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While NJ has some densely packed giant urban hubs, as well as sprawling swaths of farmland/boonielands/Pine Barrens, it is mostly postwar suburban developments. (Right?)
Therefore, I think the average is probably in the 1,500 - 2,000 SF range.
If we're gonna make this like The Price Is Right, and we have to name an exact figure, I will go with 1,649 SF to win the showcase, Bob.
As far as pictures of your AVERAGE, garden variety suburban Jersey pad, it will be a 1950s/60s split level, ranch, colonial or cape cod (or modified/renovated/expanded 1950s/60s split level, ranch, colonial or cape cod).
There are a good number of 1980s-built houses mixed in that are all in the style of 'modern', starkly layered parallelograms and triangles with minimalist wood panel exteriors, and since the 90s and beyond, many more mcmansions with extra cheese that are in the 2,500 - 3,500 range, but if we're talking AVERAGES, I think you'll find more 1950s/1960s prefabs than anything else.
This defies logic - Northeast region being one of the most expensive in cost of living and housing, how come it has the highest square footage? And Midwest & South being relatively inexpensive with abundance of space, how come has low square footage?
This defies logic - Northeast region being one of the most expensive in cost of living and housing, how come it has the highest square footage? And Midwest & South being relatively inexpensive with abundance of space, how come has low square footage?
This defies logic - Northeast region being one of the most expensive in cost of living and housing, how come it has the highest square footage? And Midwest & South being relatively inexpensive with abundance of space, how come has low square footage?
Yes, that is interesting.
Well, first of all, the difference in square footage is not that significant.
In 1973: 1,595 SF (NE) vs 1,615 SF (Midwest) vs 1,670 SF (South) vs 1,715 SF (West).
In 2010: 2,613 SF (NE) vs 2,265 SF (Midwest) vs 2,393 SF (South) vs 2,386 SF (West).
The SF are all in the same ballpark, more or less.
Between 1973 and 1978, the Midwest, West & South BEAT, or are on par with, the Northeast as far as SF is concerned. Starting with the 80s, the Northeast sees bigger SF.
I would say that there are higher salaries in the Northeast, and generally a bigger concentration of wealth (more people with bigger pockets). That will translate to people being able to pay for bigger new construction in the Northeast.
We have to consider that that chart is presenting SF of new construction ('New Single-Family Houses Completed') being built each year.
The land is definitely cheaper out west and south, but I imagine the material costs for building the structure don't differ as drastically between the regions.
This defies logic - Northeast region being one of the most expensive in cost of living and housing, how come it has the highest square footage? And Midwest & South being relatively inexpensive with abundance of space, how come has low square footage?
COL and housing costs may be higher, but would need to compare vs. salaries.
COL and housing costs may be higher, but would need to compare vs. salaries.
Salaries aren't really that bad in South or MW as compared to NE. If I go only by the numbers that I know from a couple of my friends and coworkers, the average salary dropped by about 30% (130k from NJ to about 95k in TX; $90 from NJ to 65k in OH). Against that, real estate is at least 50% cheaper and COL by a good 25%. They ended up saving more than what they saved in NJ.
The land is definitely cheaper out west and south, but I imagine the material costs for building the structure don't differ as drastically between the regions.
If I have a half an acre land in NJ, all developed and ready for use, do you think I can hire a developer to build a similar house for $1850k NJ? I doubt I could for even $300k!
If I have a half an acre land in NJ, all developed and ready for use, do you think I can hire a developer to build a similar house for $1850k NJ? I doubt I could for even $300k!
Like I said, it's about the cost of the LAND, not so much about the house itself.
Yes, I think you can build a 2500 SF mcmansion of D.R. Horton quality for $185K in NJ. But that would be $185K SOLELY for the structure.
HOWEVER, it's that hypothetical 1/2 acre...the LAND, NOT the structure on top of it...that makes up the majority of the total property value. At least in NJ, and I'm guessing the majority of the NE. So, including the price tag of that 1/2 acre of land, your $185K D.R. Horton mcmansion would probably be more like $585,000 (more or less depending on the county and town).
Look at your property tax bill/property assessment.
Unless you live in a condo/townhouse, you'll see that your house is worth either at least the same, or LESS than your yard. Obviously it will vary depending on the size of your yard and the size of your house.
To give you an example, I live in a pretty middle-of-the-road 2-bedroom townhouse. I don't have a yard. However, my property assessment includes the land that my townhouse is on top of. That land assessment is at $100+K. And I don't have a yard! If you have even a postage stamp sized yard, your assessed value for your yard will be much greater.
Another example--when my parents sold their 1950s crapbox, the house itself was only assessed at ~$100K. The land was assessed at $350+k (maybe a quarter acre). They got $450K for it. You take that same 1950s crapbox and drop it in Josephine, Texas, on a similar quarter acre sized yard, the listing price would probably be a lot closer to $100K, i.e., the actual cost of the house itself (because a quarter acre of land in Josephine, Texas is probably not gonna be $350+k like it is in west Essex county).
$100,000 will get you nothing,not even a 1500 sq ft two bd home.
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