New York ranks fourth in nation for cost per square foot in housing, study finds

A new study conducted by PortlandRealEstate.com has revealed the cost per square foot of property in each state, with New York ranking fourth in the nation.

The research analyzed average property sizes and average property prices across states, showing that in New York, the cost per square foot is $416.33. This figure is based on an average house price of $654,475 and an average size of 1,572 square feet. Hawaii, California, and Massachusetts take the top three spots, with Hawaii having the highest cost at $694 per square foot.

The study provides valuable insights for potential homebuyers, especially as remote work becomes more prevalent, making the size of a home an essential factor. Commenting on the study, a spokesperson for PortlandRealEstate.com stated that the research offers a clear vision of what a home in each state can provide, considering factors like local area, proximity to loved ones, work opportunities, and more. New York’s ranking reflects its standing as one of the more expensive housing markets in the country, a trend consistent with other high-cost states.