What are the top five most expensive U.S. Cities to buy a home? The answer may surprise you. This list is based on the highest price per square foot for homes in the U.S.
1. San Francisco, California
2. Honolulu, Hawaii
3. Washington D.C.
4. San Jose, California
5. Jersey City, New Jersey
Most people would guess that New York is in the top three on the list. But actually, New York came up as number seven on a list of ten. What Cities did you guess would be in the top five on this list?
If you are a first time homebuyer, the price tag, even for a “fix upper” house, can be daunting. There are three ski resorts in the small town where I live, and the price per square foot made home ownership seem impossible for me as a first time homebuyer.
But what about real estate investors who are buying rental properties or looking for fix and flips? There is a certainly a rental market in these Cities, but on larger priced homes, the numbers really have to make sense or you can get over your head really quickly. The higher priced house flips are also a big gamble because it takes longer for the high-end homes to sell, versus a smaller house flip.
Whether you are a homebuyer or investor, consult with experts in your market and familiarize yourself with lender requirements before making a purchase.