San Francisco's housing market is so expensive that, on average, a million-dollar home will get you less than 1,200 square feet of space
- A new analysis by real-estate listing website Zillow found that in the US, the average million-dollar, single-family home boasts around 2,200 square feet.
- The analysis looked at the average square footage of million-dollar, single-family homes in 100 of the largest US cities.
- The largest is El Paso, Texas, where $1 million will get you, on average, a single-family home with over 7,000 square feet of space.
- On the other end of the scale, the city with the smallest average square footage is San Francisco, where the average million-dollar, single-family home boasts just 1,150 square feet of space.
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The amount of space $1 million will get you in the US fluctuates drastically depending on where you live.A new analysis by real-estate listing website Zillow found that in the US, the average million-dollar, single-family home boasts around 2,200 square feet, four bedrooms, and two-and-a-half bathrooms.Advertisement
The analysis looked at the average square footage of million-dollar, single-family homes in 100 of the largest US cities and found that in El Paso, Texas, $1 million will get you the farthest. There, a million-dollar, single-family home has over 7,000 square feet of space.
However, space seems to shrink over on the West Coast. The analysis found that the city with the smallest average square footage is - not shockingly - San Francisco. There, the average million-dollar, single-family home boasts just 1,150 square feet.
San Francisco is home to one of the most expensive housing markets in the countryFor years, San Francisco has been home to one of the most expensive housing markets in the country. In fact, the city's median home value is $1,355,200. That's nearly six times more than the national median home value of $231,000.
As Laura McCamy previously reported for Business Insider, you'll need to earn at least $172,000 a year to afford a home in San Francisco. Meanwhile, the median sales price of a two-bedroom home in the city has increased by 329% since 2000.In fact, the city is so outrageously expensive that even renters are struggling to afford living costs. Business Insider previously reported that some renters are dishing out $1,200 a month for bunk beds in co-living buildings to save on rent. Even the city's highest-paid workers, tech workers, are spending over $2,000 a month to rent rooms in vacant Victorian homes.The city's housing crisis is so dire that on October 22, Facebook pledged $1 billion to help fix it. In a blog post, the company said it will spread out an investment of $1 billion over the next decade to create around 200,000 housing units to help professionals such as teachers, nurses, and first responders live closer to the communities they work in.Advertisement
Facebook isn't the only big tech company looking to ease the housing crisis. Back in June, The New York Times reported that Google pledged to invest $1 billion to build homes in San Francisco. According to the report, the company believes the funds could help build at least 20,000 homes.
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