Most people dream of owning their own home but, unfortunately, that dream can seem far out of reach. However, some places are more promising than others when it comes to real estate prices. American Home Shield conducted a report on housing prices across the US, looking into 22,000 different neighborhoods. Here are the most, and least, expensive areas for buying a home.
The Most Expensive
To no one’s surprise, California has the neighborhood with the highest housing prices. San Francisco’s South of Market (SoMa) neighborhood has homes for an average price of $5,415 per square foot. Next up is Northwest Auburn, which is right outside Sacramento, with $4,416 per square foot. Then, there’s Old Town Carpinteria in Santa Barbara County standing at $4,129 per square foot. Naples, Florida (Aqualane Shores and Port Royal) and New York City (the West Village and the Upper East Side’s Metropolitan Hill) follow closely behind.
The Least Expensive
Not all hope is lost if you want to buy a house, particularly if you’re willing to move to Pittsburgh. A home in the Homewood North neighborhood will only set you back $29 per square foot. Other options are Jackson’s West Jackson in Mississippi; Gary’s Downtown in Indiana; and Flint’s Metawanee Hills in Michigan, the latter costing $32 per square foot. Other affordable neighborhoods are located in the states of Indiana, Ohio, and Missouri.
That said, if you dream of living a beachy California lifestyle or you crave the bustle of New York City, it may be worth waiting just a bit. American Home Shield’s VP of sales, Jessica Fields, explains, “As we look to the future of real estate, we’re starting to see some positive trends. Mortgage rates are starting to stabilize, and sellers are gaining confidence in putting their homes on the market, which will lead to more opportunities for buyers to purchase homes in 2024.”