Some markets in the country are more expensive than others and the bright lights of New York rank near the top of the list for homes.
It comes from RealtyHop’s third annual report, which looked at 100 of the most expensive areas in the country. It found that New York City in 2024 costs $950 per square foot. So to build a $400,000 property in the area, you would only be allowed 421 square feet.
But still, it’s not the most pricey, as San Fransisco tops RealtyHop’s list. Buyers there only get 417 square feet for $400,000.
“New York City is only $9.07 more affordable per square foot than San Francisco,” the agency said in the report.
The two metro areas are followed by Freemont, California, and Boston, Massachusetts, which cost $864.83, and $831.68 per square feet, respectively.
The next eight expensive markets are mostly dominated by California, which are as follows:
- San Jose, California, cost per sf: $804.44
- Irvine, California, cost per sf: $783.93
- San Diego, California, cost per sf: $698.43
- Los Angeles, California, cost per sf: $686.43
- Honolulu, Hawaii, cost per sf: $683.06
- Long Beach, California, cost per sf: $652.92
- Miami, Florida, cost per sf: $645.80
- Jersey City, New Jersey cost per sf: $582.78
The cheapest cities on the list were Detroit, Michigan, and Cleveland, Ohio. The cost per square foot comes in at just $76.92, and $83.54, respectively.
“Detroit has the lowest price per square foot of all the cities, and buyers could purchase a substantial 5,200-square-foot home for $400k,” RealtyHop wrote.
“Detroit buyers can acquire 12.47 times more space than buyers in San Francisco.”
Also, New York is home to some of the most expensive suburbs, according to a study from GOBankingRates. The typical home values in Scarsdale and Rye are $1.41 million and $2.12 million respectively.