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