Evaluating the average selling price per square foot at the neighborhood level can also offer insights into the geographical distribution of the most expensive and affordable real estate in the United States.
According to a recent report from home warranty company American Home Shield, the most costly neighborhoods are situated in California, Florida, and New York, whereas the least expensive zip codes are found in the Rust Belt and the Southern regions.
While these more economical locations may offer budget-friendly housing options, they might be accompanied by certain drawbacks, such as limited job opportunities or housing selections.
Opting for a neighborhood with a lower per-square-foot sales price can result in significant cost savings for buyers.
The disparity between the priciest and most affordable neighborhoods is highlighted in AHS’ findings, revealing a difference of $5,386 per square foot.
Notably, the most expensive neighborhood in the US is San Francisco’s South of Market, a zip code housing tech giants like Airbnb and Uber.
South of Market boasts a median household income of approximately $104,440, surpassing the median US household income of about $75,000.
At the national level, Rocket Mortgage reports a median price per square foot of approximately $222. This translates to a total purchase price of $222,000 for a residence with a size of 1,000 square feet.
Most Expensive Neighborhood per Square Foot:
- San Francisco, California‘s South of Market costs $5,415 per square foot.
- $4,416 per square foot in Northwest Auburn, Placer County, California
- $4,129 per square foot is the price of Old Town Carpinteria in Santa Barbara County, California.
- $3,619 per square foot in Bellevue, King County, Washington
- Collier County, Florida’s Port Royal costs $3,375 per square foot.
- California’s Stinson Beach in Marin County costs $2,988 per square foot.
- Orange County, California’s Crystal Cove costs $2,771 per square foot.
- In Palm Beach County, Florida, Casa del Largo costs $2,754 per square foot.
Least Expensive Neighborhood per Square Foot:
- Homewood, Pennsylvania’s North Allegheny County – $29 per square foot
- Hinds County, Missouri’s West Jackson costs $32 per square foot.
- Lake County, Indiana’s downtown Gary costs $32 per square foot.
- $33 per square foot in Uptown Memphis, Shelby County, Tennessee
- The price per square foot is $33 in Wells/Goodfellow, St. Louis City, Missouri.
- Lucas County, Ohio’s Onyx costs $34 per square foot.
- Industry: $35 per square foot in Delaware County, Indiana
- Roosevelt, Ohio – $35 per square foot in Lucas County