Special Report

How Much Home You Can Buy for $200K in Every State

Buying a home is the biggest purchase millions of Americans make in their lifetimes. Within a given market, a higher price tag generally corresponds with a larger house. However, real estate markets vary by region, and depending on the location, larger homes that can accommodate growing families differ markedly in price — from very affordable to outside the reach of the typical American family.

More than just a place to live, a home is also an investment. Real property in the United States generally appreciates in value over time, and as a result, homeownership is one of the most practical ways to build wealth over the long term. Though the U.S. homeownership rate tumbled down to 62.9% in 2016 from a high of nearly 70% before the housing bubble burst in 2008, it is starting to inch upwards again.

For the growing number of Americans looking to buy a home, there are many considerations to make before taking out a six-figure mortgage. But the place where one can get the most space for one’s money is likely a leading consideration for a large share of investors and families alike.

24/7 Wall St. reviewed data provided by real estate data company Zillow to determine how large a home $200,000 can buy in every state. Zillow’s data reflects the median square footage of homes worth between $190,000 and $210,000 in each state. In parts of the country with higher costs of living, $200,000 is only enough to buy a home the size of a studio apartment — or less. In other parts, $200,000 can get the buyer a home around 50% larger than the typical 1,800 square foot American home.

Due to data limitations, we did not include Vermont in our analysis.

Click here to see how much home you can buy for $200k in every state.

Correction: In a previous version of this article, overall cost of living in each state relative to the country as a whole was not correctly adjusted to the most recent available year. The error has been corrected.

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