City Wars! Which Popular City is the Best to Own a Million Dollar Home in?
When buying real estate, any home buyer would want the largest square footage for their buck. So what sorts of an abode can you buy today with a million dollars?
It varies much from one city to another. It is almost impossible to find a family home for a million dollars in San Francisco!
SAN FRANCISCO VS. LOS ANGELES
According to experts, a property budget of $1 million for a property in either Los Angeles or San Francisco or, you can get more square footage in LA due to the sheer size of the city. Los Angeles has affordable neighbourhoods like Burbank offering more square footage for your million. A 3600 square foot Burbank Hills home with terraced backyard and canyon views is listed for sale for $1,000,099.
The San Francisco real estate price ensures the impossibility of finding a similar sized home for a million dollars. Even people earning 6-figure salaries struggle with decent home purchases. Properties in San Francisco are becoming more expensive with every passing day and a million dollars can get you a 1,600 square foot home in the city, almost 19% more costlier than in 2018. The current price per square foot is $ 618, an increase of 22 per cent from a year ago. According to the property website Zillow, the average cost for a pad in SF is approximately $1.366 million.
BOSTON AND MANHATTAN
Boston is a hot, yet affluent real estate market with fast developing luxury condos in the pricey Seaport area, makes it difficult for buyers to come across a sizable property within your million-dollar range. Experts say that there isn’t much that $1 million can buy in Boston. Even an apartment with one bedroom and parking on the waterfront costs more. If you are really looking for options, a luxury condo about 1,000 square feet, overlooking the picturesque Fan Pier can cost upwards of $1.25 million.
However, in Manhattan’s softening real estate market, multiple options exist within the $1 million range. Today, much more square footage is affordable in this New York City borough than was possible a few years ago. Buyers can now get affordable houses in Murray Hill or even Kips Bay with 2 bedrooms but moving to prime addresses like West and East Village or Lower East Side, the prices are steeper with over $2,000 per square foot.
CHEAPER AMERICAN MARKETS
Buyers in cities like Chicago and Washington D.C. need not be discouraged as these two affordable cities are cheaper than San Francisco, almost twice over! This means you can buy twice the real estate with the same million dollars! So you can either up your budget or relocate to a less expensive city. Buyers in D.C.’s real estate market with $1 million to spare can find properties spanning 4,300 square feet with over 4 bedrooms within the desired price range. Virginia also offers good single-family home options within $1 million with an average of 2,000 square feet and located close to the metro, schools, and shopping centres. Atlanta’s housing markets have been prospering in a strong economy with the luxury market fairly balanced and stable over the past few years as luxury single family homes are selling at an average price of $950,000.
More in Investments & Savings
-
`
Do the Rich and Famous Celebs Have Secret Life Hacks? You Bet They Do!
You may apply lessons from your own life by studying the behaviours of those who have gained success and renown. Fame...
August 20, 2023 -
`
Debt Investments – What Are They?
Debt has always been a notion, and if someone owes a debt, they must also be the owner of that debt....
August 5, 2023 -
`
Inflation forces 38% of American Adults To Delay Major Purchases
Many American adults are delaying major milestones such as buying a house or buying a car due to inflation. 51% of...
July 28, 2023 -
`
What are the Rich Spending their Money on the Most? THIS!
Money waste is a rather personal matter. Personal finances are very private, and you are in charge of deciding how you...
July 16, 2023 -
`
Hobbies That Keep the World’s Top Billionaires Busy
Like their sources of money, famous billionaires’ hobbies tend to be unconventional. These business leaders, entrepreneurs, industrialists, and creators of IT...
July 4, 2023 -
`
How to Choose Between Online Banks Offering High Interest Savings Rates
Savings account interest rates are on the rise, but the national average savings rate is only 0.08%, mainly for large, national...
June 25, 2023 -
`
Inflation is Evidently Affecting Your House Buying Ability
The globe is affected by inflation, but the United States has been most afflicted, with an annual inflation rate of 8.5%...
June 18, 2023 -
`
Could You Manage to Recession-proof Your Savings? Start Now!
Recession impacts your yavings and without a job, your savings could pay your bills. Even with a job, your investment value...
June 1, 2023 -
`
So You’re a Journalist Trying to Crowdfund? We Got You!
Crowdfunding involves convincing many people to contribute small sums of money for specific projects, via the Internet, using reliable payment portals....
May 30, 2023
You must be logged in to post a comment Login