Homes over 3,000 square feet typically cost roughly $589,700, according to Realtor.com data, but its latest study finds markets where homebuyers can get the most home for the best value.
Most of the markets with big homes for more affordable prices on the top 10 list generally have struggling economies, "Long periods of job losses or higher unemployment means that there is going to be fewer buyers for large homes," says Paul Bishop, vice president of research at the National Association of Realtors, explaining to Realtor.com that fewer buyers means lower prices. The number one city, Scranton, Pa., has a median price of $379,900 for homes more than 3,000 square feet, nearly $200,000 less than the national average.
Owning a great home is a cherished goal for most Americans. But take a peek behind the curtains, and a deeper national desire reveals itself: owning a great big home. In a land where size truly matters, plenty of folks dream of living in a place where dogs can roam, kids can scream their hearts out without inflicting familial insanity, and multiple generations can nest. Maybe you can even have room to set up an in-house bar! In desirable neighborhoods of big cities such as New York, that price barely covers the cost of a closet-size, one-bedroom co-op. And let's not even talk about the $809 per square foot people are shelling out in San Francisco.
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