At Home More Than Ever, Americans Crave More Space

Rhea-AI Summary

Realtor.com has identified the top suburbs offering affordable space near the nation's largest metros as Americans seek more room at home during the pandemic. Homebuyers can save an average of 29% per square foot in these areas. For example, Fullerton, CA offers homes at $304,000 less than Los Angeles, while Clark, NJ offers savings of nearly $250,000. The report analyzes prices of single-family homes within 25 miles of 10 major metros, highlighting substantial savings and increased square footage for buyers.

Positive

• Homebuyers can save an average of 29% per square foot in suburban areas compared to urban centers.
• The largest savings identified is in Fullerton, CA, allowing buyers to save $304,000 on a 2,000-square-foot home.

Negative

• None.

SANTA CLARA, Calif., Nov. 17, 2020 /PRNewswire/ -- As the global pandemic reaches new heights across the United States, Americans are likely to be spending even more time at home this winter.  With home shoppers already searching for more space in a housing market that has yet to slow down, today realtor.com^® revealed the top suburbs that offer the most affordable space near the nation's 10 largest metros.

"These areas just outside of the urban centers of the largest metros offer homebuyers more space for the money. Potential buyers who've been dreaming of more space for work and play don't have to look far to save 29% per square foot on average or get 25%-65% more square footage for the same price as a home closer to downtown," said realtor.com^® Chief Economist Danielle Hale. "For a 2,000-square-foot home, this could mean 500-1,300 additional square feet."

Realtor.com^® identified the top suburbs that offer the most affordable space by analyzing list prices and median price per square foot for single-family homes within 25 miles of the nation's 10 largest metros.

The biggest savings out of the 10 largest metros can be found in Fullerton, Calif., where homebuyers can find a 2,000-square-foot single family home for $304,000 less, on average, than in nearby Los Angeles. Also offering significant savings is Clark, N.J., right outside of New York City, where buyers can save almost a quarter of a million dollars, on average, on a 2,000-square foot home, or get an additional 1,025 square feet for the same budget compared to similar city homes.

For those looking for more space, here's where to head (ranked by median listing price):

1) Sicklerville, N.J.
Urban Metro: Philadelphia
Median Listing Price: $282,000
Savings Per Square Foot: 20% (Suburb: $118 / Urban: $148)
Median Income: $89,300

A 30-minute drive southeast of Philadelphia, Sicklerville is a community located within Winslow Township in Camden County, N.J. With a population of 53,099 and 10 constituent neighborhoods, Sicklerville is the 22nd largest community in New Jersey. Sicklerville offers easy access to the outdoors with the New Brooklyn County Park for playing sports and canoeing, and the Winslow Fish and Wildlife Management Area for fishing, hunting and bird watching.

2) Cedar Hill, Texas
Urban Metro: Dallas
Median Listing Price: $352,000
Savings Per Square Foot: 23% (Suburb: $124 / Urban: $161)
Median Income: $76,600

Located within Dallas, Cedar Hill is "the city in a park," and has become a destination for nature enthusiasts, hikers, cyclists, mountain bikers, boaters, campers and adventure competitors. Cedar Hill offers extensive shopping, and a variety of diverse dining options for its 48,463 residents. On average, there are 229 days of sunshine per year in which to enjoy the Dogwood Canyon Audubon Center or Cedar Hill State Park on Joe Pool Lake. The area boasts a strong school system, including Cedar Hill Collegiate Academy (GreatSchools rating 9/10).

3) Palos Hills, Ill.
Urban Metro: Chicago
Median Listing Price: $379,000
Savings Per Square Foot: 24% (Suburb: $139 / Urban: $184)
Median Income: $65,700

Palos Hills is a southwest suburb of Chicago, offering a dense suburban feel with most of its 17,195 residents owning their homes. An array of restaurants, coffee shops and parks -- including Bennett Park, where they offer outdoor movies and fishing -- make this town a draw for young professionals and retirees. The area is also home to many young families due to its top-rated school system, which includes Oak Ridge Elementary School (GreatSchools rating 10/10).

4) Marietta, Ga.
Urban Metro: Atlanta
Median Listing Price: $440,000
Savings Per Square Foot: 21% (Suburb: $143 / Urban: $181)
Median Income: $96,500

A 25-minute drive to Atlanta, Marietta is one of Georgia's most populous cities, with a population of 67,000. The city offers an historic downtown, shops and restaurants, and Glover Park is home to outdoor festivals, concerts, weddings and special events. Marietta Square hosts art strolls, parades and farmers markets. The area boasts a desirable school system which includes Lassiter High School (GreatSchools rating 10/10).

