What $1 million buys today varies greatly in major cities around the country.
“If your price range is $1 million and you are looking for space in Los Angeles or San Francisco, you’ll find more square footage for your money in Los Angeles.” Given how large Los Angeles is, look to areas like Burbank to get more for your million.
“In San Francisco, even if you pull down a six-figure salary you may not find a great house at a $1 million when you look at price per square foot,” Hale adds.
In San Francisco, $1 million will buy you around 1,600 square feet, 19% less square footage than a year ago.
At $618 per square foot, that’s up 22% from last year.
Realtor.com does offers good news in some markets.
There they can get a 2,000 square foot single family home in fantastic condition and be close to the metro, shopping, and schools.” Lisa Harris, Certified Luxury Home Marketing Specialist (CLHMS) at RE/MAX CENTER in Atlanta, explains the current market in that $1 million range.
Today $1 million will go further than two years ago,” Larson observed.
If you have $1 million to spend and aren’t limited to major east or west coast cities, expect to have choices in buying your dream home.
After all, shelling out $1 million even in today’s over-the-top real estate market is still a lot of money.