Cassity Kmetzsch | Wealth of Geeks
A recent study by PortlandRealEstate.com uncovers the astonishing discrepancies in home prices throughout the United States.
By examining the average cost per square foot of property in each state, it becomes evident that paradise comes with a hefty price tag.
At the top of the list is Hawaii, where homebuyers would need to pay an astonishing $694 per square foot. California follows closely behind at $426, followed by Massachusetts ($417), New York ($416), and Rhode Island ($326). On the other end of the spectrum, the most affordable states are West Virginia ($134 per square foot), Mississippi ($142), and Ohio ($148).
While living in these prime locations undoubtedly has numerous advantages, can the cost savings and sense of community in a more affordable state outweigh these benefits?
“When searching for a new home, there are numerous factors to consider: the local area, proximity to loved ones, job opportunities, and more. However, the size of the home may be one of the most important factors, particularly as more people work remotely,” states the report.
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As real estate prices skyrocket in certain states, many prospective homebuyers are exploring alternative locations that offer better value for their money. With the freedom to move jobs to states where the cost per square foot is more affordable without sacrificing career prospects, what’s stopping you?
Mikkel Woodruff, co-founder of Sometimes Home, shares, “My husband and I work remotely, so we have complete flexibility in our real estate searches. We are currently considering two locations to purchase our first home: Raleigh and Orlando. The reality is that the square footage in Central Florida is much more affordable for us than in Raleigh, especially when comparing the desirable locations within each city that we are considering. This is a significant factor in our home search when considering our budget. If the price per square foot makes homeownership possible in one location over the other, that location will ultimately win.”
States like New Hampshire ($278 per square foot), Florida ($278), Idaho ($263), and Maine ($262) offer popular opportunities to acquire more space at a lower cost.
More companies are embracing flexible work arrangements or the option of self-employment online. Employees can live wherever they choose without being limited to expensive urban centers. Remote work allows individuals to consider moving to states with more affordable property prices.
Jonathan Lansner of the Southern California News Group contributed to this report.
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