Nearly 90% of renters in the U.S. would like to buy a home — but they can’t afford it, according to research from CNN.
Home prices rose 3.4% from December 2023 to December 2024 and will increase another 4.1% by December 2025, per a recent home-price analysis from CoreLogic.
The median price for an existing home (not new construction) was $404,500 as of September 2024, the National Association of Realtors reported, though real estate costs vary considerably nationwide.
Related: You Have One Month Left to Buy a House, According to Barbara Corcoran. Here’s Why.
If you’re among the approximately 15% of Americans in the market for a new house, you might be wondering just how much home you can afford.
A recent GOBankingRates analysis breaks it down. The report sourced the Federal Reserve of St. Louis to find the median listing price per square foot of homes in the U.S. and each state’s housing cost index, calculating the price per square foot.
GOBankingRates’ research revealed that a $300,000 budget will buy you up to 1,500 square feet in homes across 25 states and that West Virginia is the only state where $300,000 can purchase a more than 2,000-square-foot home (2,185 square feet).
Related: This Is How Much You Need to Earn to Buy a House in the U.S., According to a New Report
Read on for GOBankingRates’ complete analysis of what home buyers with $300,000, $400,000 and $500,000 budgets can afford across the country:
1. West Virginia
- Square feet for $300,000: 2,185
- Square feet for $400,000: 2,913
- Square feet for $500,000: 3,641
- Price per square foot: $137
- Housing cost-of-living index: 61.3
2. Kansas
- Square feet for $300,000: 1,894
- Square feet for $400,000: 2,526
- Square feet for $500,000: 3,157
- Price per square foot: $158
- Housing cost-of-living index: 70.7
3. Alabama
- Square feet for $300,000: 1,876
- Square feet for $400,000: 2,501
- Square feet for $500,000: 3,126
- Price per square foot: $160
- Housing cost-of-living index: 71.4
4. Mississippi
- Square feet for $300,000: 1,855
- Square feet for $400,000: 2,473
- Square feet for $500,000: 3,092
- Price per square foot: $162
- Housing cost-of-living index: 72.2
5. Oklahoma
- Square feet for $300,000: 1,793
- Square feet for $400,000: 2,391
- Square feet for $500,000: 2,988
- Price per square foot: $167
- Housing cost-of-living index: 74.7
6. Arkansas
- Square feet for $300,000: 1,781
- Square feet for $400,000: 2,375
- Square feet for $500,000: 2,968
- Price per square foot: $168
- Housing cost-of-living index: 75.2
7. Iowa
- Square feet for $300,000: 1,776
- Square feet for $400,000: 2,368
- Square feet for $500,000: 2,960
- Price per square foot: $169
- Housing cost-of-living index: 75.4
8. Indiana
- Square feet for $300,000: 1,733
- Square feet for $400,000: 2,310
- Square feet for $500,000: 2,888
- Price per square foot: $173
- Housing cost-of-living index: 77.3
9. Kentucky
- Square feet for $300,000: 1,721
- Square feet for $400,000: 2,295
- Square feet for $500,000: 2,869
- Price per square foot: $174
- Housing cost-of-living index: 77.8
10. Michigan
- Square feet for $300,000: 1,706
- Square feet for $400,000: 2,275
- Square feet for $500,000: 2,843
- Price per square foot: $176
- Housing cost-of-living index: 78.5
11. Missouri
- Square feet for $300,000: 1,704
- Square feet for $400,000: 2,272
- Square feet for $500,000: 2,840
- Price per square foot: $176
- Housing cost-of-living index: 78.6
12. Georgia
- Square feet for $300,000: 1,691
- Square feet for $400,000: 2,255
- Square feet for $500,000: 2,818
