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You can buy a huge rancher in Texas for the same price as a studio apartment in San Francisco.
So which cities offer the best – and worst – bang for your buck in square footage? Know below.
$400K worth square feet in 30 cities
Nationwide, the average new construction home costs $202.00 per square foot, according to Zillow. But this belies a huge range of prices. Here is the data of the top 30 cities of the country.
| size rank | City | Average cost per square foot | $400,000 per square foot |
| 1 | New York, NY | $822.79 | 486 |
| 2 | Los Angeles, CA | $654.62 | 611 |
| 3 | Chicago, IL | $212.11 | 1886 |
| 4 | Dallas, Texas | $173.96 | 2299 |
| 5 | Houston, TX | $162.95 | 2455 |
| 6 | Washington DC | $257.27 | 1555 |
| 7 | Philadelphia, PA | $244.88 | 1633 |
| 8 | Miami, FL | $546.27 | 732 |
| 9 | Atlanta, GA | $188.24 | 2125 |
| 10 | Boston, MA | $454.69 | 880 |
| 11 | Phoenix, AZ | $225.34 | 1775 |
| 12 | San Francisco, CA | $693.36 | 577 |
| 13 | Riverside, CA | $313.41 | 1276 |
| 14 | Detroit, MI | $225.89 | 1771 |
| 15 | Seattle, WA | $471.88 | 848 |
| 16 | Minneapolis, MN | $216.57 | 1847 |
| 17 | San Diego, CA | $540.43 | 740 |
| 18 | Tampa, FL | $197.31 | 2027 |
| 19 | Denver, CO | $260.12 | 1538 |
| 20 | baltimore, md | $243.57 | 1642 |
| 21 | St. Louis, MO | $226.27 | 1768 |
| 22 | Orlando, FL | $218.89 | 1827 |
| 23 | Charlotte, NC | $206.31 | 1939 |
| 24 | San Antonio, Texas | $157.65 | 2537 |
| 25 | portland, or | $303.08 | 1320 |
| 26 | Sacramento, CA | $289.86 | 1380 |
| 27 | Pittsburgh, PA | $175.54 | 2279 |
| 28 | cincinnati, oh | $198.86 | 2011 |
| 29 | Austin, Texas | $181.14 | 2208 |
| 30 | Las Vegas, NV | $251.38 | 1591 |
Supply, demand and ever-changing population
Neither housing supply nor demand is stable. Both are constantly changing, resulting in changes in the market value per square foot of real estate.
San Diego became so expensive during and after the pandemic that many potential buyers held back, leading to a 3.2% home price improvement over the past year. Zillow.
On the supply side, some cities don’t add much new housing. “Land constraints and zoning regulations impact the price per square foot,” attorney Shawn Malloy explains. malloy law. The tip of the San Francisco Peninsula provides a perfect example of both limited land and regulation preventing high-density housing.
The demand side has more dimensions. The pleasant climate certainly helps, as San Diego residents can attest. Similarly, there are facilities like beaches, mountains, museums, sports teams, diverse restaurants and entertainment.
The local economy also plays a role. Workers move to where there are lots of employers hiring and where crime rates are low. “It’s not just a matter of population growth; it’s also who’s coming here and how much they earn,” said broker Ryan Fitzgerald. Raleigh Realty. “Buyers compete for access to jobs and amenities and bid up prices for the most attractive locations.”
Taxes also factor into the demand equation. Low-tax states such as Florida, Texas, and South Carolina have seen significant inward migration from high-tax states such as California, New York, and Illinois. US Census Bureau data.
Apparently there are people willing to pay $400,000 for a 486-square-foot condo in New York City. Only you know if you are one of them.