New York’s Staten Island — With prices higher per square foot than in any other city in the nation, those wishing to purchase a property in New York City had better prepare to shell out a lot of cash.
In order to help potential homebuyers identify where they might get the best value for their money, American Home Shield issued a report that examined more than half a million Zillow listings nationwide to identify the states and localities with the most costly homes per square foot.
The median price per square foot of a home in New York City is $1,519.47, which is almost $400 higher than the median price per square foot in Boston, the next closest city, which was $1,159.51.
San Francisco ($1,074.34), Honolulu ($863.07), and San Jose ($860.50) completed the top five most costly cities.
Cleveland, on the other hand, had the lowest median housing price per square foot, at $66.86. Detroit, Indianapolis, Tulsa, and El Paso were next, with $68.66, $104.45, and $117.72, respectively.
The most expensive properties are found in dense, coastal cities with a small, older housing supply. New York metropolis is by far the densest large metropolis in the United States, with 28,182 people per square mile. According to the survey, the average price of a property in New York City is $1,519.57 per square foot, which is more than 20 times more than the average price of housing in Detroit or Cleveland and the highest of any city.
Hawaii had the most costly price per square foot at the state level, at $743.86, which was over 68% more than the next closest state.
The next highest ranking states were California ($442.70), New York ($421.49), Massachusetts ($398.77), and Washington ($335.73).
West Virginia ($119.56), Mississippi ($130.46), Arkansas ($134.74), Kansas ($135.92), and North Dakota ($139.12) were the least expensive states.
The fact that New York has the second-smallest average home size contributes to its ranking as one of the most costly states per square foot.
just residences in Hawaii, with an average size of 1,164 square feet, were smaller than the average New York home, which was just 1,490 square feet.
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