5) Jersey Village, Texas
Urban Metro: Houston
Median Listing Price: $447,000
Savings Per Square Foot: 36% (Suburb: $126 / Urban: $198)
Median Income: $85,400

A suburb of Houston, Jersey Village is located in west-central Harris County, and has a population of 7,620. The area abounds with parks, golf courses, community events, farmers markets and recreational pools. It is also nearby to Traders Village Houston, home of the largest flea market in Texas.

6) Hanover, Mass.
Urban Metro: Boston
Median Listing Price: $670,000
Savings Per Square Foot: 34% (Suburb: $231 / Urban: $350)
Median Income: $129,100

While Hanover is a 30-minute drive to Boston, the town's 14,000 residents maintain a "country town" atmosphere. Hanover offers shopping malls, parks, trails and sports fields. Ponds, streams and rivers, which join the historic North River as it flows to the Atlantic Ocean, provide both summer and winter recreational opportunities such as fishing and canoeing. Hanover has highly-rated schools, including So Shore Vocational Technical High School (GreatSchools rating 7/10).

7) Pine Island Ridge-Plantation, Fla.
Urban Metro: Miami
Median Listing Price: $679,000
Savings Per Square Foot: 34% (Suburb: $224 / Urban: $341)
Median Income: $75,000

Pine Island Ridge is a 35-minute drive to Miami, and has a population of 5,199, with the average age of a homeowner being 55 years old. Recreational activities on offer include an aquatic center, parks, programs/camps and special events. Also, you can hike beautiful trails and explore tree tops at the Pine Island Ridge Natural Area and the Pine Island Ridge Trail.

8) Clark, N.J.
Urban Metro: New York City
Median Listing Price: $798,000
Savings Per Square Foot: 34% (Suburb: $242 / Urban: $366)
Median Income: $111,400

Clark is a township in southern Union County, N.J., with a population of 15,943. The community honors historic moments with the Dr. William Robinson Plantation Museum and 9/11 Memorial. Clark's abundance of parks offers recreational activities like fishing, trails and fields for playing sports. Clark has highly-rated schools, including Arthur L Johnson High School (GreatSchools rating 7/10).

9) Ashton-Sandy Spring, Md.
Urban Metro: Washington, D.C.
Median Listing Price: $844,000
Savings Per Square Foot: 39% (Suburb: $178 / Urban: $294)
Median Income: $153,300

Made up of two neighborhoods -- Ashton and Sandy Spring -- this community is located in Montgomery County, with a population of 5,628. The town is home to the Sandy Spring Museum and Sandy Spring Slave Museum, which both provide social and cultural activities like concerts, workshops and events. The Adventure Park at Sandy Spring offers residents ziplining, rope rigs and wooden bridges to explore.

10) Fullerton, Calif.
Urban Metro: Los Angeles
Median Listing Price: $1,155,000
Savings Per Square Foot: 27% (Suburb: $418 / Urban: $570)
Median Income: $109,900

Located in northern Orange County, Fullerton is a 30-minute drive to Los Angeles and has a population of 139,640. It is home to a vibrant music scene, and has a small but diverse theater community, including The Muckenthaler Cultural Center which houses art galleries and a theater group, and The Fullerton Museum Center has educational programs on offider. Fullerton maintains more than 50 city parks, including Hillcrest Park, Chapman Park and the Orange County Regional parks. The area boasts a desirable school system, which includes Troy High School (GreatSchools rating 10/10).

For up-to-date home listings in these cities, please visit realtor.com^®.

Methodology

Realtor.com^® analyzed list prices for single-family homes, 1,800 square feet or larger, in the nation's largest metros and suburbs within 25 miles of the downtown centers of each. Eligible suburbs had a median listing price within 20% above or below their urban center. The suburbs were then ranked by the lowest median price per square foot. Suburban and urban ZIP codes in the nation's 100 largest metropolitan areas were classified based on household densities.

About realtor.com^®

Realtor.com^® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com^® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com^® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com^® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS^®. For more information, visit realtor.com^®.

 

 

Media contact:
Janice McDill, janice.mcdill@move.com, 312.307.3134

View original content:http://www.prnewswire.com/news-releases/at-home-more-than-ever-americans-crave-more-space-301174403.html

SOURCE realtor.com

FAQ

What did realtor.com report about suburban housing savings on Nov 17, 2020?

Realtor.com reported that homebuyers can save an average of 29% per square foot in suburban areas near major metros.

Which suburb offers the most savings compared to Los Angeles?

Fullerton, CA offers the most savings, allowing buyers to save $304,000 on average.

What are the median listing prices in the suburbs near major cities?

Median listing prices vary, with Sicklerville, NJ starting at $282,000 and Fullerton, CA at $1,155,000.

How does the savings vary between suburbs and urban centers?

Savings range from 20% to 39% per square foot in different suburbs compared to urban centers.

What criteria did realtor.com use to identify the top suburbs?

Realtor.com analyzed list prices and median price per square foot for single-family homes within 25 miles of the nation's largest metros.