New York City real estate is notoriously expensive—no surprise for a global economic and cultural hub with soaring housing demands. “The average sale price for a condo ranges from $785,333 for a studio apartment to $10,899,279 for 4+ bedroom apartments,” says Wei Min Tan of Castle Avenue Team in New York City. But how far would that money go in other major hubs? Here are U.S. cities where you can buy a house for less than the price of a studio in New York.
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Atlanta, GA
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Atlanta has a population of 499,127 and plenty of affordable housing. “The median listing home price in Atlanta, GA was $400K in July 2024, trending down -7% year-over-year,” says Realtor.com. “The median listing home price per square foot was $264. The median home sold price was $379.8K.”
Austin, TX
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Austin has a population of 974,447 and is one of the most exciting cities in Texas. “The average Austin, TX home value is $539,099, down 4.6% over the past year and goes to pending in around 42 days,” says Zillow.com.
Birmingham, AL
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Want to move south? Birmingham has a population of 196,910 and a booming job market. “In July 2024, Birmingham home prices were down 6.9% compared to last year, selling for a median price of $193K,” says Redfin.com. “On average, homes in Birmingham sell after 47 days on the market compared to 49 days last year.”
Chicago, IL
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Chicago (population 2.665 million) is cold in the winter—but you can buy a house! “The average Chicago, IL home value is $305,596, up 3.8% over the past year and goes to pending in around 14 days,” says Zillow.com.
Honolulu, HI
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Honolulu has a population of 343,421 and a vibrant culture. “The median listing home price in Honolulu, HI was $645K in July 2024, trending down -7.7% year-over-year,” according to Realtor.com. “The median listing home price per square foot was $726. The median home sold price was $743K.
Las Vegas, NV
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Las Vegas has a population of 656,274 and a thriving suburban scene. “In July 2024, the median listing home price in Las Vegas, NV was $465K, trending up 5.9% year-over-year,” says Realtor.com. “The median listing home price per square foot was $268. The median home sold price was $457.5K.
Miami, FL
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Sunny Miami has a population of 449,514 people. “The average Miami, FL home value is $587,252, up 8.0% over the past year and goes to pending in around 38 days,” according to Zillow.com.
Phoenix, AZ
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If you like a desert climate, Phoenix (population 1.644 million) may be the right place for you.“The median listing home price in Phoenix, AZ was $510.5K in July 2024, trending down -2.8% year-over-year,” says Realtor.com. “The median listing home price per square foot was $297. The median home sold price was $499K.”
Philadelphia, PA
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With a population of 1.567 million, Philly has very affordable real estate. “In July 2024, the median listing home price in Philadelphia, PA was $279K, trending up 9.4% year-over-year,” says Realtor.com. “The median listing home price per square foot was $215. The median home sold price was $210K