Do you feel like your money isn’t going as far as it once did? It’s not just you, it actually isn’t. Between inflation and rising costs across the board, things are simply more expensive these days. One area that isn’t exempt from this rise in prices is the real estate market. A house that was sold for $500,000 in 2018 would now be between 20 and 50 percent more expensive in 2023! This new infographic from BuilderPad shows just how much more expensive a $500,000 house is in every state in 2023 compared to the same house in 2018. Montana saw the most severe drop in square footage in a $500K house over the five year period. A $500K house in the state has dropped 50% in size with a reduction of 1,557.60 square feet. The only state that came close was New York with a 46.83% drop in the size of a $500K house at a reduction of 1,213.26 square feet. How did your state fare over the past 5 years?
Infographic by: builderpad