PHOENIX–Every credit union member (and employee) who is shopping for homes knows how costs have increased, and a new analysis offers insights into how much square feet $1 million can buy in each U.S. state.
Not surprisingly, Hawaii is the state where $1 million can buy the smallest real estate, with only 221 square feet. At the other end of the spectrum, the biggest real estate can be purchased in Montana, with an average house size of 2,200 square feet, according to the survey that was conducted by Highland Cabinetry.
The Top 10 for Least Space
Here’s a look at what the analysis found for what $1 million will get a buyer in terms of the bottom 10:
Hawaii
“Hawaii is the U.S. state where $1M can buy the least in real estate, with only 221.3 square feet of luxury housing. Hawaii has the priciest luxury houses in the ranking, with an average of $4.5K per square foot,” the analysis said. “Regular homes are also the most expensive in the top 10, but are 6 times cheaper, averaging $744 per square foot. For a regular home, $1M can buy a house of 1.3K square feet.”
New York
“New York takes second place in the ranking of the states, where you can buy the smallest real estate for $1M, with 271.4 square feet of luxury property. The luxury houses here are more expensive on average than in Hawaii, costing around $5.4M, and $3.6K per square foot. At the same time, average homes are a little more affordable, costing $421 per square foot.”
Massachusetts
“Massachusetts ranks third, with 439.2 square feet for $1 million. Luxury houses cost around $4 million here, with buyers paying $2.2K per square foot. When it comes to regular housing, $1M can buy a big house in Massachusetts, with 2.5K square feet.”
California
“In fourth place is California, where $1M can buy only 459.7 square feet of a luxury house, 20 more than in Massachusetts. Luxury homes here cost similar to Massachusetts, but California houses are bigger on average, with a square footage of 1,860. Regular homes here are a little more costly than in New York, at $443 per square foot.”
Wyoming
“Wyoming is fifth on the list of U.S. states where $1M buys the least in luxury real estate, with 542.2 square feet. The luxury housing here is over 2 times cheaper than in Hawaii, at $1,844 per square foot. Average houses are much more affordable here, and $1 million can buy 5.2K square feet, the biggest footage in the top 10.”
Connecticut
“Connecticut holds sixth place, with 598.5 square feet for $1 million. Luxury homes here cost around $3.6 million, with an average of $1,671 per square foot. When it comes to more affordable housing, $1M can buy 4.1K square feet.”
Montana
“Montana ranks seventh, with 620.8 square feet. The luxury home prices here are similar to Connecticut, costing $1,611 per square foot, which is only $60 cheaper. At the same time, the regular housing is a bit more expensive than in Connecticut, costing $325.”
Rhode Island
“Rhode Island follows closely with eighth place and 638.7 square feet for $1M. Luxury houses are cheaper here than in most states in the top 10, costing $2.9M on average and $1,566 per square foot. Normal houses in Rhode Island are over 5 times cheaper, costing $270 per square foot.”
New Jersey
“New Jersey is ninth, with 675.9 square feet of luxury property for $1 million. For a luxury home, buyers have to pay $1.4K per square foot in New Jersey, while affordable housing would cost $267, just a little cheaper than in Rhode Island.”
Florida
“Florida closes the ranking of the U.S. states where $1M buys the least in luxury real estate, with 735.3 square feet, and tenth place. Luxury homes here are the second cheapest, costing $2.6M on average and $1,360 per square foot.”
