Location is the single most important factor when pricing a home. Proximity to desirable areas can speed up the sales process and potentially result in a higher sale price.
Prices are also affected by the region of the country where the home is located. So if you’re working with a $400,000 budget, you may have better luck in the Midwest versus the East Coast.
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RealtyHop, a website that finds the most undervalued home deals, analyzed home listings between August 2023 and July 2024 and found that people buying homes in the Midwest have more than eight times the purchasing power in square footage than homebuyers on the coasts.
According to the National Association of Realtors, the national median sales price of an existing home was $416,700 in August. However, the median sales price in the Midwest was $315,400, while the Northeast had a median sales price of $503,200 — a $188,000 difference.
If you’re comparing the Midwest versus the East Coast, the New York Times compared three $400,000 listings in Massachusetts, Maryland and Minnesota. Here’s what you’ll get in each state for the same price.
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Massachusetts
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Location: Williamstown
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Size: 1,424 square feet
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Price per square foot: $280
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Estimated annual taxes: $5,280
This is an updated two-bedroom, two-bath ranch house from 1953 on a 0.7-acre lot. The plot is less than a mile from the town’s Main Street and from the Williams College campus. The city of North Adams is less than 15 minutes away by car, Albany, New York, is an hour to the west and Springfield is 90 minutes southeast.
The home sits on a wide green lawn with mature trees and a path leading from the paved driveway to the front door. It also has a detached garage that holds two cars, an updated kitchen with stainless steel appliances, a second-floor loft space and a backyard enclosed by a wood fence.
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Maryland
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Location: Baltimore
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Size: 1,534 square feet
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Price per square foot: $257
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Estimated annual taxes: $7,471
This is a two-bedroom, two-and-a-half-bath brick rowhouse from 1875 on a 0.05-acre lot. The home is located in the Locust Point neighborhood and downtown is 20 minutes away by public transit. A train commute to Washington, D.C. takes less than two hours and driving to the Baltimore/Washington International Thurgood Marshall Airport takes 15 minutes.
The home features exposed brick and wood painted walls, hardwood floors, built-ins added by the seller, granite countertops, stainless steel appliances and the two bedrooms on the second floor have their own bathrooms. A staircase on the second floor leads to a wood roof deck big enough for an outdoor dining setup.
Minnesota
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Location: Minneapolis
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Size: 906 square feet
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Price per square foot: $441
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Estimated annual taxes: $4,622
This is a one-bedroom, one-bathroom unit in a high-rise condominium building built in 2008. Located in the city’s Mill District, the apartment sits across the street from Mill Ruins Park. It’s also near The Commons and The Target Center. Downtown St. Paul is 20 minutes away and Duluth is a two-and-a-half-hour drive.
The home has tall windows that face the neighboring high-rise and city. It also has hardwood floors, stainless steel appliances, a covered terrace with access to the dining area and primary suite, an en suite bathroom, a walk-in closet with built-in storage and a stacked washer-dryer.
Although this Midwestern home is pricier per square foot than the Massachusetts and Maryland homes, it has higher-end features and also has access to the apartment building’s various amenities, including a gym and indoor pool.
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This article originally appeared on GOBankingRates.com: What $400,000 Gets You in Real Estate in the Midwest vs. the East Coast