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The most important factor when determining the price of a home is location. Proximity to desirable areas can speed up the sales process and result in a higher sales price.
Prices are also influenced by the region of the country where the home is located. So if you’re working with a $400,000 budget, you might have better luck in the Midwest than on the East Coast.
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Realty Hop, a website that finds the most undervalued home deals, analyzed residential listings from August 2023 to July 2024 and found that people buying homes in the Midwest were more likely to buy homes on the coasts. found that they have eight times more purchasing power per square foot than consumers.
According to the National Association of Realtors, the median sales price for existing homes nationwide in August was $416,700. However, the median sales price in the Midwest was $315,400, while the median sales price in the Northeast was $503,200, a difference of $188,000.
When comparing the Midwest and the East Coast, the New York Times compared three $400,000 properties in Massachusetts, Maryland, and Minnesota. Here’s what you can get for the same price in each state:
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Massachusetts
Location: Williamstown
Size: 1,424 square feet
Price per square foot: $280
Estimated annual tax: $5,280
This is a renovated two-bedroom, two-bathroom ranch home built in 1953 and located on 0.7 acres. The site is less than a mile from the town’s Main Street and the Williams College campus. North Adams is less than a 15-minute drive away, Albany, New York is an hour west, and Springfield is 90 minutes southeast.
The home is set on a wide green lawn with mature trees and a path leading from the paved driveway to the front door. There is also a separate two-car garage, updated kitchen with stainless steel appliances, second floor loft space, and a wood-fenced backyard.
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maryland
Location: Baltimore
Size: 1,534 square feet
Price per square foot: $257
Estimated annual tax: $7,471
This is a 2 bedroom, 2 1/2 bath brick row house built in 1875 on a 0.05 acre lot. The home is located in the Locust Point neighborhood, 20 minutes by public transportation to downtown. The train commute to Washington DC is less than 2 hours, and Baltimore/Washington International Thurgood Marshall Airport is a 15-minute drive.
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The home features exposed brick and wood-painted walls, hardwood floors, seller-added built-ins, granite countertops, stainless steel appliances, and two upstairs bedrooms with private There is a bathroom. A flight of stairs to the second floor leads to a wooden roof deck large enough to accommodate outdoor dining.
minnesota
Location: Minneapolis
Size: 906 square feet
Price per square foot: $441
Estimated annual tax: $4,622
This is a one-bedroom, one-bathroom unit in a high-rise apartment building built in 2008. This apartment is located in the city’s Mill District, opposite Mill Ruins Park. It’s also near The Commons and Target Center. Downtown St. Paul is a 20-minute drive and Duluth is a 2.5-hour drive.
The home has tall windows that look out onto nearby skyscrapers and the city. It features hardwood floors, stainless steel appliances, a covered terrace with access to the dining area and main suite, a private bathroom, a walk-in closet with storage, and a stacked washer and dryer.
Although homes in this Midwest are more expensive per square foot than homes in Massachusetts or Maryland, they offer upscale amenities and access to many of the amenities found in apartment buildings, such as gyms and indoor pools. Masu.
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This article originally appeared on GOBankingRates.com: What $400,000 Gets You in the Real Estate in the Midwest vs. the East Coast
