August 30, 2018

Global Perspective

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.

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