Where Can You Get the Most Real Estate for $1M? How About the Least?

The COVID-19 pandemic has disrupted the entire world, including the stock market. Some business’s saw massive gains while others have faced bankruptcy. The housing market did something unusual, however. During times of national and world crises, the housing markets have typically slowed and prices have dropped. In the spring of 2020, that is exactly what happened, the pandemic disrupted home sales during a time considered to be the hottest real estate season. However, since then the real estate market has bounded back impressively. Home sale inventory is low across the US, which means the market is extremely competitive and sellers are getting multiple bids above asking price. Depending on where you are looking to purchase a home in the US will determine how much you will pay per square foot. This chart from Rate.com shows where you can get the most and the least real estate for $1 million dollars in America.

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In the number one spot for the most square feet per million is the city of Flint, Michigan. This city became infamous for the health crisis that began in 2014 due to the city’s water supply. The city was already facing an extreme budget crisis when they changed to a new water source from a treated water supply plant in Detroit to the Flint River. This hurt the city even further and tanked the real estate market. Currently, you can purchase 33,333.33 square feet for $1 million. That is just $30 a square foot. On the opposite side of the graph, you have a city where a single square foot will cost you over $4,000. That city is Palo Alto, California and you better have a lot more than a million dollars because even that much money will only get you around 238 square feet, which is less than the size of a standard shed.