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Homebuying Power, State-by-State

homebuying powerEveryone knows that when it comes to real estate, it’s all about location, location, location. The truth of that old cliche is at the heart of a recent study conducted by GOBankingRates, which sought to answer the question: just how much homebuying power does $300k provide? 

GOBankingRates examined home prices and sizes across the country, noting the median home listing price per square foot in every state, based on Zillow’s Home Price Index. So, where will a bag filled with $300,000 earn you the most homebuying power for your buck? Go west, young man … to West Virginia.

Yes, the Mountain State tops the list of states where $300k stretches the furthest. With a median list price per square foot of $89.62, $300k will buy you 3,347 square feet of home in West Virginia. According to an earlier GOBankingRates study, you’d need to earn $29,240 a year in order to own a home in West Virginia.

Next on the list is Mississippi, where that sack of cash will afford you 3,290 square feet, thanks to a median list price per square foot of $91.17. Continuing down the list, next comes Arkansas (3,212 sq. ft.), Indiana (3,114 sq. ft.), and Alabama (3,103 sq. ft.).

On the other hand, your spare $300k isn’t going to buy you much of a roof over your head in the District of Columbia. With a median list price per sq. ft. of $516.40, all that money will only buy you 581 sq. ft. in Washington, D.C. Hawaii is about the same, with $300k being able to purchase only 588 sq. ft.

From there, things get slightly better, but not by much. California’s median list price per sq. ft. of $298.95 means your Sunshine State home will at least hit four digits at 1,004 sq. ft. Rounding out the rest of the bottom five states are Massachusetts (1,246 sq. ft.) and Colorado (1,316 sq. ft.).

Find out how the rest of the states stacked up by clicking here.

About Author: David Wharton

David Wharton, Online Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 15 years of experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at David.Wharton@DSNews.com.
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