- Price per square foot: $177
- Housing cost-of-living index: 79.2
13. Nebraska
- Square feet for $300,000: 1,685
- Square feet for $400,000: 2,246
- Square feet for $500,000: 2,808
- Price per square foot: $178
- Housing cost-of-living index: 79.5
14. North Dakota
- Square feet for $300,000: 1,678
- Square feet for $400,000: 2,238
- Square feet for $500,000: 2,797
- Price per square foot: $179
- Housing cost-of-living index: 79.8
15. Minnesota
- Square feet for $300,000: 1,668
- Square feet for $400,000: 2,224
- Square feet for $500,000: 2,780
- Price per square foot: $180
- Housing cost-of-living index: 80.3
16. Texas
- Square feet for $300,000: 1,647
- Square feet for $400,000: 2,196
- Square feet for $500,000: 2,746
- Price per square foot: $182
- Housing cost-of-living index: 81.3
17. Maryland
- Square feet for $300,000: 1,629
- Square feet for $400,000: 2,172
- Square feet for $500,000: 2,716
- Price per square foot: $184
- Housing cost-of-living index: 82.2
18. Tennessee
- Square feet for $300,000: 1,617
- Square feet for $400,000: 2,157
- Square feet for $500,000: 2,696
- Price per square foot: $185
- Housing cost-of-living index: 82.8
19. Pennsylvania
- Square feet for $300,000: 1,604
- Square feet for $400,000: 2,139
- Square feet for $500,000: 2,673
- Price per square foot: $187
- Housing cost-of-living index: 83.5
20. Illinois
- Square feet for $300,000: 1,591
- Square feet for $400,000: 2,121
- Square feet for $500,000: 2,651
- Price per square foot: $189
- Housing cost-of-living index: 84.2
21. Louisiana
- Square feet for $300,000: 1,587
- Square feet for $400,000: 2,116
- Square feet for $500,000: 2,645
- Price per square foot: $189
- Housing cost-of-living index: 84.4
22. Montana
- Square feet for $300,000: 1,583
- Square feet for $400,000: 2,111
- Square feet for $500,000: 2,638
- Price per square foot: $190
- Housing cost-of-living index: 84.6
23. New Mexico
- Square feet for $300,000: 1,577
- Square feet for $400,000: 2,103
- Square feet for $500,000: 2,629
- Price per square foot: $190
- Housing cost-of-living index: 84.9
24. South Carolina
- Square feet for $300,000: 1,550
- Square feet for $400,000: 2,067
- Square feet for $500,000: 2,584
- Price per square foot: $194
- Housing cost-of-living index: 86.4
25. Ohio
- Square feet for $300,000: 1,529
- Square feet for $400,000: 2,038
- Square feet for $500,000: 2,548
- Price per square foot: $196
- Housing cost-of-living index: 87.6
26. South Dakota
- Square feet for $300,000: 1,493
- Square feet for $400,000: 1,991
- Square feet for $500,000: 2,488
- Price per square foot: $201
- Housing cost-of-living index: 89.7
27. Wyoming
- Square feet for $300,000: 1,486
- Square feet for $400,000: 1,982
- Square feet for $500,000: 2,477
- Price per square foot: $202
- Housing cost-of-living index: 90.1
28. North Carolina
- Square feet for $300,000: 1,401
- Square feet for $400,000: 1,868
- Square feet for $500,000: 2,335
- Price per square foot: $214
- Housing cost-of-living index: 95.6
29. Delaware
- Square feet for $300,000: 1,388
- Square feet for $400,000: 1,850
- Square feet for $500,000: 2,313
- Price per square foot: $216
- Housing cost-of-living index: 96.5
30. Wisconsin
- Square feet for $300,000: 1,360
- Square feet for $400,000: 1,813
- Square feet for $500,000: 2,266
- Price per square foot: $221
- Housing cost-of-living index: 98.5
31. Idaho
- Square feet for $300,000: 1,351
- Square feet for $400,000: 1,802
- Square feet for $500,000: 2,252
- Price per square foot: $222
