Have you ever wondered how the price of real estate in your neighborhood compares to the average price of homes in other parts of the country?
Maybe you’re curious about how much home prices have changed over time, or how they’ve changed in different parts of the country.
Brea California, a city located in Orange County, has grown very quickly over the last few decades due to its ongoing infusion of families and business-minded people who are flocking there for its lucrative opportunities. What does this mean for property values?
There are many factors that contribute to the value of the real estate in an area. These include things like square footage, age, condition and upkeep, and location.
However, many economists believe that location is one of the most important factors when it comes to home values.
Country Road Homes for Sale vs. Homes in Other Major Us Cities
1. Brea California vs. New York City
If you’re considering a move to one of Country Road homes for sale in Brea, California, and are looking at what $600,000 can get you, here’s a comparison of the types of amenities and communities you’ll find there compared to New York City.
In Brea, that amount could get you a 3-bedroom home with 2 bathrooms, featuring 1,500 square feet of living space. You’d have a spacious backyard with plenty of room for pets and kids. The garage would have room for 2 cars. In the kitchen, you’d have an ample amount of cabinets and counter space, along with energy-efficient appliances.
There would be wood floors throughout the house and central air conditioning for your comfort. The master bathroom might have dual sinks and a separate shower and tub for your convenience.
On the other hand, in areas of New York City where $600,000 is still considered a “cheap” price point, you’ll most likely be getting an apartment or condo with no yard. In some cases, $600,000 can buy you a tiny apartment in New York City that has a shared bathroom in the hallway and no windows.
Yes, there are two-bedroom condos for sale for under $600K—but they’re often small and located in less desirable neighborhoods.
2. Brea, California vs. San Francisco, California
Let’s take a look at some of the homes that $400,000 to $600,000 can buy in San Francisco. You’ll see that each one is different and you get a lot of bang for your buck.
For $400,000 you can get a 1 bedroom, 1 bath condo with parking in the Inner Mission District. For $450,000 you can get a 2 bed/2 bath condo with garage parking in the same neighborhood. For $500,000 you can get a 2 bed/1 bath condo in the Western Addition District. This condo is 1000 square feet and has an updated kitchen and bath.
For $550,000 you can get a 3 bed/2 bath condo with parking in the Upper Market area of San Francisco. This condo is 1250 square feet and has been completely renovated.
Finally for $600,000 you can get a 1 bed/1 bath apartment in Pacific Heights that is 900 square feet and gets lots of natural light from its large windows and balcony.
3. Brea, California vs. Honolulu, Hawaii
Real estate agents often get asked by clients, “What can my money buy in Hawaii?” Although the answer will vary depending on what you’re looking for and where you want to buy, let’s look at some of the houses available in Honolulu County (which includes Waikiki) that are priced between $400,000 and $600,000.
The first thing to know is that Honolulu is a very dense city. It typically doesn’t have large lots or sprawling homes. Even suburbs like Mililani Mauka and Ewa Beach are more reminiscent of California suburbs than what people envision when they think of a traditionally suburban area with large yards.
Most homes in this price range are older single-family homes built in the 1950s and 1960s. You’ll find many 2-bedroom/1-bathroom homes from this era that are somewhat smaller than what you might expect for your money on the mainland.
However, if you’re willing to do some repairs and upgrades, there’s a lot of potentials to turn these older homes into something special.
You may also find some newer townhomes and condos in this price range. Many people starting out choose to live in an apartment or condo rather than buying a house, as it’s less expensive.
4. Brea, California vs. Boston, Massachusetts
In Boston, you may be paying a little less for a home in this price range, but the amenities you’ll get with your house are lower.
You’ll have to think about whether the savings are worth it when you factor in the cost of heating and cooling (assuming you’re not okay with sweating through summers and freezing through winters).
Also, if you want to be near the city center, there is more competition for homes here than in Brea—and that competition drives prices up. Plus, as you move into the more desirable neighborhoods (which are also closer to the city), homes in this price range start to become smaller in size.
The homes on the outskirts of town tend to be larger and require substantially longer commutes.
5. Brea, California vs. Miami Beach, Florida
In Miami Beach, homes within this price range are generally townhomes or single-family properties with three bedrooms and two bathrooms. At $400,000, you may be able to find homes with nicer amenities such as granite countertops and stainless steel appliances.
Keep in mind that while these homes are usually very nice inside and out, they also come with some downsides. For instance, they may be close to other houses and may have less space than many buyers would like. Homes within this price point in Miami Beach may be in areas such as Bay Harbor Islands or Miami Shores.
A large part of the American Dream is homeownership, and while there are many pros and cons to buying vs. renting, a lot of people choose to buy once they’ve reached a certain point in their lives. This brings up an important question: how much house can you get for your money in different cities?
Depending on where you live, you could be paying upwards of $600,000 for a home that’s no bigger than a studio apartment elsewhere.