What will $425K buy you? A look at price-per-square foot

Markets where buyers get substantially more livable space^Footnote1 for the same purchase price:

1. Houston — 2,457 sq ft
2. Detroit — 2,401 sq ft
3. Atlanta — 2,146 sq ft
4. Philadelphia — 1,840 sq ft
5. Phoenix — 1,563 sq ft
6. Washington, DC — 1,371 sq ft

Markets where buyers pay a significant location premium^Footnote1 per square foot:

1. Los Angeles — 637 sq ft
2. San Francisco — 642 sq ft
3. Boston — 838 sq ft
4. Seattle — 940 sq ft
5. San Bernadino — 1,261 sq ft
6. Miami — 1,184 sq ft

These rankings reinforce a core trade takeaway: Two similarly priced homes can offer very different value depending on size, density and local land economics. PPSF helps sharpen borrower conversations about what a household is actually buying — not just what it's paying.^Footnote3,4

State-level comparisons highlight how uneven value can be. The largest median listing sizes are in:

• Utah (2,347 square feet)
• Wyoming (2,189 sq. ft.)
• Idaho (2,133 sq. ft.)^Footnote1

At the other end of the spectrum, constrained and high-density markets post much smaller footprints:

• Hawaii (1,037 square feet)
• Washington, DC (1,202 sq. ft.)
• New York (1,504 sq. ft.)^Footnote1

Best buyer value by PPSF:

• West Virginia ($145 per square foot)
• Mississippi ($152 PPSF)
• Louisiana ($154 PPSF)^Footnote1 


Most expensive space:

• Hawaii ($731 per square foot)
• Washington, DC ($506 PPSF)
• California ($468 PPSF)^Footnote1,4

As the market transitions into fall and winter, seasonal cooling is expected — but not uniform relief. Realtor.com’s spring reporting showed a more buyer-friendly market in 2026, supported by improving inventory and modestly longer time on market.^Footnote2,7 Inventory measures tracked through Federal Reserve Bank of St. Louis Economic Data (FRED) likewise indicate more supply than during the tightest part of the spring cycle.^Footnote8 Even so, PPSF often resists downward pressure because smaller average home sizes, limited developable land and elevated construction costs continue to support the underlying value of space.^Footnote3,4

Looking ahead, PPSF is likely to become an even more important affordability benchmark in 2027. If mortgage rates ease from current levels, demand could improve, but lower rates alone are unlikely to erase the premium attached to scarce land and efficient, well-located housing stock.^{Footnote4,5,6}

Builders are therefore likely to keep emphasizing smaller, more efficient floor plans, townhomes and attached product as ways to manage monthly payments without fully resolving PPSF pressure.^Footnote2,3

Metro-suburban gaps should also persist, though not evenly. Urban cores are still expected to command higher PPSF than surrounding areas, while selected secondary markets and suburban pockets may continue to offer stronger size-adjusted value.^Footnote1,4 For mortgage professionals, that means affordability discussions will increasingly shift from sticker price to usable space, layout efficiency and lifestyle tradeoffs.^Footnote3

• Use PPSF to reframe affordability conversations for buyers comparing dissimilar markets or property types.^Footnote3
• Highlight efficient layouts and smaller footprints as value drivers — not simply compromises.^Footnote2,3
• Support builder and realtor partners and have data-backed conversations about density, land scarcity and long-term livability.^Footnote1,4
• Position 2027 planning discussions around monthly payment resilience and space efficiency, especially if rates remain above pre-pandemic norms.^Footnote5,6