Buying a large home can cost big bucks, especially now. In Hawaii, for instance, the median price for a 3,000-square-foot house is a staggering $1.5 million. That's more than five times as much as in Mississippi, where it costs $286,008 to live in that amount of space.
The median size on single-family homes completed in 2019 was 2,301 square feet, according to the U.S. Census Bureau. In a new analysis of real-estate costs from personal finance website GOBankingRates, researchers only considered properties with at least 3,000 square feet. To determine how much that space would run you across the country, they took Zillow's September 2019 median list price per square foot for each state and multiplied it by 3,000.
The price per square foot in the Aloha State is $528, making it the most expensive place on the list, beating out the country's three most populous states: California, Texas, and Florida. Here's how much a large home would cost in those three notoriously pricey states.
Median list price per square foot: $130
Median price of a 3,000-square-foot home: $389,403
Median list price per square foot: $166
Median price of a 3,000-square-foot home: $499,060
Median list price per square foot: $323
Median price of a 3,000-square-foot home: $968,241
Having more space at home has become increasingly important as the coronavirus pandemic forces many Americans to work remotely. About 24% of employed workers were working from home every day in August, according to the Real-Time Population Survey from the Federal Reserve Bank of Dallas. That's up three times since before the start of the crisis.
"It's important to create a separation in your household that includes a space that's dedicated to work, and then when you're off the clock and you're not thinking about work, you also have a space that you can enjoy, and you can feel like you're at home, and you can have that distance," Angelina Darrisaw, CEO and founder of C-Suite Coach, told Grow earlier this year.
The amount of square feet you live in could impact your professional life — and your bottom line. So it's important to put cost in perspective if you're in the market for a new place.
The national median home value in the United Stated, overall, is about $259,906. In Mississippi, West Virginia, and Arkansas, you could land a large home for under $301,748. (Keep in mind, though, that Mississippi residents are the least happy in the country.)
Houses are selling quickly due to record-low mortgage rates and high pandemic-driven demand, and Americans are moving across the map. In August, U.S. home sales hit their highest level in almost 14 years. While some people take advantage of deals in New York and other major metropolitan areas, others are flocking to the suburbs.
Wherever you go and however much you can afford, consistent saving and careful budgeting can be a wise move, especially as home values are predicted to rise 4.8% within a year.
"Whatever you think you can afford on a new home purchase, give it a test drive," Mark La Spisa, a certified financial planner and president of Vermillion Financial Advisors, recently told Grow. "Start saving the extra amount that is the difference between what you are spending now versus what you will spend after the new home purchase. Put this difference from projected expenses toward saving and trying out the new expense spending plan before it is too late."
Being responsible about how you spend and save makes sense no matter where you are on the map. So if you're looking for a bigger place, the first step is to make space in your budget.
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