The median listing price for homes nationwide reached an all time high of $405,000 at the end of March. Rising alongside home prices is the increase in more square footage. According to The National Association of Home Builders, the average square footage of new single-family homes has increased to 2,561 square feet. With people working from home and spending more time indoors due to the pandemic, homeowners want more space. Read on to see just how much space $400,000 will get you in Arizona.
In Arizona’s six largest cities, $400,000 buys more than 1,000 square feet of living space. In the top 10 markets with the most expensive square footage in the nation, $400,000 buys less than 600 square feet.
When looking at the top 10 most populous U.S. cities, Phoenix’s population of 1,680,992 makes it the fifth largest city. Out of the top ten, Phoenix sits in the middle for how much space buyers can get for $400,000. In Phoenix, $400,000 equals 1,404 square feet. Compare this to New York, America’s most populated city, where $400,000 equals 449 square feet.
On Point2’s list of Top 25 Cities with the Least Space for $400,000, Scottsdale sits at 21 with $400,000 buying 971 square feet. On the other end of the spectrum, San Francisco sits at 2nd on the list with $400,000 buying 400 square feet and Manhattan is number one with $400,000 buying just 267 square feet. Though Scottsdale sits relatively low on the list, it is Arizona’s city with the least amount of space for $400,000. No cities in Arizona made the list of Top 25 Cities with the Most Space for $400,000.
How much space $400,000 buys in specific Arizona cities from least to greatest:
- Scottsdale: 971 square feet
- Chandler: 1,365 square feet
- Phoenix: 1,404 square feet
- Gilbert: 1,404 square feet
- Mesa: 1,471 square feet
- Glendale: 1,575 square feet
- Tucson: 1,887 square feet
Tucson is among the top 50 largest cities with the most affordable square footage, providing more than 1,800 square feet of living space for $400,000. The cost per square foot is almost four times less expensive in Phoenix, Gilbert and Chandler compared to San Francisco and Manhattan where the cost per square foot starts at $1,000.
According to Point2, Arizona offers buyers plenty of options when it comes to more space.
Read the full report here.