Published Jan 04, 2020 by A.J. Mistretta
When it comes to affordability, Houston is in a league of its own among the world’s major cities.
A new report examining average per-square-foot home prices among major global cities shows Houston leads the U.S. in how much house one could get for $250,000. The report from real estate data firm Property Club looked at the 50 cities in the A.T. Kearney Global Cities Index and calculated how much square footage a buyer could get in each for $250,000. With an average sale price of $208/square foot, Houston offered the biggest house among U.S. cities for that price tag—1,204 square feet. Only one other global city, Istanbul, Turkey, where the average price per square foot is $141, was cheaper.
The rest of the top five most affordable global cities were Mexico City ($221/square foot), Sao Paulo, Brazil ($233/square foot) and Dallas ($246/square foot). Houston was well ahead of other major U.S. cities such as New York, where with an average per-square-foot sales price of $1,356, $250,000 buys you just 184 square feet. In Chicago the average price per square foot is $367 while San Francisco weighs in at $1,200 and Los Angeles at $723.
According to the report authors at Property Club, buyers won’t get more space for the money anywhere else in the U.S. than the Lone Star State, “so if homebuying is your ultimate dream, then why not consider a move to Texas?”