The cost per square foot of a home can vary drastically from place to place. On average, Americans pay $123, but in some cities, the price can top $1,000.
“In general, price per square foot is higher in markets where there’s high demand but land is scarce due to underlying geographic constraints,” Robert Dietz, chief economist of the National Association of Home Builders, told realtor.com®. “Prices are also higher in markets with steeper construction labor costs or more regulated markets where fees, zoning, and other rules make building difficult.”
Realtor.com®’s data team looked at the median price paid per square foot for a home in the largest 100 cities nationwide. The following are the cities with the most expensive per square foot in the nation.
Boston
- Average price per square foot: $1,160
- How much home $305,000 can buy: 263 square feet
New York
- Average price per square foot: $1,106
- How much home $305,000 can buy: 276 square feet
San Francisco
- Average price per square foot: $1,004
- How much home $305,000 can buy: 304 square feet
Los Angeles
- Average price per square foot: $646
- How much home $305,000 can buy: 472 square feet
Washington, D.C.
- Average price per square foot: $473
- How much home $305,000 can buy: 740 square feet
Seattle
- Average price per square foot: $454
- How much home $305,000 can buy: 672 square feet
Miami
- Average price per square foot: $313
- How much home $305,000 can buy: 974 square feet
Source: “How Big a Home Can You Afford? A Surprising Price Per Square Foot Tour Across America,” realtor.com® (Jan. 6, 2020)
