A recent study by GOBankingRates has unveiled a comprehensive analysis of housing affordability across the United States, revealing just how much space $300,000 can buy in each state. As of January 2025, the study indicates that a $300,000 budget typically purchases a median of 1,511 square feet nationwide. However, this figure varies significantly across different regions due to fluctuating housing costs and market conditions.
In high-cost areas like Los Angeles, a $300,000 budget may not even suffice for a down payment. The report utilized home price data from the Federal Reserve of St. Louis and housing cost indexes from the Missouri Economic and Research Information Center to determine these variations. With a median U.S. home price standing at $419,200, buyers are often required to finance approximately $335,000 even after making a 20% down payment, which amounts to about $83,840.
In terms of square footage, Hawaii stands out as an expensive market where $300,000 covers merely 443 square feet. Conversely, in West Virginia and several other states, the same budget can purchase more than 2,000 square feet. The study highlighted that in about half of all states, $300,000 buys a median of 1,511 square feet. Interestingly, in seven states, a $300,000 budget buys less than 1,000 square feet.
The analysis further revealed that on average, a $300,000 budget secures 1,486 square feet at a price of $202 per square foot. This insight underscores the significant disparities in real estate markets across the country and provides potential homebuyers with essential information on what they can expect for their money.
Meanwhile, CNBC has introduced an online course titled "How to Start a Side Hustle," offering strategies and tips for those looking to supplement their income amid rising housing costs. This course aims to empower individuals to potentially increase their purchasing power in these competitive markets.