In the what-else-is-new department, New Yorkers spend the fifth most nationwide on a square foot of property.
The research — in which real estate experts Agent Advice analyzed average property sizes and average property prices to determine which state has the most expensive and most affordable cost per square foot – determined that Hawaii has the most expensive cost per square foot of property at $695. This is because the average house price in Hawaii is just shy of $850,000 (the highest average property price in any area), while the average house size is 1,240 square feet.
The area with the second highest cost per square foot of property is Washington, D.C., where a square foot costs an average of $540. The average house price in the District of Columbia is $649,000, while the average size is 1,370 square feet.
California and Massachusetts rank third and fourth respectively. House prices in California average at $749,500 with an average size of 1,780 square feet, meaning the cost per square foot is $455, while in Massachusetts the cost per square foot is $409 due to an average house price of $749,450 and size of 1,853 square feet.
Rounding out the top five, New York has the third smallest property size of all 50 states at 1,620 square feet and an average house price of $632,500 – equating to $369 per square foot.
Washington state ranks sixth with a price per square foot of $322 while Montana ranks seventh with a square foot of property costing $308.
Oregon has the eighth-highest cost per square foot of property at $304 with an average of $550,000 and an average size of 1,885 square feet.
Rhode Island and New Hampshire rank ninth and 10th respectively. In Rhode Island, homebuyers can expect to pay an average of $295 per square foot, because $518,500 is the average property price with an average size of 1,818 square feet. New Hampshire has a slightly lower average price per square foot at $287 with home prices being $549,900 and a home size of 1,988 square feet.
By the way, Connecticut ranked 33rd, with an average property size of 2,042 square feet, an average property cost of $499,000 and thus an average price per square foot of $245.
Commenting on the study, a spokesperson for Agent Advice said:
“With growing families and more people choosing to work remotely or in a hybrid role, the size of a home is becoming increasingly important.
This study offers a fascinating insight into the areas that offer the least space in a property for the highest value, offering any potential homebuyers a clearer vision as to what a home in each state can provide.”