Location may be one of the most important criteria for many prospective home buyers, but when you cannot afford more than $300K on a home (the national average home price), space may just be one of the sweetest compromises buyers can make.
In El Paso, $300K can get prospective home buyers plenty of home space – 3,300 square feet, to be more exact, which is the most among the 8 Texas cities included in the list. Point2 Homes research finds that the square footage in El Paso is double than what buyers can get in Austin. Among the US cities that are more comparable to El Paso in terms of home price per square foot, there’s Columbus OH.
Researchers looked at the US median home size – 1,700 square feet – and the US median listing price – $300,000 – to get an idea of what living space and prices look like around America. Once you factor in the average asking prices for each city, the numbers might shock you. Have a look:
- For $300,000 you won’t be able to afford an average-sized home in any of the first 20 cities in our analysis. Start with Dallas, if you need at least average elbow room.
- You could buy 1,700 square foot homes in all of New York City’s outer boroughs (plus one in Los Angeles) for the price of one home of equal size in Manhattan.
- You could buy 1,700 square foot homes in 5 major cities in neighboring states, for the price of one home of equal size in San Francisco (and still have cash for a sports car left over)
- You can buy 4 median sized houses in Detroit for $300,000. Or just one really huge, 7,000 sq. ft. mansion.
- You can buy two median sized homes and a 1,000 sq. ft. condo in Memphis for $300,000.
To see how El Paso stacks up against 49 other cities, below is an interactive visual representation of the huge differences in home square footage available for $300K. To read more about the square foot vs price comparisons across the country, click HERE.