Here’s How Much Real Estate $1 Million Buys You in Every Major U.S. City
How much housing you can buy with a million dollars very much depends on what city you are looking to buy in.
According to Knight Frank data cited by CNBC’s Robert Frank, a million dollars goes a lot further in Cape Town, South African, than it would in Monaco.
But what about in the U.S.?
We looked at housing list price data from real-estate brokerage Movoto.com and real-estate marketplace Zillow.com.
The diagram below shows the number of square feet of housing that you
can buy for $1 million, based on the median price per square foot in
each city:
With a median list price of $666 per square foot, San Francisco's
real-estate boom limits a million dollars to buying about 1,500 square
feet. On the other end of the spectrum, the median list price in
beleaguered Detroit is just $12 per square foot—55 times cheaper than in
San Francisco.
Considering all five boroughs, the median price per square foot in
New York City is $424. Looking just at Manhattan, however, that price
jumps to an astronomical $1,538 per square foot, leading to $1 million
buying just 650 square feet.
Andy Kiersz is a reporter at Business Insider.
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