Extra square footage and outdoor space are in demand, and that’s increasingly prompting home buyers to target the suburbs in their house hunts. Where can their money stretch the farthest?
“Home buyers these days are looking for more space—for right now, in the midst of a pandemic when we’re spending an incredible amount of time at home, but also in the post-pandemic future, when life returns to normal,” says Danielle Hale, realtor.com®’s chief economist. “They are also mindful of expenses given a still-healing economy and elevated unemployment rate, so affordability is top of mind.”
Realtor.com®’s research team recently identified the largest metro areas that offer some of the most affordable square footage for larger homes. All the places tracked are within commuting distance to major cities (within 25 miles of the downtown centers). Researchers focused on suburbs where the cost of similar-sized homes was within 20% of the median list price in the nearby city.
Realtor.com® identified the following top suburbs where home buyers can get more space for their money:
1. Sicklerville, N.J.
- Urban metro: Philadelphia
- Median listing price: $282,000
- Savings per square foot: 20% (suburban, $118; urban, $148)
2. Cedar Hill, Texas
- Urban metro: Dallas
- Median listing price: $352,000
- Savings per square foot: 23% (suburban, $124; urban, $161)
3. Palos Hills, Ill.
- Urban metro: Chicago
- Median listing price: $379,000
- Savings per square foot: 24% (suburban, $139; urban, $184)
4. Marietta, Ga.
- Urban metro: Atlanta
- Median listing price: $440,000
- Savings per square foot: 21% (suburban, $143; urban, $181)
5. Jersey Village, Texas
- Urban metro: Houston
- Median listing price: $447,000
- Savings per square foot: 36% (suburban, $126; urban, $198)
6. Hanover, Mass.
- Urban metro: Boston
- Median listing price: $670,000
- Savings per square foot: 34% (suburban, $231; urban, $350)
7. Pine Island Ridge, Fla.
- Urban metro: Miami
- Median listing price: $679,000
- Savings per square foot: 34% (suburban, $224; urban, $341)
View the full list at realtor.com®.
Source: “The Suburbs Where Buyers Can Score Big Homes for Less Money,” realtor.com® (Nov. 17, 2020)
