The U.S. housing market is tight as inventory remains restricted, but prospective homebuyers searching in some cities have a better chance of scoring a bigger residence than in others, according to a new study.
The median size of a new home completed in the second quarter was 2,412 feet, according to data from the U.S. Census Bureau. In 2017, the median size of a new single-family house was 2,426 square feet. However, considering the average age of a family home is nearly 40 years, according to online lending exchange LendingTree, many Americans are actually living in residences with smaller square-footages.
Nevertheless, a dollar goes much further in some cities than others, LendingTree found, including in the South where the median home size in regional cities tended to be the largest.
The city with the biggest median home per square foot, for example, is Houston, Texas. For an estimated median price of $196,000, homeowners can generally get a 1,952 square-foot home, which averages out to about $100 per square foot.
Prospective homeowners can get the next biggest amount of space in Atlanta, where for the same median price, they can get a 1,914 square-foot home. That averages out to about $102 per square foot.
In Washington, D.C., the median home size was about 1,908 square feet, however that comes at a steeper cost to residents. The estimated cost for a home of that size in the area is $446,000, or about $234 per square foot.
Dallas and Austin, Texas, round out the top five, where the size of the average homes are 1,862 square feet and 1,861 square feet, respectively.
On the other hand, the cities where the median home size is the smallest are Detroit, Minneapolis, Milwaukee, St. Louis and Kansas City, Missouri, at 1,333 square feet, 1,360 square feet and 1,388 square feet, respectively.
Here’s a complete list of LendingTree’s top 10 cities with the biggest median home sizes:
1. Houston - 1,952 sq. ft.
2. Atlanta - 1,914 sq. ft.
3. Washington, D.C. - 1,908 sq. ft.
4. Dallas - 1,862 sq. ft.
5. Austin, Texas - 1,861 sq. ft.
6. Las Vegas - 1,835 sq. ft.
7. Phoenix - 1,832 sq. ft.
8. Raleigh, North Carolina - 1,795 sq. ft.
9. Boston - 1,767 sq. ft.
10. Orlando, Florida - 1,758 sq. ft.