- Hawaii is the state where homebuyers would spend the most on a square foot of property, with each square foot costing an average of $694
- California and Massachusetts rank second and third respectively
- Montana, Oregon and New York also make the top ten
A new study has revealed how much a square foot of property costs in each state.
The Cost Of A Square Foot Of Property In Each State
Hawaii
The research revealed that Hawaii has the most expensive cost per square foot of property at $694. This is because of the average house price in Hawaii is $850,000 (the highest average property price in any state) while the average house size is 1,248 square feet.
California
The state with the second highest cost per square foot of property is California, where a square foot costs an average of $425.55. The average house price in California is $774,500 while the average size is 1,820 square feet.
Massachusetts and New York
Massachusetts and New York rank third and fourth respectively. House prices in Massachusetts average at $799,000 with an average size of 1,914 square feet, meaning the cost per square foot is $417.45, while in New York the cost per square foot is $416.33 due to an average house price of $654,475 and size of 1,572 square feet.
Rhode Island
Rounding out the top five is Rhode Island. Rhode Island has the fifth smallest property size out of all fifty states at 1,648 square feet and an average house price of $537,000 – equating to $325.85 per square foot.
Washington
Washington state ranks sixth overall with a price per square foot of $315.38 while New Jersey ranks seventh with a square foot of property costing $310.26.
Montana
Montana has the eighth-highest cost per square foot of property at $309.35. Montana has the fourth highest property prices in America with an average of $675,000 and an average size of 2,182 square feet.
Oregon and Colorado
Oregon and Colorado round out the top ten, ranking ninth and tenth respectively. In Oregon, homebuyers can expect to pay an average of $302.36 per square foot because $579,925 is the average property price with an average size of 1,918 square feet. Colorado has a slightly lower average price per square foot at $287.11 with home prices being $649,450 and the third largest home size of 2,262 square feet.
Commenting on the study, a spokesperson for PortlandRealEstate.com said: “When looking for a new home there are many things to consider, the local area, distance to loved ones, work opportunities, and more.
However, the size of a home may be one of the most important factors, especially considering more people are working remotely. This study offers a fascinating insight into the states that offer the best value prices for space in a property, offering any potential homebuyers a clearer vision as to what a home in each state can provide.”
What is the average cost per square foot of property in each state?
