Buying a home is arguably one of the biggest decisions you will make in your lifetime and deciding where to live is equally as important. Finding a balance between your dream home and the reality of your financial situation can be unsettling but there are a number of things you can do to achieve a compromise. Aside from mapping out your financial flexibility, one of the most important things you should do is research. We selected 10 cities around the country with the parameters of a $500,000 budget to provide a sense of the options available.
San Diego, California
It is known as America’s Finest City and boasts a rich history that started in 1769. With miles of sandy beaches, wonderful weather throughout the year and hot destinations like its famous Gaslamp Quarter and Little Italy neighborhood, among others. Although it can be a little on the pricier side, San Diego is a great place to live and work. Our headquarters is here and we love it!
Fast Facts via Zillow.com
- Average home value: $503,000
- Market temperature: Neutral
What $500,000 gets you? (via Canter Brokerage.com)
- Suburbs:
- 1,529 square-foot single family home
- 3 bed, 1.5 bathrooms
- Sale price: $497,500
- Downtown:
- 1,282 square-foot apartment
- 2 bed, 2 bathrooms
- Sale price: $495,000
San Francisco, California
San Francisco is one of the more expensive areas to purchase a home but it is a breathtaking metropolis with fantastic attractions like the Golden Gate Bridge, its food scene and unique neighborhoods. Finding a home in the downtown area for $500,000 is nearly impossible and it is definitely a sellers’ market as it’s difficult to easily find one within that budget.
Fast Facts via Zillow.com
- Average home value: $1,045,500
- Market temperature: Very Hot (sellers’ market)
What $500,000 gets you?
- Suburbs:
- 625 square-foot condominium
- 1 bed, 1 bathroom
- Sale price: $538,000
- Downtown:
- 339 square-foot studio
- 1 bed, 1 bathroom
- Sale price: $425,000
New York City, New York
The Big Apple is the most well-known city in the United States and it has an estimated population of 8.5 million living within its 304 square mile domain. As a bustling metropolis that is truly a melting pot, there are plenty of places to live within its five distinct areas known as boroughs but be prepared to pay top dollar.
Fast Facts via Zillow.com
- Average home value: $555,700
- Market temperature: Hot (sellers’ market)
What $500,000 gets you?
- Suburbs:
- 1,334 square-foot single family home
- 4 beds, 2.5 bathrooms in Queens Village
- Sale price: $499,000
- Downtown:
- 700 square-foot apartment
- 1 bed, 1 bathroom in Manhattan
- Sale price: $499,000
Chicago, Illinois
Chicago, Illinois is the third most populous city in the United States with more than 2.7 million residents. The Windy City is vibrant and it is best known for its rich history including, professional sports teams including the Bulls, Bears and Blackhawks, Chicago-style pizza, the waterfront and many other gems that make this city unique. This too is a sellers’ market but with an average home value of less than $200,000 there are definitely deals to be found.
Fast Facts via Zillow.com
- Average home value: $182,600
- Market temperature: Hot (sellers’ market)
What $500,000 gets you?
- Suburbs:
- 2,400 square-foot townhouse
- 5 beds, 2.5 baths
- Sale price: $499,800
- Downtown:
- 1,200 square-foot condominium
- 2 beds, 2 baths
- Sale price: $499,900
Denver, Colorado
The Mile-High City was founded in 1858 as a mining town but it has since developed into a city that is known for its proximity to the Rocky Mountains and its lively city life. As the capital of Colorado, Denver is a food and beverage mecca as it is home to the Molson Coors Brewing Company and multiple successful fast casual restaurant chains including Chipotle Mexican Grill, Smashburger, Quizno’s and more. There are plenty of places to live comfortably in this buyers’ market.
Fast Facts via Zillow.com
- Average home value: $306,100
- Market temperature: Cool (buyers’ market)
What $500,000 gets you?
- Suburbs:
- 2,592 square-foot single family home
- 4 beds, 4 baths
- Sale price: $499,000
- Downtown:
- 818 square-foot condominium
- 1 bed, 1.5 baths
- Sale price: $500,000
Phoenix, Arizona
Phoenix is the capital of Arizona and is the sixth most populous city nationwide. It is routinely rated as one of the top places to retire and has an average home value of nearly $174,000. With a mild climate, the city is divided into 15 urban villages and it is known for an abundance of outdoor attractions and southwestern heritage. The housing market is neutral.
Fast Facts via Zillow.com
- Best place to retire according to Bankrate.com
- Average home value: $173,700
- Market temperature: Neutral
What $500,000 gets you?
- Suburbs:
- 2,996 square-foot single family home
- 5 beds, 5 baths
- Sale price: $499,000
- Downtown:
- 2,171 square-foot single family home
- 3 beds, 2 baths
- Sale price: $498,000
Sarasota, Florida
Located on the Gulf side of Florida, the city boasts several of the finest beaches in the United States. As a popular destination for retirees and vacationers, the city is highlighted by its laid back inhabitants and Latin American influence. It is listed as a sellers’ market but the tax benefits offered by the state of Florida can go a long way.
Fast Facts via Zillow.com
- Average home value: $200,700
- Market temperature: Hot (sellers’ market)
- About Sarasota
What $500,000 gets you?
- Suburbs:
- 2,369 square-foot single family house
- 2 beds, 2 baths
- Sale price: $495,000
- Downtown:
- 1,421 square-foot condominium
- 2 beds 2 baths
- Sale price: $499,900
Dallas, Texas
Dallas is the fourth most populous metropolitan area in the United States and it is located in the northern part of the Lone Star State. The city is known for the NFL’s Dallas Cowboys and its successes with cattle, cotton and oil, but it is also home to a number of business headquarters and more than a dozen billionaires. It is a buyers’ market but there are plenty of places to put your stake in the ground.
Fast Facts via Zillow.com
- Average home value: $120,500
- Market temperature: Cold (buyers’ market)
What $500,000 gets you?
- Suburbs:
- 2,689 square-foot single family home
- 4 bedrooms, 3 baths
- Sale price: $499,000
- Downtown:
- 2,516 square-foot townhouse
- 2 beds, 2.5 baths
- Sale price: $499,900
New Haven, Connecticut
As one of the smaller cities in this list, New Haven has considerable charm. It has a compelling history that dates back to 1638 during the infancy of the United States and it is also home to Yale University. The city did not register a market temperature for home sales but an average home value of $155,900 leads one to believe that many housing options are available.
Fast Facts via Zillow.com
- Average home value: $155,900
- Market temperature: N/A
What $500,000 gets you?
- Suburbs:
- 3,709 square-foot multifamily house
- 3 bathrooms
- Sale price: $499,900
- Downtown:
- 2,057 square-foot condominium
- 3 bedrooms, 2.5 bathrooms
- Sale price: $489,900
Washington, D.C.
With its storied history as the nation’s capital and home to all three branches of the federal government, Washington, D.C. is a highly desirable destination for a number of reasons. From its museums and historical landmarks to the food scene and nightlife, there is something for everyone as long as you are willing to pay the right price.
Fast Facts via Zillow.com
- Average home value: $483,800
- Market temperature: Very Hot (sellers’ market)
What $500,000 gets you?
- Suburbs:
- A 3,680 square-foot single family home
- 4 bedroom, 1.5 bathrooms
- Sale price: $500,000
- Downtown:
- 973 square-foot condominium
- 1 bedroom 1 bath apartment
- Sale price: $499,000
Closing
It is not out of the question for you find an affordable place you can call paradise but you should enter the process with a goal of finding a property that balances your finances with the way you want to live. We developed a real estate glossary to assist with the buying process so you are ready to negotiate the deal for your next home.