Did you know that housing in major U.S. cities is relatively inexpensive compared to major cities in other developed nations? It's true.
In fact, a 1,000-square foot home in New York City, is half the cost of the same-sized home in London and 3.5 times cheaper than a home of that size in Monaco.
According to data in a report by Money, Inc., New York City is the only U.S. city to make the list of the top 20 most expensive places to buy a home across the globe.
The top 10 most expensive places to buy a home in the world
|Location||Cost per Sq. Ft.||Cost of a 1,000 Sq. foot home|
|Location: Monaco||Cost per Sq. Ft.: $5,584||Cost of a 1,000 Sq. foot home: $5,584,000|
|Location: London, United Kingdom||Cost per Sq. Ft.: $3,208||Cost of a 1,000 Sq. foot home:$3,208,000|
|Location: Hong Kong, Hong Kong Island||Cost per Sq. Ft.: $2,373||Cost of a 1,000 Sq. foot home:$2,373,000|
|Location: New York City, U.S.||Cost per Sq. Ft.: $1,597||Cost of a 1,000 Sq. foot home:$1,597,000|
|Location: Tokyo, Japan||Cost per Sq. Ft.: $1,516||Cost of a 1,000 Sq. foot home:$1,516,000|
|Location: Moscow, Russia||Cost per Sq. Ft.: $1,488||Cost of a 1,000 Sq. foot home:$1,488,000|
|Location: Mumbai, India||Cost per Sq. Ft.: $1,442||Cost of a 1,000 Sq. foot home: $1,442,000|
|Location: Geneva, Switzerland||Cost per Sq. Ft.: $1,439||Cost of a 1,000 Sq. foot home: $1,439,000|
|Location: Vienna, Austria||Cost per Sq. Ft.: $1,389||Cost of a 1,000 Sq. foot home: $1,389,000|
|Location: Paris, France||Cost per Sq. Ft.: $1,309||Cost of a 1,000 Sq. foot home: $1,309,000|
For interesting perspective, the 2018 median list price per square foot for a home in the U.S. was $150.00, or less than 1/37th of the cost in Monaco.
The United States remains one of the most affordable housing markets in the world, making homeownership possible for a large percentage of America's families.
Whether you rent, own or plan to buy, visit My Home by Freddie Mac® for the tools and resources to help you make informed decisions.
Have a comment or question about this post? Email us to let us know what's on your mind.