How many square feet of house can you get for a cool million? The answer, of course, is “it depends”. But we can do a bit better than that for you.
Exactly how much home you can get for $1 million dollars depends on where you want to buy and what kind of amenities and lifestyle the home provides. But you should understand this: In most markets, being able to spend a million means you’ll qualify to look at houses in the luxury category. That entitles you to much more attention from your real estate agent than lower-end buyers and to your pick of a wide range of premium properties.
To be more specific about what you can afford, let’s look at some examples.
Where Houses Are Expensive
In Los Angeles, a three bedroom, three bath home with 2,550 square feet — built in 1976 — was recently on the market in the Bel Aire neighborhood for around $1 million. It’s an older home near shopping and in a community with tennis courts.
In Seattle, a 2,400 square foot home with four bedrooms and two bathrooms built in 1949 was recently available in that price range too. This beachfront property is on Puget Sound and had been lived in by a single owner since the late 1960s. But it’s still an older home.
In Boston or New York City, however, your dollars might buy you even less living space. A historic 1,700 square foot condo in the Whitehall building in Boston costs about a million. A co-op in the Beekman neighborhood of New York City — with less than 1,400 square feet — was recently offered for around a million too.
Where You Get Better Value
Texas is a great place to buy a home if you need some space. The cost of living in Dallas, Fort Worth, Austin or San Antonio is low compared with coastal towns, but each of these cities have been called particularly livable and enticing by some organization or another.
When we checked recently, an amazing five bedroom and six bathroom house in Dallas with a stunning square footage of nearly 6,300 feet was priced right at a million. Built in 1980, it’s on a half-acre with some established trees and a pool, among other amenities.
A house with five bedrooms in Atlanta — built in the 1930s — was offered in this price range and provided more than 4,500 square feet of space. In Las Vegas, we found a home that’s less than a decade and a half old offering 3,600 square feet of space and available for around $1 million.
So what does all this really tell you? Shop around. If you haven’t decided which city deserves you as its next new resident, you can benefit from careful comparison shopping.
While you can have a low-maintenance condo in the Big Apple for around a million, you can also get an estate in Big D where the cost of living is much lower. Which do you prefer?
After all, it’s the lifestyle — not the square footage — that really matters anyway.