residential single-family homes, condos, co-ops, and townhouses actively on the market, 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<\/span><\/a>\u2019 latest January 2022 median existing-home sales price of $350K 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>\n <\/p>\n
<\/p>\nKey Findings<\/span><\/h2>\n
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Cities where you get the most space for $350K<\/span><\/h2>\n
1. Detroit, MI – 4769 square feet<\/span><\/h3>\n
2. Birmingham, AL – 4631 square feet<\/span><\/h3>\n
3. Cleveland, OH – 3907 <\/span>square feet<\/span><\/h3>\n
4. Lubbock, TX –\u00a0 3569 square feet<\/span><\/h3>\n
5. Wichita, KS – 3475 square feet<\/span><\/h3>\n
<\/p>\nCities where you get the least space for $350K<\/span><\/h2>\n
1. San Francisco, CA – 349 square feet<\/span><\/h3>\n
2. New York, NY – 404 square feet\u00a0<\/span><\/h3>\n
3. Fremont, CA – 428 square feet<\/span><\/h3>\n
4. Boston, MA – 477 square feet<\/span><\/h3>\n
5. San Jose, CA – 478 square feet<\/span><\/h3>\n
Methodology & Limitations<\/span><\/h2>\n
Methodology<\/span><\/h3>\n
Limitations<\/span><\/h3>\n
Full City List<\/span><\/h2>\n