With home prices steadily rising, buyers are spending more for less space, and in some cases, they’re dropping nearly $ 1 million for fire-damaged or dilapidated homes in desirable locales. But, not all hope is lost, according to GoBankingRates latest home price analysis.
In affordable Southern markets, such as Alabama, buyers can get an average of 3,103 square feet for $ 300,000 — three times the space you’ll get in California (1,004 square feet) for the same amount of dough.
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Methodology: GOBankingRates determined the median home listing price per square foot in every state and the District of Columbia, sourced from Zillow’s home price index, using the most available data as of Feb. 28, 2018. To determine how much home $ 300,000 buys, GOBankingRates divided $ 300,000 by each state’s price per square foot. Zillow did not have state-level data available for North Dakota, so GBR found the median list price per square foot from a sample of six of its largest cities — Williston, Dickinson, Fargo, Bismarck, West Fargo and Watford City.