Around the country, home prices vary widely due to cost of living, amenities, and location. What can you expect to get for $250,000? Let’s take a look at a variety of cities around the USA as to how they compare.
California
Known as “The Golden State,” California offers residents sunshine, beaches, and endless entertainment options. It is also one of the more expensive states in which to live. In sunny San Diego, $250,000 can buy a 1-2 bedroom, 1 bath condo. The condos tend to be around 30-40 years old, with 500 to more than 800 square feet of living space. Many condos offer a clubhouse, including amenities such as a pool and fitness facilities on site. You will often get more square footage for your money by finding a foreclosure property available for purchase.
Minnesota
The northern state of Minnesota has culture and great communities to offer residents, as well as chilly winters. Minnesota also offers more square footage for your money. In Eden Prairie, Minnesota, a charming suburb of Minneapolis, the economy is thriving in this active community. For $250,000, you can purchase a 1980’s 2-story home with 2 bedrooms and 1 bathroom. Homes in this price range will offer an average of 1000 square feet of living space, a landscaped yard, 2 car garage, and unfinished basement.
Maine
Portland, Maine is a charming harbor town. In this city, $250,000 can buy a 1,500 square foot, 3 bedroom home, built in the 1960’s. Homes in the area show character as they often include built-ins and hardwood floors, as well as 2 car detached garages and spacious backyards.
Texas
Dallas, Texas, is one of the most populous cities in the state. With a bustling metropolis, Dallas has a lot to offer residents in amenities and housing. A completely remodeled 3 bedroom, 2 bathroom home with 1,500 square feet can be found for $250,000. Beautiful landscaping, brick exteriors, hardwood floors, and a fireplace will be typical amenities.
New York
In busy and vibrant Bronx, NY, a 1-2 bedroom, 1 bath co-op can be purchased for $250,000. With 400-900 square feet, there are options from newly built buildings to pre-war buildings with and without elevators. Club houses and community amenities, such as fitness facilities are often included. Parking and laundry facilities are provided with some of the units.
Options abound for a $250,000 price range. Depending on your desired location, housing choices vary considerably but still offer great choices. Choosing a home well within your budgeted range will not only help you negotiate your monthly expenses, but will also help you stay well outside of the foreclosure danger zone. If you still find yourself tempted, subtract all of your debt payments from your monthly paycheck and multiply the resulting number by 25% — this is the highest mortgage payment you can afford.
