As remote work became widespread over the last two years, the need for more space pushed some homebuyers out of their comfort zone and into the race for a better and bigger home. So, how much home will $400,000 get you in Arizona?
With home prices reaching a national all-time high of $405,000 and an increase in the average square footage for new single-family homes, Point2 analysts wanted to look into how much home space $400,000 would buy in the nation’s 100 largest cities.
Below you have some of the key takeaways for Arizona:
• Tucson is among the top 50 largest cities with the most affordable square footage, providing more than 1,800 square feet of living space for $400,000;
• 5 large cities in Arizona also provide more than 1,300 square feet of living space for the new national median, with Glendale and Mesa offering 1,471 and 1,575, respectively;
• To put things in perspective, the cost per square foot is almost 4 times less expensive in Phoenix, Gilbert and Chandler compared to the most unaffordable markets on the list like San Francisco and Manhattan where the cost per square foot starts at $1,000;
• With its high local median price of $820,000, Scottsdale offers the least space in Arizona, $400,000 buying only 971 square feet in this city;
• Arizona has plenty of options when it comes to more space: $400 buys more than 1,000 square feet of living space in 6 of its large cities. Compare that to Seattle, Los Angeles, or San Diego, for example, where this same amount only gets you close to 700 square feet at best.