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House hunting in US? Here are America's most and least expensive neighbourhoods
While a buyer may have to pay $1.3mn for a studio apartment in NY City, a property in a peaceful rural town can be purchased for less than half a million.
When looking for real estate in the United States, house seekers typically examine price per square foot since it allows them to compare the worth of several expensive and cheapest properties in the same location.
While a buyer may have to pay $1.3 million for a studio apartment in New York City, an extensive property in a peaceful rural town can be purchased for less than half a million.
A recent survey by American Home Shield (AHS) found that the nation's most expensive communities are in California, Florida, and New York, while the cheapest zip codes are in the Rust Belt and South. While cheaper places may offer more affordable homes, they come with its own drawbacks, such as a lack of housing options and job opportunities.
Also Read: Who bought America’s most expensive house and how much does it cost
What is the difference between most & least expensive neighbourhoods?
Buyers can still save much by choosing a community with a lower per-square-foot sales price. According to AHS' statistics, the difference between the most and least expensive neighbourhoods for home buyers is $5,386 per square foot.
The most expensive location in the United States is San Francisco's South of Market – also known as SoMa – which is home to digital companies like Airbnb and Uber. The median household income in South of Market is approximately $104,440, which is greater than the median household income in the US of about $75,000.
Purchasing a home in South of Market will cost you around $5,415 per square foot, or $5.4 million for a 1,000-square foot flat. You can buy the same-sized property at $29,000 in Homewood, Pennsylvania, which is considered as the cheapest location in the US.
According to Rocket Mortgage, the national median price per square foot is approximately $222. That translates to a $222,000 purchasing price for a 1,000-square-foot flat.
The rankings provided by AHS are based on average price per square foot statistics for US homes sourced from Homes.com listings. Those neighbourhoods which saw less than 10 sales in the last 12 months were excluded. Montana, South Dakota, Wyoming, North Dakota, and Virginia were not mentioned in the list due to lack of data.
Also Read: This could be America’s most expensive home ever, if it can find a buyer
A look at 10 most expensive neighbourhoods in US
South of Market, San Francisco: $5,415
Northwest Auburn, Auburn, California: $4,416
Old Town Carpinteria, Carpinteria, California: $4,129
Downtown Bellevue, Bellevue, Washington: $3,619
Port Royal, Naples, Florida: $3,375
Aqualane Shores, Naples, Florida: $3,132
Stinson Beach, California: $2,988
Star, Palm & Hibiscus Islands, Miami Beach, Florida: $2,861
Crystal Cove, Newport Beach, California: $2,771
Casa del Lago, Palm Beach, Florida: $2,754
A look at 10 least expensive neighbourhoods in US
Homewood, North Allegheny County, Pennsylvania - $29 per square foot
West Jackson, Hinds County, Missouri - $32 per square foot
Downtown Gary, Lake County, Indiana - $32 per square foot
Metawanee Hills, Genesee County, Michigan - $32 per square foot
Uptown Memphis, Shelby County, Tennessee - $33 per square foot
Wells/Goodfellow, St. Louis City, Missouri - $33 per square foot
Onyx, Lucas County, Ohio - $34 per square foot
Queensborough, Caddo Parish, Louisiana - $35 per square foot
Industry, Delaware County, Indiana - $35 per square foot
Roosevelt, Lucas County, Ohio - $35 per square foot