- Housing cost-of-living index: 99.1
32. Virginia
- Square feet for $300,000: 1,290
- Square feet for $400,000: 1,720
- Square feet for $500,000: 2,150
- Price per square foot: $233
- Housing cost-of-living index: 103.8
33. Nevada
- Square feet for $300,000: 1,254
- Square feet for $400,000: 1,672
- Square feet for $500,000: 2,090
- Price per square foot: $239
- Housing cost-of-living index: 106.8
34. Colorado
- Square feet for $300,000: 1,245
- Square feet for $400,000: 1,660
- Square feet for $500,000: 2,074
- Price per square foot: $241
- Housing cost-of-living index: 107.6
35. Florida
- Square feet for $300,000: 1,244
- Square feet for $400,000: 1,658
- Square feet for $500,000: 2,073
- Price per square foot: $241
- Housing cost-of-living index: 107.7
36. Rhode Island
- Square feet for $300,000: 1,171
- Square feet for $400,000: 1,561
- Square feet for $500,000: 1,951
- Price per square foot: $256
- Housing cost-of-living index: 114.4
37. New Hampshire
- Square feet for $300,000: 1,153
- Square feet for $400,000: 1,537
- Square feet for $500,000: 1,921
- Price per square foot: $260
- Housing cost-of-living index: 116.2
38. Connecticut
- Square feet for $300,000: 1,143
- Square feet for $400,000: 1,524
- Square feet for $500,000: 1,905
- Price per square foot: $263
- Housing cost-of-living index: 117.2
39. Alaska
- Square feet for $300,000: 1,137
- Square feet for $400,000: 1,516
- Square feet for $500,000: 1,895
- Price per square foot: $264
- Housing cost-of-living index: 117.8
40. Washington
- Square feet for $300,000: 1,057
- Square feet for $400,000: 1,409
- Square feet for $500,000: 1,762
- Price per square foot: $284
- Housing cost-of-living index: 126.7
41. Utah
- Square feet for $300,000: 1,033
- Square feet for $400,000: 1,377
- Square feet for $500,000: 1,721
- Price per square foot: $291
- Housing cost-of-living index: 129.7
42. Oregon
- Square feet for $300,000: 1,017
- Square feet for $400,000: 1,356
- Square feet for $500,000: 1,695
- Price per square foot: $295
- Housing cost-of-living index: 131.7
43. Vermont
- Square feet for $300,000: 1,006
- Square feet for $400,000: 1,342
- Square feet for $500,000: 1,677
- Price per square foot: $298
- Housing cost-of-living index: 133.1
44. Maine
- Square feet for $300,000: 986
- Square feet for $400,000: 1,315
- Square feet for $500,000: 1,644
- Price per square foot: $304
- Housing cost-of-living index: 135.8
45. Arizona
- Square feet for $300,000: 985
- Square feet for $400,000: 1,313
- Square feet for $500,000: 1,641
- Price per square foot: $305
- Housing cost-of-living index: 136
46. New Jersey
- Square feet for $300,000: 969
- Square feet for $400,000: 1,292
- Square feet for $500,000: 1,615
- Price per square foot: $310
- Housing cost-of-living index: 138.2
47. New York
- Square feet for $300,000: 787
- Square feet for $400,000: 1,049
- Square feet for $500,000: 1,311
- Price per square foot: $381
- Housing cost-of-living index: 170.2
48. California
- Square feet for $300,000: 641
- Square feet for $400,000: 854
- Square feet for $500,000: 1,068
- Price per square foot: $468
- Housing cost-of-living index: 209.1
49. Massachusetts
- Square feet for $300,000: 593
- Square feet for $400,000: 790
- Square feet for $500,000: 988
- Price per square foot: $506
- Housing cost-of-living index: 226
50. Hawaii
- Square feet for $300,000: 443
- Square feet for $400,000: 590
- Square feet for $500,000: 738
- Price per square foot: $678
- Housing cost-of-living index: 302.6
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