Here are the markets where you can buy the most homes for $350,000.
- Homeowners can buy most homes for $350,000 in cities across the Midwest and South, with Detroit being the most affordable.
- The cities with the most expensive price per square foot are on the East and West coasts, with 7 of the top 10 in California.
The typical value of a home in the United States is $331,533, an increase of 20.3% since last year. With house prices at record highs, RealtyHop analyzed how much square footage you can buy in major US cities if you spend $350,000. Unsurprisingly, there are drastic trade-offs between cities where you might decide to live. Here are where you can get the most space and the least space for $350,000.
Top 5 cities with the most space for $350,000
The money goes much further in the Midwest and the South with the five cities located in these regions.
- Detroit, Michigan: 4,769 square feet, $73.39 per square foot. The largest city in Michigan, Detroit has the cheapest per square foot of any metro in the United States
- Birmingham, AL: 4,631 square feet, $75.58 per square foot. Recently eclipsed by Huntsville as the largest city in Alabama, Birmingham takes second place.
- Cleveland, Ohio: 3,907 square feet, $89.58 per square foot. According to the 2020 US Census, Cleveland’s population has declined by 6% over the past 10 years. Homeowners can get about 10 times more space than a similarly priced property in New York.
- Lubbock, TX: 3,569 square feet, $98.06 per square foot. Located in Northeast Texas and the 11th largest city in Texas, Lubbock ranks 4th.
- Wichita, KS: 3,475 square feet, $100.72 per square foot. Wichita is the largest city in Kansas and the fifth most affordable city in the country.
Top 5 cities with the least space for $350,000
The cities with the most expensive price per square foot are on the East and West coasts. In fact, seven of the top 10 cities are located in California.
- San Francisco, California: 349 square feet, $1,002.87 per square foot. Close to Silicon Valley, San Francisco is almost 14 times more expensive than Detroit per square foot. With limited supply and high demand, San Francisco is #1 on the list.
- New York, NY: 404 square feet, $866.34 per square foot. NYC, the country’s largest city, is a close second.
- Fremont, California: 428 square feet, $817.76 per square foot. Another city close to Silicon Valley, residents of Fremont have the third highest price per square foot in the country.
- Boston, Massachusetts: 477 square feet, $733.75 per square foot. The largest city in New England, Boston is the fourth most restricted city in terms of space.
- San Jose, California: 478 square feet, $732.22 per square foot. San Jose completes the top five and is the third city to be located in the Bay Area and near Silicon Valley. There is clearly a trend at play here!
Home prices are still expected to be competitive, making it difficult for first-time homebuyers to buy a home. With many employers allowing employees to work from home, there are many desirable opportunities for homeowners to purchase an affordable home in the South and Midwest. Buying a home should be based on your personal financial situation and these prices do not include property taxes, maintenance costs and home insurance. You should consider the other expenses of home ownership before deciding to take the plunge.
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