Here’s How Much Real Estate $1 Million Buys You in Every Major U.S. City

Business Insider
Analyzing the top news stories across the web
March 17 2014 1:48 PM

Here’s How Much Real Estate $1 Million Buys You in Every Major U.S. City

470165431-people-stop-to-look-at-san-franciscos-famed-painted
"So, just how many houses could we get in Detroit for this?"

Photo by Justin Sullivan/Getty Images

This post originally appeared in Business Insider.

How much housing you can buy with a million dollars very much depends on what city you are looking to buy in.

Advertisement

According to Knight Frank data cited by CNBC’s Robert Frank, a million dollars goes a lot further in Cape Town, South African, than it would in Monaco.

But what about in the U.S.?

We looked at housing list price data from real-estate brokerage Movoto.com and real-estate marketplace Zillow.com. The diagram below shows the number of square feet of housing that you can buy for $1 million, based on the median price per square foot in each city:

140317_BI_RealEstate

Andy Kiersz/Business Insider, data from Movoto and Zillow

With a median list price of $666 per square foot, San Francisco's real-estate boom limits a million dollars to buying about 1,500 square feet. On the other end of the spectrum, the median list price in beleaguered Detroit is just $12 per square foot—55 times cheaper than in San Francisco.

Considering all five boroughs, the median price per square foot in New York City is $424. Looking just at Manhattan, however, that price jumps to an astronomical $1,538 per square foot, leading to $1 million buying just 650 square feet.

Andy Kiersz is a reporter at Business Insider.

TODAY IN SLATE

Culturebox

The Ebola Story

How our minds build narratives out of disaster.

The Budget Disaster That Completely Sabotaged the WHO’s Response to Ebola

PowerPoint Is the Worst, and Now It’s the Latest Way to Hack Into Your Computer

The Shooting Tragedies That Forged Canada’s Gun Politics

A Highly Unscientific Ranking of Crazy-Old German Beers

Education

Welcome to 13th Grade!

Some high schools are offering a fifth year. That’s a great idea.

Culturebox

The Actual World

“Mount Thoreau” and the naming of things in the wilderness.

Want Kids to Delay Sex? Let Planned Parenthood Teach Them Sex Ed.

Would You Trust Walmart to Provide Your Health Care? (You Should.)

  News & Politics
The World
Oct. 22 2014 2:05 PM Paul Farmer Says Up to Ninety Percent of Those Infected Should Survive Ebola. Is He Right?
  Business
Business Insider
Oct. 22 2014 2:27 PM Facebook Made $595 Million in the U.K. Last Year. It Paid $0 in Taxes
  Life
The Eye
Oct. 22 2014 1:01 PM The Surprisingly Xenophobic Origins of Wonder Bread
  Double X
The XX Factor
Oct. 22 2014 10:00 AM On the Internet, Men Are Called Names. Women Are Stalked and Sexually Harassed.
  Slate Plus
Tv Club
Oct. 22 2014 5:27 PM The Slate Walking Dead Podcast A spoiler-filled discussion of Episodes 1 and 2.
  Arts
Brow Beat
Oct. 22 2014 10:39 PM Avengers: Age of Ultron Looks Like a Fun, Sprawling, and Extremely Satisfying Sequel
  Technology
Future Tense
Oct. 22 2014 2:59 PM Netizen Report: Twitter Users Under Fire in Mexico, Venezuela, Turkey
  Health & Science
Wild Things
Oct. 22 2014 2:42 PM Orcas, Via Drone, for the First Time Ever
  Sports
Sports Nut
Oct. 20 2014 5:09 PM Keepaway, on Three. Ready—Break! On his record-breaking touchdown pass, Peyton Manning couldn’t even leave the celebration to chance.