We understand that the value of money can defer greatly depending where on where you place it.
'HouseCanary examined homes valued around $1 million in different metropolitan statistical areas (MSAs) across the country to determine what an “average” million-dollar home looks like, from San Francisco to Tuscaloosa, Ala.' It appears that a million dollars home purchase can vary widely.
Where $1 Million Is Big Money
"In most markets, $1 million will get you a lot of house, but they might not be considered mansion material. We found that in the preponderance of markets (110 out of 375 metro areas), a million-dollar home is somewhere between 3,000 and 4,000 square feet. But there are also some markets where you can buy a true mansion or estate if you’re willing to spend between $900,000 and $1.1 million". For the full article visit: http://rismedia.com/million-what-it-buys-us-housing-market
The average million-dollar home in Lima, Ohio, is 9,435 square feet and sits on a four-acre lot. It has five-plus bedrooms, four bathrooms, and 4-5 parking spots. For that million-dollar home, buyers pay about $105.99 per square foot.
$1 Million in the Middle
"Even though there are more homes between 3,000 and 4,000 square feet than between 4,000 and 5,000, the average square footage for a million-dollar home across all metros studied is 4,305 square feet—which is quite a bit of room to stretch out, but still only about half the size of the biggest million-dollar homes in the country". For the full article visit: http://rismedia.com/million-what-it-buys-us-housing-market
In the Nashville, Tennessee, an average million-dollar home is 4,302 square feet, with 3-4 bedrooms, four bathrooms, and three parking spots nestled on a 0.96-acre lot. The price-per-square foot is $232.45—more than double the price per square foot in Lima, Ohio. In St. Louis, the average million-dollar home is 4,330 square feet on a 0.93-acre lot. It also has four bedrooms, four bathrooms, and two parking spots. The price-per-square foot is very close to both Richmond and Nashville at $230.95.
Million-Dollar Babies
It makes sense that in areas where housing is more affordable, million-dollar homes are larger. But what happens when affordability starts to creep up (and up…and up)?
The smallest average million-dollar home in the country is in San Jose-Sunnyvale-Santa Clara, Calif., at 1,576 square feet, on a 0.13-acre lot. It has three bedrooms, two bathrooms, and two parking spots. The price-per-square foot is an eye-popping $634.52, almost six times what you’d pay in Lima, Ohio, for a home. For the full article visit: http://rismedia.com/million-what-it-buys-us-housing-market
So would you rather live smaller but at a higher costs or larger for less? Well it will depend on your career requirements and interest.
In Florida, the average sales price is $200,000 according to realtor.com. But home prices vary greatly by county. According to zillow.com, the median sales price in Monroe County is $409,000, while the median sales price in Hardee County is just $50,000. (cost-of-living-in-florida)
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