Buying a House? Here’s What $300k, $400k or $500k Gets You

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Nearly 90% of renters in the U.S. would like to buy a home — but they can’t afford it, according to research from CNN.

Home prices rose 3.4% from December 2023 to December 2024 and will increase another 4.1% by December 2025, per a recent home-price analysis from CoreLogic.

The median price for an existing home (not new construction) was $404,500 as of September 2024, the National Association of Realtors reported, though real estate costs vary considerably nationwide.

If you’re among the approximately 15% of Americans in the market for a new house, you might be wondering just how much home you can afford.

A recent GOBankingRates analysis breaks it down. The report sourced the Federal Reserve of St. Louis to find the median listing price per square foot of homes in the U.S. and each state’s housing cost index, calculating the price per square foot.

GOBankingRates’ research revealed that a $300,000 budget will buy you up to 1,500 square feet in homes across 25 states and that West Virginia is the only state where $300,000 can purchase a more than 2,000-square-foot home (2,185 square feet).

Read on for GOBankingRates’ complete analysis of what home buyers with $300,000, $400,000 and $500,000 budgets can afford across the country:

1. West Virginia

Square feet for $300,000: 2,185
Square feet for $400,000: 2,913
Square feet for $500,000: 3,641
Price per square foot: $137
Housing cost-of-living index: 61.3

2. Kansas

Square feet for $300,000: 1,894
Square feet for $400,000: 2,526
Square feet for $500,000: 3,157
Price per square foot: $158
Housing cost-of-living index: 70.7

3. Alabama

Square feet for $300,000: 1,876
Square feet for $400,000: 2,501
Square feet for $500,000: 3,126
Price per square foot: $160
Housing cost-of-living index: 71.4

4. Mississippi

Square feet for $300,000: 1,855
Square feet for $400,000: 2,473
Square feet for $500,000: 3,092
Price per square foot: $162
Housing cost-of-living index: 72.2

5. Oklahoma

Square feet for $300,000: 1,793
Square feet for $400,000: 2,391
Square feet for $500,000: 2,988
Price per square foot: $167
Housing cost-of-living index: 74.7

6. Arkansas

Square feet for $300,000: 1,781
Square feet for $400,000: 2,375
Square feet for $500,000: 2,968
Price per square foot: $168
Housing cost-of-living index: 75.2

7. Iowa

Square feet for $300,000: 1,776
Square feet for $400,000: 2,368
Square feet for $500,000: 2,960
Price per square foot: $169
Housing cost-of-living index: 75.4

8. Indiana

Square feet for $300,000: 1,733
Square feet for $400,000: 2,310
Square feet for $500,000: 2,888
Price per square foot: $173
Housing cost-of-living index: 77.3

9. Kentucky

Square feet for $300,000: 1,721
Square feet for $400,000: 2,295
Square feet for $500,000: 2,869
Price per square foot: $174
Housing cost-of-living index: 77.8

10. Michigan

Square feet for $300,000: 1,706
Square feet for $400,000: 2,275
Square feet for $500,000: 2,843
Price per square foot: $176
Housing cost-of-living index: 78.5

11. Missouri

Square feet for $300,000: 1,704
Square feet for $400,000: 2,272
Square feet for $500,000: 2,840
Price per square foot: $176
Housing cost-of-living index: 78.6

12. Georgia

Square feet for $300,000: 1,691
Square feet for $400,000: 2,255
Square feet for $500,000: 2,818
Price per square foot: $177
Housing cost-of-living index: 79.2

13. Nebraska

Square feet for $300,000: 1,685
Square feet for $400,000: 2,246
Square feet for $500,000: 2,808
Price per square foot: $178
Housing cost-of-living index: 79.5

14. North Dakota

Square feet for $300,000: 1,678
Square feet for $400,000: 2,238
Square feet for $500,000: 2,797
Price per square foot: $179
Housing cost-of-living index: 79.8

15. Minnesota

Square feet for $300,000: 1,668
Square feet for $400,000: 2,224
Square feet for $500,000: 2,780
Price per square foot: $180
Housing cost-of-living index: 80.3

16. Texas

Square feet for $300,000: 1,647
Square feet for $400,000: 2,196
Square feet for $500,000: 2,746
Price per square foot: $182
Housing cost-of-living index: 81.3

17. Maryland

Square feet for $300,000: 1,629
Square feet for $400,000: 2,172
Square feet for $500,000: 2,716
Price per square foot: $184
Housing cost-of-living index: 82.2

18. Tennessee

Square feet for $300,000: 1,617
Square feet for $400,000: 2,157
Square feet for $500,000: 2,696
Price per square foot: $185
Housing cost-of-living index: 82.8

19. Pennsylvania

Square feet for $300,000: 1,604
Square feet for $400,000: 2,139
Square feet for $500,000: 2,673
Price per square foot: $187
Housing cost-of-living index: 83.5

20. Illinois

Square feet for $300,000: 1,591
Square feet for $400,000: 2,121
Square feet for $500,000: 2,651
Price per square foot: $189
Housing cost-of-living index: 84.2

21. Louisiana

Square feet for $300,000: 1,587
Square feet for $400,000: 2,116
Square feet for $500,000: 2,645
Price per square foot: $189
Housing cost-of-living index: 84.4

22. Montana

Square feet for $300,000: 1,583
Square feet for $400,000: 2,111
Square feet for $500,000: 2,638
Price per square foot: $190
Housing cost-of-living index: 84.6

