SAN DIEGO (KGTV) — Space and costs are often dealbreakers for homebuyers who are looking to settle down or raise a family, but expectations for both factors could be lowered as home prices continue to soar in certain markets across America.
A report put together by RealtyHop calculated the amount of square footage a person would be able to buy in every major city in the U.S. at the current national median home sales price of $375K.
According to the report, a homebuyer in San Diego would get 579 square feet for $375,000. That comes to about $654.48 per square foot, a 1.05% change from 2022's numbers.
Due to California being the most space-constrained state, the report found that 11 out of 20 cities in the state have the most expensive price per square foot.
San Francisco has the least space at 374 square feet for $375,000. Despite a 4.12% drop, the city remains incredibly expensive at $961.80 per square foot.
Check out the graphic and list below to see how much space each major Calif. city has for the national median home sales price.
- Bakersfield - 1,851 square feet
- Fresno - 1,647 square feet
- Stockton - 1,369 square feet
- Sacramento - 1,205 square feet
- Riverside - 1,037 square feet
- Anaheim - 723 square feet
- Long Beach - 659 square feet
- Oakland - 622 square feet
- San Diego - 579 square feet
- Los Angeles - 576 square feet
- San Jose - 513 square feet
- Fremont - 459 square feet
- San Francisco - 374 square feet
In the entire country, the report found that Detroit, Michigan has the lowest price per square foot among all cities at just $69.30, meaning that $375K would get a homebuyer a 5,109-square-foot house. This is 13.6 times larger than the most expensive city, San Francisco.
RealtyHop says to create this report, they analyzed home price data taken from over 1.5 million for-sale listings on its site between Jan 2023 and March 2023. Listings included residential single-family homes, condos, co-ops, and townhouses actively on the market, but excluded those that did not list square footage.
