The median sales price of a new home currently sits at $436,700, according to Realtor.com, but that cash will get you a wildly different home depending on where you’re shopping.
A new study by real estate data compiler Point2 looks at just how much square footage $400,000 will buy in the nation’s top 100 markets—and it’s a wide swath.
Detroit, with a median price per square foot of $68, will give you the most bang for the buck, resulting in a 5,882-square-foot home. People in Manhattan draw the short straw, only able to purchase 267 square feet with their $400,00.
The calculations were determined by dividing the cash by the median price per square foot in that city. As a warning, it’s worth noting that prices per square foot vary wildly.
Among the nation’s most populated cities, buyers with $400,000 could find the most space in San Antonio (2,484 square feet), with Houston close behind at 2,353 square feet. Philadelphia home shoppers can expect to buy a 1,923-square-foot house with that budget.
Not surprisingly, the New York City area, San Francisco, and Boston were the most expensive markets. Homebuyers spending the median national home price in all of those cities would find units under 500 square feet.
The good news for buyers? More sellers are finally cutting home prices as demand begins to soften amid fast-rising mortgage rates, so the size of the home you can get for the studied amount could rise in the coming months.
Here’s a look at where $436,700 would go furthest.
- Detroit, Mich. – 5,882 square feet
- Cleveland, Ohio – 5,128 square feet
- Toledo, Ohio – 4,444 square feet
- Wichita, Kansas – 3,846 square feet
- Fort Wayne, Ind. – 3,540 square feet
- Buffalo, NY – 3,361 square feet
- Milwaukee, Wisc. – 3,279 square feet
- Indianapolis, Ind. – 3,252 square feet
- Tulsa, Okla. – 3,200 square feet
- Lubbock, Texas – 3,175 square feet
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