How much Home Space will $200,000 Buy You?
Nashville has enjoyed some of the country’s fastest job growth for several years as healthcare and tech startups have made the city home. In addition, TN is now the #1 auto manufacturing state in the USA. In addition to 3 major car manufacturers, there are over 900 parts suppliers. Unsurprisingly, this economic boom has coincided with a large increase in population, greater demand for real estate, However, Tennessee maintains one of the lower ‘cost per square footage’ across the U.S. Tennessee’s policy environment has resulted in some moderate increases relative to what many in-demand cities have experienced. State and local governments have made it possible for housing developers to build both up and out in response to this new demand. The price effects of new demand and new construction have, of course, affected neighborhoods unevenly. While some historically affordable neighborhoods have seen price jumps, others remain accessible to a wide range of household incomes.
According to sources, the median home value across the U.S. is $215,600. In many places, that can buy thousands of square feet worth of space, while in others, cost per square footage only amounts to a few hundred.
A reputable real estate resource compared home values across the U.S. to see how far $200,000 goes in various locations. To calculate the median price per square foot in each city, the company divided the median sale price by the median home size, using data from the U.S. Census Bureau and current listings. Cities in Northern and Southern California represented some of the highest per square foot costs across the U.S. with our Nashville Tennessee, despite the boom, maintaining one of the lowest per square foot costs in the nation.
Below is a list of cost per square footage comps across the U.S.:
San Francisco, California = 260 Sq. Ft.
San Jose, California = 376 Sq. Ft.
San Diego, California = 496 Sq. Ft.
Los Angeles, California = 501 Sq. Ft.
Nashville Tennessee = 2,109 Sq. Ft.
For families looking to maximize their budget, Tennessee holds some of the best deals offering over 2,000 square feet of space for the money. And if one moves away from the city with a 20 to 35 minute drive you can achieve even more for less. Click to view this beautiful home priced at $200k.
To review the kinds of homes and prices in Mid-TN at no cost or obligation, please click on nashvillepremierehomes.com. We are eager to hear from you!