The article below addresses the average size home that $300,000 will buy you in 20 different states, none of which is Arizona so I’ve done a little digging in my own area. $300,000 is higher than the median sales price in several East Valley cities and Phoenix.
Gilbert and Chandler median home prices are currently right around the $300k mark, and in those cities will purchase somewhere in the vicinity of 2,000 square feet of living space.
Median mind you, does not mean the same thing as average. ‘Average’ can be skewed by anomalies like a few impossibly low or extravagantly high home prices. I tend to consider utilizing median, a more accurate approach to determining what you can afford.
These median home prices are dead center of all home prices in that city, meaning half of all homes sold there were priced lower and half were higher.
Median home prices for several cities in the Greater Phoenix Valley.
- Gilbert: $311,000
- Chandler: $312,000
- Mesa: $250,000
- Tempe: $293,000
- Queen Creek: $280,000
- San Tan Valley: $200,000
- Gold Canyon: $256,000
- Phoenix: $186,000
Have $300k? Here’s How Much Home You Can Get, and Where
By Zoe Eisenberg. Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:
Looking to become a homeowner? Pre-approved for a $300k mortgage? A recent GoBankingRates.com study broke down exactly how much home you could snag for 300,000 big bones. This is especially helpful if you’re willing to move to find that dream home, or get more for your money. If family or job security has you stuck in a pricey place, the study results may be a little depressing. (Sorry, Hawaiians and Californians. Consider moving to Indiana).
To come up with these results, GoBankingRates hunted down the median property listing price in every state and the District of Columbia. They then divided these listing prices by $300,000 and, voila, the median list price per square foot.
Below are best and worst states for your hard-earned home-owning money:
States That Buy the Most Square Footage for $300,000:
- Indiana: 3,478 square feet
- Mississippi: 3,402 square feet
- Arkansas: 3,390 square feet
- Ohio: 3,366 square feet
- West Virginia: 3,360 square feet
- Alabama: 3,256 square feet
- Oklahoma: 3,175 square feet
- Kansas: 3,053 square feet
- Missouri: 3,051 square feet
- Georgia: 3,020 square feet
States That Buy the Least Square Footage for $300,000:
- District of Columbia: 603 square feet
- Hawaii: 625 square feet
- California: 1,066 square feet
- Massachusetts: 1,327 square feet
- Colorado: 1,471 square feet
- Oregon: 1,588 square feet
- Rhode Island: 1,634 square feet
- New York: 1,664 square feet
- Washington: 1,694 square feet
- Montana: 1,779 square feet
View the full results from the GoBankingRates.com study. Zoe Eisenberg is RISMedia’s senior content editor. Email her your real estate news ideas at email@example.com. Reprinted with permission from RISMedia. ©2017. All rights reserved.
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