A budget of $1 million can get you good real estate but varies between cities and location within the city. To get the most for your money locations like Los Angeles has to be considered in comparison to cities like San Francisco which will give you much less square foot.
In locations like Burbank with an increase of $99 to the $1 million budget can get you a 3,600 square foot home in the Burbank Hills with a decent backyard and beautiful view out onto the canyons. Even with a salary income of six-figures purchasing a decent home in San Francisco may seem impossible if the price per square foot is considered. There has been a 19% decrease of square foot $1 million can buy you from last years to today. The price for square foot was $482 last year and has increased to $618. The average home price in San Francisco is $1.366 million.
Other locations to consider out of California are Chicago and Washington D.C. A budget of $1 million can get you twice the square foot than in San Francisco. Estimated “50% of homes are larger than 4,300 square foot with an average of 4.6 bedrooms and 4.5 restrooms” according to Realtor.com Stats.
Locations like Boston won’t allow you to get anything for $1 million due to the fast developing seaport area. The least one can get would be a 946 square foot luxury condo with similar views at an increased budget to $1.25 million. Cities and location have to be considered if the budget can’t be increased and you want the most for your dollar.
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