Here's How Much House You Can Buy for $350,000 in 5 Hot Markets
KEY POINTS
- Homeowners can purchase the most home for $350,000 in cities in the Midwest and the 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 out of the top 10 in California.
Here are the markets where you can buy the most house for $350,000.
The typical home value in the U.S. is $331,533, a 20.3% increase since last year. With real estate prices at all-time highs, RealtyHop analyzed the square footage you can buy in major U.S. cities if you spend $350,000. Not surprisingly, there are some drastic trade-offs between cities where you might decide to live. Here are the places where you can get the most space and the least space for $350,000.
Top 5 cities with the most space for $350,000
Money goes a lot further in the Midwest and South with all five cities located in those regions.
- Detroit, MI: 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 U.S.
- Birmingham, AL: 4,631 square feet, $75.58 per square foot. Recently eclipsed by Huntsville as the largest city in Alabama, Birmingham is in second place.
- Cleveland, OH: 3,907 square feet, $89.58 per square foot. According to the 2020 U.S. Census, Cleveland's population shrank by 6% in the last 10 years. Homeowners can get about 10x more space than a similarly priced property in NYC.
- Lubbock, TX: 3,569 square feet, $98.06 per square foot. Located in northeast Texas and the 11th largest city in Texas, Lubbock comes in at 4th.
- Wichita, KS: 3,475 square feet, $100.72 per square foot. Wichita is the largest city in Kansas and is 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 out of the top 10 cities are located in California.
- San Francisco, CA: 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 No. 1 on the list.
- New York, NY: 404 square feet, $866.34 per square foot. NYC, the largest city in the country, comes in at a close second.
- Fremont, CA: 428 square feet, $817.76 per square foot. Another city close to Silicon Valley, those living in Fremont have the third highest price per square foot in the country.
- Boston, MA: 477 square feet, $733.75 per square foot. The largest city in New England, Boston is the fourth most space-constrained city.
- San Jose, CA: 478 square feet, $732.22 per square foot. San Jose rounds out the top five, and is the third city to be located in the Bay Area and close to Silicon Valley. There is clearly a trend at play here!
Home prices are still expected to be competitive, making it difficult for first-time home buyers to purchase a home. With many employers allowing employees to work from home, there are many desirable opportunities for homeowners to buy 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 fees, and homeowners insurance. You should consider the other expenses of homeownership before deciding to take the leap.
Our Research Expert
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur and financial planner with over two decades of experience in the personal finance space. He is a graduate of West Point and a Lieutenant Colonel in the Army National Guard. He has an MBA from the UCLA Anderson School of Management.
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