23. New Mexico

Square feet for $300,000: 1,577
Square feet for $400,000: 2,103
Square feet for $500,000: 2,629
Price per square foot: $190
Housing cost-of-living index: 84.9

24. South Carolina

Square feet for $300,000: 1,550
Square feet for $400,000: 2,067
Square feet for $500,000: 2,584
Price per square foot: $194
Housing cost-of-living index: 86.4

25. Ohio

Square feet for $300,000: 1,529
Square feet for $400,000: 2,038
Square feet for $500,000: 2,548
Price per square foot: $196
Housing cost-of-living index: 87.6

26. South Dakota

Square feet for $300,000: 1,493
Square feet for $400,000: 1,991
Square feet for $500,000: 2,488
Price per square foot: $201
Housing cost-of-living index: 89.7

27. Wyoming

Square feet for $300,000: 1,486
Square feet for $400,000: 1,982
Square feet for $500,000: 2,477
Price per square foot: $202
Housing cost-of-living index: 90.1

28. North Carolina

Square feet for $300,000: 1,401
Square feet for $400,000: 1,868
Square feet for $500,000: 2,335
Price per square foot: $214
Housing cost-of-living index: 95.6

29. Delaware

Square feet for $300,000: 1,388
Square feet for $400,000: 1,850
Square feet for $500,000: 2,313
Price per square foot: $216
Housing cost-of-living index: 96.5

30. Wisconsin

Square feet for $300,000: 1,360
Square feet for $400,000: 1,813
Square feet for $500,000: 2,266
Price per square foot: $221
Housing cost-of-living index: 98.5

31. Idaho

Square feet for $300,000: 1,351
Square feet for $400,000: 1,802
Square feet for $500,000: 2,252
Price per square foot: $222
Housing cost-of-living index: 99.1

32. Virginia

Square feet for $300,000: 1,290
Square feet for $400,000: 1,720
Square feet for $500,000: 2,150
Price per square foot: $233
Housing cost-of-living index: 103.8

33. Nevada

Square feet for $300,000: 1,254
Square feet for $400,000: 1,672
Square feet for $500,000: 2,090
Price per square foot: $239
Housing cost-of-living index: 106.8

34. Colorado

Square feet for $300,000: 1,245
Square feet for $400,000: 1,660
Square feet for $500,000: 2,074
Price per square foot: $241
Housing cost-of-living index: 107.6

35. Florida

Square feet for $300,000: 1,244
Square feet for $400,000: 1,658
Square feet for $500,000: 2,073
Price per square foot: $241
Housing cost-of-living index: 107.7

36. Rhode Island

Square feet for $300,000: 1,171
Square feet for $400,000: 1,561
Square feet for $500,000: 1,951
Price per square foot: $256
Housing cost-of-living index: 114.4

37. New Hampshire

Square feet for $300,000: 1,153
Square feet for $400,000: 1,537
Square feet for $500,000: 1,921
Price per square foot: $260
Housing cost-of-living index: 116.2

38. Connecticut

Square feet for $300,000: 1,143
Square feet for $400,000: 1,524
Square feet for $500,000: 1,905
Price per square foot: $263
Housing cost-of-living index: 117.2

39. Alaska

Square feet for $300,000: 1,137
Square feet for $400,000: 1,516
Square feet for $500,000: 1,895
Price per square foot: $264
Housing cost-of-living index: 117.8

40. Washington

Square feet for $300,000: 1,057
Square feet for $400,000: 1,409
Square feet for $500,000: 1,762
Price per square foot: $284
Housing cost-of-living index: 126.7

41. Utah

Square feet for $300,000: 1,033
Square feet for $400,000: 1,377
Square feet for $500,000: 1,721
Price per square foot: $291
Housing cost-of-living index: 129.7

42. Oregon

Square feet for $300,000: 1,017
Square feet for $400,000: 1,356
Square feet for $500,000: 1,695
Price per square foot: $295
Housing cost-of-living index: 131.7

43. Vermont

Square feet for $300,000: 1,006
Square feet for $400,000: 1,342
Square feet for $500,000: 1,677
Price per square foot: $298
Housing cost-of-living index: 133.1

44. Maine

Square feet for $300,000: 986
Square feet for $400,000: 1,315
Square feet for $500,000: 1,644
Price per square foot: $304
Housing cost-of-living index: 135.8

45. Arizona

Square feet for $300,000: 985
Square feet for $400,000: 1,313
Square feet for $500,000: 1,641
Price per square foot: $305
Housing cost-of-living index: 136

46. New Jersey

Square feet for $300,000: 969
Square feet for $400,000: 1,292
Square feet for $500,000: 1,615
Price per square foot: $310
Housing cost-of-living index: 138.2

47. New York

Square feet for $300,000: 787
Square feet for $400,000: 1,049
Square feet for $500,000: 1,311
Price per square foot: $381
Housing cost-of-living index: 170.2

48. California

Square feet for $300,000: 641
Square feet for $400,000: 854
Square feet for $500,000: 1,068
Price per square foot: $468
Housing cost-of-living index: 209.1

49. Massachusetts

Square feet for $300,000: 593
Square feet for $400,000: 790
Square feet for $500,000: 988
Price per square foot: $506
Housing cost-of-living index: 226

50. Hawaii

Square feet for $300,000: 443
Square feet for $400,000: 590
Square feet for $500,000: 738
Price per square foot: $678
Housing cost-of-living index: 302.6

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