Property Prices in the USA

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Property Prices in the USA

The USA – home of the free, land of the brave and top emigration destination.

The US might be popular with people looking to start a new life abroad but is it an affordable option when it comes to buying or renting property?

Here we see how current average property prices in the USA compare with the UK and take a look at the average property prices in some of the most popular American regions.

Our table features figures compiled by Numbeo, the world’s largest user-contributing database. Figures are averages, shown here in GBP.

Comparing UK with the USA

UK

USA

Rent Per Month (Mean) In British Pounds

1 Bed Apartment in City £623 £595
1 Bed Apartment outside City £500 £463

Buy Apartment Price (Mean) In British Pounds

Price per m2 in City

£2,310 £1,068
Price per m2 outside City £2,000 £772

Salaries and Financing (Mean) In British Pounds

Median Monthly Disposable Salary (After Tax) £1,600 £2,087
Yearly Mortgage Interest Rate (%) 4.50 4.50

 

Renting and buying property in the US is cheaper than in the UK, whether your property of choice is within the city centre or outside of it. However, location is king and property prices can vary greatly depending on the region of the US you’re considering.

To that end we will now compare property prices in 5 of the most popular American locations: Los Angeles, New York, Miami, Chicago and Austin.

Before we get down to the figures here are a few quick facts about these locations!

Quick Los Angeles, California Facts:

Popular non-alcoholic cocktail the Shirley Temple was invented in Los Angeles.

The average summer temperature is 24°C while the average winter temperature is 8°C.

Los Angeles has five airports!

Quick New York Facts:   

There are over 4,000 street vendors serving food in New York City.

Over 250 feature films a year are shot on location in the big apple.

In New York, New York the average summer temperature is 23°C. In the winter the average temperature is 3°C.

Quick Miami, Florida Facts:

Miami was founded in 1896.

The popular Miami Beach was a swamp until it began to be developed in the 1920’s.

The average summer temperature is 25°C while the average winter temperature is 6°C.

Quick Chicago, Illinois Facts:

Chicago has several nicknames including: The City the Works, the City of Big Shoulders, The Windy City and the Second City.

In Chicago the average summer temperature is 23°C. In the winter the average temperature is 1°C.

Chicago experienced a great fire in 1871

Quick Austin, Texas Facts:

Mount Bonnell is the highest point in Austin at 785 feet.

The average summer temperature is 25°C while the average winter temperature is 9°C

Residents of Austin call themselves Austinites.

Rent Per Month (Mean) In British Pounds
Los Angeles

New York

Miami Chicago Austin
1 Bed in City Centre £942 £1,769 £876 £992 £661
1 Bed outside City Centre £711 £992 £579 £595 £512
3 Bed in City Centre £1,851 £3,306 £1,984 £1,719 £1,355
3 Bed Outside City Centre £1,289 £1,653 £1,455 £992 £942

 

Buy Apartment Price (Mean) In British Pounds
Los Angeles

New York

Miami Chicago Austin
Price per m2 to Buy in City Centre £3,235 £5,961 £1,984 £1,423 £2,064
Price per m2 to Buy outside City Centre £1,498 £2,669 £1,322 £890 £854

 

Salaries and Financing (Mean) In British Pounds
Los Angeles

New York

Miami Chicago Austin
Monthly Disposable Salary (After Tax) £1,984 £2,558 £2,010 £2,135 £2,129
Yearly mortgage Interest Rate in Percentages 4.38 4.00 5.00 5.00 5.00

 

 

Whether you’re looking to rent within the city centre or outside it, Austin in Texas offers the cheapest property options of the 5 popular US cities we looked at.

Although Austin also came in as having the lowest priced property for sale outside of the city centre, Chicago is home to the cheapest purchasable property within a city centre.

Despite having relatively high property prices, disposable monthly salary was lowest in Los Angeles.

New York offered the highest disposable monthly salary.

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