Imagine the possibilities: a larger, more spacious home, all while maintaining your current monthly payment. Sounds too good to be true? Well, for an increasing number of Americans, this dream is becoming a reality.
As remote work reshapes the traditional office landscape and the real estate market fluctuates, the allure of relocating to more affordable states with larger properties has never been stronger.
High Cost of Living in Some States
A recent study by PortlandRealEstate.com sheds light on the average cost per square foot of property in each state, revealing the staggering disparities across the United States.
The findings are clear: paradise comes at a high cost, putting Hawaii at the top of the list, where homebuyers would need to shell out a jaw-dropping $694 per square foot.
The Golden State of California and Massachusetts secure the second and third positions, respectively, while Montana, Oregon, and New York join the top ten ranks, all boasting significant price tags for every square foot of property.
While living in these prime locations obviously has a lot of benefits, can the price savings and community of a more affordable state outweigh these advantages?
Moving Smart: Considering Affordable States
“When looking for a new home, there are many things to consider, the local area, distance to loved ones, work opportunities, and more. However, the size of a home may be one of the most important factors, especially considering more people are working remotely. This study offers a fascinating insight into the states that offer the best value prices for space in a property, offering any potential homebuyers a clearer vision as to what a home in each state can provide,” explains a spokesperson for PortlandRealestate.com.
As real estate prices soar in some states, many potential homebuyers are exploring alternative locations that offer better value for their hard-earned money. With the freedom to relocate to states where the cost per square foot of property is more budget-friendly without sacrificing their career prospects, what would stop you?
Mikkel Woodruff, co-founder of Sometimes Home, shares, “My husband and I work remotely, so we have complete flexibility for our real estate searches. We're currently considering two locations to buy our first home: Raleigh and Orlando.
“The fact of the matter is that the square footage in Central Florida is much more affordable for us than in Raleigh when comparing the precise desirable locations within each city we are considering living in. This is a huge factor for our home search when considering our budget. If the reality is that the price per square foot makes homeownership a reality in one location over the other, that location will win in the end.”
Exploring More Affordable Options
States like New Hampshire, Florida, Idaho, and Maine offer better value per square foot, presenting an opportunity to secure more space at a lower cost.
Remote Work: A Game-Changer for Homebuyers
More companies are embracing flexible work arrangements or the option of self-employment online. Employees can live where they desire without being confined to costly urban hubs.
Remote work enables individuals to consider moving to states with more affordable property costs, ultimately leading to a better quality of life.
The Appeal of Small Towns and Suburbs
Many find the appeal of smaller towns and suburbs. These areas often offer more affordable housing options while still providing access to essential amenities and a sense of community.
Relocating to a cheaper state can bring not only financial advantages but also an opportunity to explore new cultures, natural landscapes, and experiences. From scenic mountain views to tranquil coastal living, each state has its unique charm waiting to be discovered.
Seek Professional Guidance
Making the move to a new state can be both exciting and overwhelming. Getting advice from professional real estate agents and financial advisors can help you make informed decisions and find the perfect balance between affordability and personal preferences.
As the real estate and job market continues to evolve, Americans have more freedom than ever before to explore opportunities that align with their values and budget. Leveraging remote work options and exploring more budget-friendly states offers an ideal balance between affordability and quality of life, making every square foot of their new home count.
When choosing an affordable property, consider acting strategically to buy a home that has the ability to appreciate value with updates and remodeling or just time.
A recent study from the Contractor Growth Network found a correlation between the cheapest states per square foot and those that spend the least on home remodeling. Strategically, you may want to consider buying in the lower middle to allow for real estate appreciation.
Overall, the study's findings offer crucial insights for potential homebuyers, particularly as remote work continues to impact housing preferences. Since a home's size can be a significant factor when searching for a new place to live, the research helps individuals understand the best value prices for space in a property, aiding in the decision-making process.
The study serves as a valuable resource for anyone in the market for a new home, providing a comprehensive overview of the varying costs of property across the country.
For those curious about the average cost per square foot of property in other states, here is the full list.
Price Per Square Foot Listed by State from Highest to Lowest:
- Hawaii – $694
- California – $425.55
- Massachusetts – $417.45
- New York – $416.33
- Rhode Island – $325.85
- Washington – $315.38
- New Jersey – $310.26
- Montana – $309.35
- Oregon – $302.36
- Colorado – $287.11
- New Hampshire – $278.31
- Florida – $278.10
- Idaho – $262.82
- Maine – $261.59
- Connecticut – $260.28
- Arizona – $252.78
- Nevada – $246.07
- Utah – $239.14
- Vermont – $234.88
- Delaware – $226.86
- Alaska – $225.15
- Maryland – $223.45
- Virginia – $218.00
- Tennessee – $211.36
- Wisconsin – $207.64
- North Carolina – $202.96
- Minnesota – $200.66
- South Dakota – $199.99
- Wyoming – $199.46
- Iowa – $195.81
- New Mexico – $191.43
- Texas – $189.30
- Illinois – $183.20
- South Carolina – $182.87
- Georgia – $181.00
- Michigan – $180.30
- Pennsylvania – $174.65
- Alabama – $168.29
- Nebraska – $168.25
- Missouri – $165.76
- Oklahoma – $162.33
- North Dakota – $161.89
- Kentucky – $159.50
- Indiana – $154.63
- Louisiana – $152.44
- Arkansas – $152.00
- Kansas – $150.37
- Ohio – $147.73
- Mississippi – $142.00
- West Virginia – $133.72
Cassity Kmetzsch started Remodelaholic after graduating from Utah State University with a degree in Interior Design. Remodelaholic is the place to share her love for knocking out walls, and building everything back up again, to not only add function but beauty to her home. Together with her husband Justin, they have remodeled 6 homes and are working on a seventh. She is a mother of four amazing girls. Making a house a home is her favorite hobby.