Million-dollar listings have become commonplace in the US real estate market.
But when you compare the cost-per-square-foot for million-dollar listings across the country, you’ll find very different results.
In Detroit, Michigan, $1 million will fetch more than 5,000 square feet, while the same priced home in New York City buys less than 800 square feet.
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Million-dollar listings once heralded true luxury for Americans who could afford it, but now — according to a Trulia report last year — more than 4% of all homes across the 100 largest US metros are worth at least $1 million.
Still, how much space seven figures will buy in different parts of the country ranges drastically. A million dollars could fetch buyers less than 800 square feet in New York City and well over 5,000 square feet in the suburbs of cities such as Detroit and Memphis.
Read more: NYC is getting so expensive that even Wall Street bankers are bolting — and it’s not the only major city the wealthy are abandoning
According to listings on sites such as Trulia and Zillow, $1 million home sizes vary in each of the United States’ largest …read more
Source:: Businessinsider – Finance