Here's How Much Space $200,000 Will Get You In Major U.S. Cities

"The biggest surprise was just how big the difference is."

Reports show that the U.S. housing market is still hot. If you're considering making a move and are wondering just how far your money will take you, real estate market blog PropertyShark recently analyzed how many square feet $200,000 would buy in major cities throughout the United States.

It might not come as much of a surprise that the results vary, but many will likely raise their eyebrows at just how different the results are city to city. 

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Courtesy of PropertyShark

To come up with the final results, PropertyShark determined the median home size (square footage) and used the 2016 U.S. Census data to determine the median home price. To calculate the median price per square foot, they divided the median home sale price by the median home size in each city, and used the rounded amount ($200,000) of the national median home price of $214,000, to determine how much space you can buy in each city.

The report looked at 33 major cities including Los Angeles, Brooklyn, Manhattan, Miami, Chicago, San Antonio, Atlanta, Orlando, and Boston.

For $200,000, you can get just 126 square feet in Manhattan, compared to over 3,700 square feet in Cleveland.

You can't get that much more space in San Francisco, San Jose, Boston, and Washington compared to Manhattan. If you want to maximize your money, El Paso, San Antonio, and Memphis are other great options in addition to Cleveland.

Robert Demeter, property writer at PropertyShark, told A Plus via email about the range of data. "The biggest surprise was just how big the difference is between the most and least expensive cities" ...

... "The discrepancy is enormous and it’s quite shocking how $200,000 can potentially get you 30 times more home space in Cleveland than in Manhattan."

That puts things into perspective, doesn't it? Another interesting thing that Demeter points out is how overpriced housing is in major cities on the East and West coasts, with only Portland and Philly being accessible to the average American.

The data also shows that the south is where to go to get the most value. "Although home prices along both coasts seem bleak, housing remains affordable in most of the large southern cities," Demeter says. "San Antonio, Houston, Charlotte and Atlanta have seen strong economic development and substantial growth throughout the years, and although incomes and employment have risen, home prices remain steady." 

PropertyShark reveals that $200,000 could get you a 1,119-square-foot home in Atalanta. For the same amount of money, you can get a 1,824-square-foot-place in Dallas, a 1,696-square-foot place in Charlotte and a 1,341-square-foot place in Austin.

If you are looking to get on the housing ladder, Demeter says, "There’s no recipe for success when buying a home. Every homebuyer is different."

He says it boils down to budget, personal preferences and making scarifies depending on what someone really wants. "Nobody will choose a city for the sole reason that it's more affordable than the next one," he reasons. "People usually have a solid plan on their minds when making such an important purchase."

(H/T: Curbed)

Cover image via romakoma I Shutterstock 

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