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

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

Politics

Don’t Worry, Obama Isn’t Sending U.S. Troops to Fight ISIS

But the next president might. 

The Extraordinary Amicus Brief That Attempts to Explain the Wu-Tang Clan to the Supreme Court Justices

Amazon Is Officially a Gadget Company. Here Are Its Six New Devices.

The Human Need to Find Connections in Everything

It’s the source of creativity and delusions. It can harm us more than it helps us.

How Much Should You Loathe NFL Commissioner Roger Goodell?

Here are the facts.

Altered State

The Plight of the Pre-Legalization Marijuana Offender

What should happen to weed users and dealers busted before the stuff was legal?

Surprise! The Women Hired to Fix the NFL Think the NFL Is Just Great.

You Shouldn’t Spank Anyone but Your Consensual Sex Partner

Moneybox
Sept. 17 2014 5:10 PM The Most Awkward Scenario in Which a Man Can Hold a Door for a Woman
  News & Politics
Altered State
Sept. 17 2014 11:51 PM The Plight of the Pre-Legalization Marijuana Offender What should happen to weed users and dealers busted before the stuff was legal?
  Business
Business Insider
Sept. 17 2014 1:36 PM Nate Silver Versus Princeton Professor: Who Has the Right Models?
  Life
Dear Prudence
Sept. 18 2014 6:00 AM All Shook Up My 11-year-old has been exploring herself with my “back massager.” Should I stop her?
  Double X
The XX Factor
Sept. 17 2014 6:14 PM Today in Gender Gaps: Biking
  Slate Plus
Slate Fare
Sept. 17 2014 9:37 AM Is Slate Too Liberal?  A members-only open thread.
  Arts
Brow Beat
Sept. 17 2014 8:25 PM A New Song and Music Video From Angel Olsen, Indie’s Next Big Thing
  Technology
Future Tense
Sept. 17 2014 9:00 PM Amazon Is Now a Gadget Company
  Health & Science
Bad Astronomy
Sept. 18 2014 7:30 AM Red and Green Ghosts Haunt the Stormy Night
  Sports
Sports Nut
Sept. 17 2014 3:51 PM NFL Jerk Watch: Roger Goodell How much should you loathe the pro football commissioner?