A new study has revealed how much a square foot of property costs in each state and, not surprisingly, New York finished in the top five.
The research, conducted by PortlandRealEstate.com, analyzed average property sizes across each state as well as the average property prices to determine which state has the most expensive and most affordable cost per square foot.”¯”¯ ”¯
The research revealed that Hawaii has the most expensive cost per square foot of property at $694. The average house price in Hawaii is $850,000 (the highest average property price in any state), while the average house size is 1,248 square feet.”¯”¯
The state with the second highest cost per square foot of property is California, where a square foot costs an average of $425.55. The average house price in California is $774,500, while the average size is 1,820 square feet.”¯
Massachusetts and New York rank third and fourth respectively. House prices in Massachusetts average $799,000, with an average size of 1,914 square feet, making the cost per square foot $417.45. In New York, the cost per square foot is $416.33 with an average house price of $654,475 and size of 1,572 square feet.”¯
Rounding out the top five is Rhode Island, which has the fifth smallest property size out of all 50 states at 1,648 square feet but an average house price of $537,000 ”“ equating to $325.85 per square foot.”¯”¯
”¯Connecticut came in at 15th, with a price per square foot of $260.28.
Commenting on the study, a spokesperson for PortlandRealEstate.com said: “When looking for a new home, there are many things to consider, the local area, distance to loved ones, work opportunities and more. However, the size of a home may be one of the most important factors, especially considering more people are working remotely. This study offers a fascinating insight into the states that offer the best value prices for space in a property, offering any potential homebuyers a clearer vision as to what a home in each state can provide.””¯
