Per square foot, NJ property is the 7th most expensive in U.S.
When you’re in the real estate market, you rarely think about how much property costs per square foot. And of course, no one would expect New Jersey’s price per square foot to be cheap. But being 7th most expensive in the country is pretty astonishing.
Yup. New Jersey ranks as the 7th most expensive state in the whole nation, if you calculate property prices per square foot.
But that’s never going to dissuade people from buying property in New Jersey because it’s not about the money.
There's a whole bunch of factors to consider, from cozy neighborhoods and being close to your loved ones, to those sweet job opportunities. And hey, let's not forget about the size of the home, especially now that remote work is so popular.
Here’s the research: PortlandRealEstate.com figured out the average property sizes and prices in each state. And you probably won’t be surprised at who takes the crown for the priciest cost per square foot: It's Hawaii, with a jaw-dropping $694!
They've got an average house price of a cool $850,000 which happens to be the highest among all states. And their average house size is 1,248 square feet.
California grabs the runner-up position, boasting an average cost of $425.55 per square foot. With an average house price of $774,500 and a decent size of 1,820 square feet, California's not playing games!
Then there’s Massachusetts and New York in third and fourth places, respectively. No one expects either of those cities to be cheap but Massachusetts has an average house price of $799,000 with the average size home being 1,914 square feet. That makes their cost per square foot $417.45.
New York is just under that with $416.33 per square foot, an average house price of $654,475 and a size of 1,572 square feet.
Finding that perfect place to call home is all about balancing preferences, location, and budget.
But let’s face it, if you’ve gotta live in New Jersey, you’ve gotta live here no matter how expensive homes are. At least there’s something to be thankful for when you realize that you could be doing worse in the six cities at the top of the list!
These towns actually cut their property taxes in 2022
Top 20 lowest property tax towns in NJ in 2022
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Judi Franco only.
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