American
families tend to spend about a third of their annual income on housing.
Yet, depending on their location and the level of the family's income,
home sizes can vary widely. Based on data from property listings website
Realtor.com, the largest homes in the U.S. are located in the
Provo-Orem, Utah metropolitan statistical area, with a median home
containing nearly 2,000 square feet.
Areas with the largest median
home sizes also had among the nation's higher estimated median home
prices. Homes in seven of the 10 urban areas had median prices of more
than $200,000 as of November 2014. A typical home in Boulder, Colorado
cost $380,000, the 14th highest estimated median home price among all
large metro areas.
While it is not particularly surprising that
larger homes cost more, in many spacious homes were also pricier by
square foot. In seven of the 10 cities the median price per square foot
of property was in the top half of all metro areas reviewed, at over
$105.
Relatively high incomes are required to afford these larger
homes. All of the areas with the largest homes had median household
incomes well above the national figure of $52,250 in 2013. Residents of
Boulder were particularly wealthy, with a median household income of
more than $71,000 last year.
While large urban areas tend to be
relatively densely populated, the areas with the largest homes are on
the whole more sparsely populated. The population density was well below
the average across all metro areas of 6,321 people per square mile in
all of these areas. Raleigh, North Carolina had just over 1,850
residents per square mile, one of the lower densities nationwide. By
contrast, the areas surrounding Los Angeles, San Francisco, and New York
City all had well over 10,000 people per square mile.
To identify
the cities with the largest houses, 24/7 Wall St. reviewed median home
square footage in the 200 largest core-based statistical area (CBSA)
from Realtor.com. CBSAs are larger than most other geographies organized
by the Census Bureau, and they often include several metropolitan
areas. Median household income and educational attainment rates came
from the Census Bureau's American Community Survey. Figures on
population density are from the 2010 Census. Metropolitan area names and
boundaries may have changed slightly since the data was collected.
Unemployment rates came from the Bureau of Labor Statistics and are for
October 2014.
These are the cities with the largest homes.
1. Provo-Orem, Utah
> Median square feet: 1,980
> Median estimated price: $226,000 (43rd highest)
> Median household income: $60,051 (44th highest)
> Unemployment rate: 3.2%
With
a median livable area of nearly 2,000 square feet, Provo-Orem homes are
the nation's largest. They are also quite expensive, with a typical
home valued at $226,000 last year, one of the higher figures reviewed.
As in the rest of Utah, Provo-Orem's unemployment rate has trended well
below that of the nation. Just over 3% of the area's workforce was
unemployed in October. Households are also relatively well-off, with a
median income of more than $60,000, one of the highest figures compared
to the rest of the state and far above national median income.
2. Houston-The Woodlands-Sugar Land
> Median square feet: 1,900
> Median estimated price: $144,000 (78th lowest)
> Median household income: $57,366 (63rd highest)
> Unemployment rate: 4.7%
Unlike
many other areas with larger-than-average homes, the housing market in
the Houston area is relatively affordable. A typical square foot in the
area had an estimated price of just $75, one of the lower figures
nationwide. Put another way, a median-sized home with 1,900 square feet
of living space, typically cost less than $145,000. Residents were
financially well-off. A typical household earned $57,366 in 2013, among
the highest figures statewide, and more than the national median
household income of $52,250.
3. Colorado Springs
> Median square feet: 1,899
> Median estimated price: $213,000 (51st highest)
> Median household income: $57,484 (61st highest)
> Unemployment rate: 4.7%
Homes
in Colorado Springs are both large and pricey. A typical home was worth
$213,000 in November, one of the higher median home prices. Area
households had a median income of $57,484, not particularly wealthy
compared to people in other Colorado urban regions, but higher than the
national figure of $52,250. Residents were also well-educated, with more
than 35% of adults having attained at least a bachelor's degree as of
2013. In addition, Colorado Springs had a relatively low poverty rate,
at 10.8%. By contrast, the nation's poverty rate was nearly 16%.
4. Atlanta-Sandy Springs-Roswell
> Median square feet: 1,872
> Median estimated price: $162,000 (98th highest)
> Median household income: $55,733 (79th highest)
> Unemployment rate: 7.0%
Larger
homes are not only typically more expensive, but they also tend to cost
more per square foot. In the Atlanta-Sandy area, however, the median
estimated price per square foot was just $86, one of the lower figures
in the nation. A typical home in its entirety cost $162,000 as of this
November, among the lower figures on this list, but still on the high
end compared to other U.S. metro areas. Like a majority of cities with
large homes, the area had a relatively low population density. In 2010,
there were 2,173 people per square mile, one of the less dense areas. By
comparison, the average population density across the nation's metro
areas that year was 6,321 people per square mile.
5. Raleigh, N.C.
> Median square feet: 1,871
> Median estimated price: $207,000 (57th highest)
> Median household income: $61,710 (33rd highest)
> Unemployment rate: 4.5%
There
were less than 1,900 people per square mile in Raleigh in 2010, one of
the lower population densities reviewed. This could partly explain the
prevalence of large homes. A typical house in the area had 1,871 square
feet of living space. The median home price in Raleigh was also well
above $200,000 in November, one of the higher figures nationwide. Area
residents were wealthier than in any other North Carolina metro area,
with a median household income of $61,710 last year. Raleigh also had an
unemployment rate of just 4.5%.
No comments:
Post a Comment