Want to know how far your housing dollar will stretch in some of the nation’s largest cities? We went shopping for a median-priced home in four metropolitan areas that earned the best grades in our second annual Home Affordability Study and in four cities with failing marks.
Scouring the market for homes that were within $10,000 of each city’s median price, we found houses with prices ranging from $140,000 in St. Louis to almost $700,000 in San Francisco.
We not only found big price differences, the square-footage varied greatly, as well. For example, we located a median-priced home with more than 1,500 square feet in Boston, but couldn’t find one with even 700 square feet in Miami.
That means there was also a big difference in each home’s price per square foot — one of the best ways to compare how far your housing dollar will stretch. Our homes ran from well under $105 per square foot in Minneapolis to well over $800 in San Francisco.
Let’s take a look at what you can expect to get with the median-priced home in these eight cities.