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What $200,000 will get you in Chicagoland real estate

by Lauren Clohessy

It’s no secret that some cities compared to others have larger asking prices for smaller spaces.

PropertyShark wanted to test the logic and figure out what a homebuyer can get for their money in cities around the United States. To do so, they set a buying price of $200,000 and found out the amount of square feet a buyer could purchase.

In Chicago, a buyer gets 1,102 square feet for $200,000. Chicago is right in the middle of what a buyer can get for their money. In cities like Indianapolis and Houston, buyers get more than 2000 square feet, but in cities like Washington D.C and Los Angeles, they get less than 500 square feet.

Cleveland leads all the cities as the spot to buy the most space with $200,000 with 3,769 square feet. The city’s median price was calculated out to be $53 per square foot. On the opposite end of the scale, at no surprise, Manhattan was found to be the most expenses. With the median price calculated out to be $1,585 per square foot, a buyer would get 126 square feet for $200,000.

The two extremes differ because of the market and population of the cities. Cities like Boston, San Francisco and San Jose are seeing similar trends like Manhattan because of the booming markets.

San Antonio has similar space available to Cleveland, with 3,249 square feet, which is surprising. The city has thriving businesses, healthcare and education and is only going to continue to grow in popularity.

Los Angeles can get buyers more 501 square feet of space, which is higher than all the other California cities reported.

“Looking at the data, it’s safe to say that if you’re in the market to buy a home this year, chances are that you’ll need to come up with a lot more than just the U.S. median price to buy a spacious home in one of the country’s high-profile cities, or a lot less, if you chose a more affordable city. Either way, one thing is for sure, you’ll sacrifice either space or location to stay within this budget,” the PropertyShark report said.

 

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