Photo: Robert Clark
The difference in what a US homebuyer gets for the approximate national median home value from city to city is staggering.
With $200,000 in hand, Manhattan buyers get barely above 100 square feet of total living space, with Brooklyn buyers faring just a bit better. However, homebuyers in many southern states see much more bang for their buck.
That’s according to a report released yesterday by the listing site PropertyShark.
In Manhattan, with $200,000 (the approximate national median home value) homebuyers get an average of 126 square feet — a room, essentially (and a small one at that). That averages out to just shy of $1,600 per square foot.
“It would be difficult to actually live in such a place. Plus, it’s highly unlikely you’d even find a listing of that size and price in Manhattan,” writes PropertyShark in the digital release.
Yet, for the same money, buyers can get a whopping 451 square feet in the nearby New York City borough of Brooklyn.
Unsurprisingly, the hottest housing markets offered buyers the least amount space for their $200,000, all under 450 square feet: San Francisco, CA (260 square feet), Boston, MA (371 square feet), San Jose, CA (376 square feet) and Washington, DC (423 square feet).
“These markets, like Manhattan, are on fire and prices are sky-high,” says PropertyShark.
Meantime, on the other end of the spectrum, Cleveland, OH offers buyers the most space for their money, an average of 3,769 square foot or $53 per square foot.
“You could own a house so big (in Cleveland) that you’d be hosting fancy Thanksgiving and Christmas gatherings, with spare rooms for your extended family,” PropertyShark jokingly observed.
Comparatively, Texas, and other southern states, offered buyers a generous amount of space for their money.
El Paso, TX, San Antonio, TX and Memphis, TN all boast an affordability similar to Cleveland’s, but San Antonio stand outs due to its thriving business activity, with the health and education sectors driving the economy in the area.
San Antonio’s residential development pipeline is so “robust” that with $200,000 you could buy a “sizable” 3,249 square foot home.
Several other cities — like Miami, FL (835 square feet), and Chicago, IL (1,102 square feet) — fall somewhere in the middle between Manhattan and Cleveland on the affordability scale.
And while $200,000 buys “decent” living conditions in these cities, PropertyShark is quick to add but “probably not in the neighborhoods you’d want.”
Click here to read the entire release.