That house you looked at today and wanted to think about until tomorrow may be the same house someone looked at yesterday and will buy today.
How much money will it take to buy a similar home to yours in another state? I live in a small condo in California and I know it’s expensive. But if I were to take that square footage and move it to, say, Oklahoma, I could probably live in an enormous house.
Time recently showed a comparison of various home prices across the country. The median value of a home in the U.S. in 2017 is $196,500. According to Zillow, here is what you can buy for that sum of money:
- Four 4-bedroom houses in Detroit ($45,000 each or $180,000)
- One 4-bedroom house in Columbus, Ohio ($195,000)
- One 3-bedroom house in New Orleans ($191,000)
- One 2-bedroom house in Anchorage ($189,000)
- Half of a 1-bedroom house in Seattle ($388,000)
- Quarter of a 1-bedroom house in San Francisco ($819,000)
This is crazy! Would you want to live elsewhere? Could you sell your current house and purchase something comparable in another area? The prospect of living in California in a few years on a fixed income seems scary. We could conceivably run out of money.
We have great weather here, but I’d get a lot more for my money if I lived in Anchorage. Bad news? I’d be living in Alaska. Four homes for the price of one in Detroit? Sounds great, but it’s still Detroit.
Forbes and AARP teamed up to name the 25 best places to retire in 2017. Where would you go?
- Athens, Georgia
- Bella Vista, Arkansas
- Bethlehem, Pennsylvania
- Boise, Idaho
- Brevard, North Carolina
- Clemson, South Carolina
- Colorado Springs, Colorado
- Fargo, North Dakota
- Grand Prairie, Texas
- Green Valley, Arizona
- Harrisonburg, Virginia
- Iowa City, Iowa
- Jefferson City, Missouri
- Lawrence, Kansas
- Lewiston, Maine
- Lincoln, Nebraska
- Maryville, Tennessee
- Ocean Pines, Maryland
- Peoria, Arizona
- Port Charlotte, Florida
- San Marcos, Texas
- Savannah, Georgia
- Summerville, South Carolina
- The Villages, Florida
- Wenatchee, Washington
Forbes states: with economic factors fluctuating yearly, there have been several changes to the new list from the 2016 version. Sixteen of this year’s towns weren’t ranked among the top 25 last year, and only a handful (Athens, Fargo, Lincoln, San Marcos) have maintained a place on the list for each of the past three years; Fargo has made the cut for seven years straight.
Weather conditions aside, and not thinking about the goings-on on the fictionalized Fargo TV series, perhaps we might all want to move to North Dakota.