In case you're wondering whether it's cheaper to start from scratch.
With buying an existing home being financially out of reach for so many, some people are considering going a different route: Purchasing land and constructing a new house. But when you factor in the cost of the property, labor, and materials—which have also gone up in price, thanks to supply chain issues and inflation—building a new home is unlikely to be cheaper, at least according to a new report from Today’s Homeowner. Of course, a lot depends on the size of the house you’re building, the type of materials and furnishings you plan to use, and where you live. To give you an idea of what you might end up paying in your area, here are Today’s Homeowner’s estimates of the average cost of building a new house in each state. The cost of building a new house in each state To rank the states for their report, Today’s Homeowner estimated the average price of building a new 2,100-square-foot spec home, excluding “the cost of a land plot and development” in each location. Using that methodology, the average cost of building a new home in the United States is $332,397, which comes out to $158 per square foot. Here are the average costs for each state, ranked from least to most expensive:
The full report contains additional information about the methodology used to compile this list, as well as a breakdown of the types of expenses associated with building a new home. |