Real Estate

The Median Home Size in Every U.S. State in 2022

Published

2 years ago

November 22, 2022

NeoMam Studios

Featured Creator

Article/Editing:

Carmen Ang

the average home size in every U.S. state

The Median Home Size in Every U.S. State in 2022

Over the last century, home sizes in the U.S. have skyrocketed. In 1949, the typical single-family home was just 909 square feet—by 2021, it had shot up to 2,480 square feet.

While U.S. homes are getting larger on the whole, they still vary drastically depending on the location. What areas in the U.S. have the largest homes, and which ones have the smallest?

This graphic by American Home Shield uses data from the 2022 American Home Size Index to show the median home size in every U.S. state.

The 2022 American Home Size Index

The index uses data from 474,157 listings of both houses and condos for sale on Zillow as of May 2022. After the data was compiled, it was organized by state and city, and the median home size was then calculated for each area.

According to the findings, there was a strong correlation with the size of a home and the age of the area’s housing stock. For instance, Utah is the U.S. state with the largest median home size at 2,800 square feet. And since the state’s median home was built in 1989, it has the third-youngest home stock of any state across the country.

This trend is apparent on a city-level as well. Here’s a look at home sizes across America’s top 50 most populated cities (with available data):

Average home size in 50 U.S. cities

As the graphic shows, up-and-coming tech hubs like Raleigh and Colorado Springs have some of the largest homes.

Colorado Springs in particular has seen a significant influx in employment over the last few years, which has attracted high-income tech workers to the area driven up demand for spacious single-family dwellings.

The Price of Real Estate Compared to Home Size

The data also showed an inverse relationship between an area’s median price of real estate and the median home size. For instance, Hawaii has the smallest median home size of any state, as well as the most expensive at $743.86 per square foot.

comparing home prices in every U.S. state

This trend is apparent in the state of New York as well, which had the second smallest median home size. Home costs in the state were a median $421.49 per square foot, the third-most expensive of any state.

Lot Size vs. Home Size

Interestingly, while home sizes in the U.S. have gotten larger over time, lot sizes have shrunk over the years.

In 1978, the median lot size for a U.S. property was 18,760 square feet, but by 2020, this figure had dropped to a record low of 13,896 square feet.

With lot sizes shrinking, will there come a point where home size growth across the country starts to plateau, or even shrink?

This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.

Related Topics:property U.S. Housing by state home size U.S. housing market average home sizes housing growth for sale houses for sale housing for sale

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Markets

Mapped: Global Real Estate Bubble Risk in 2024

Real estate bubble risk has cooled from record highs across many major cities. However, some metros are defying this trend in 2024.

Published

2 days ago

October 10, 2024

Dorothy Neufeld

This map shows the real estate bubble risk of 25 cities around the world in 2024.

Global Real Estate Bubble Risk in 2024

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In many major cities, real home prices have declined as high interest rates are dampening demand.

Simultaneously, property markets are slowing due to tough financing conditions and rising construction costs. As a result, housing bubble risks have eased in cities like Hong Kong, London, and New York. However, strong demand in the luxury market and a booming stock market are fueling bubble risks in cities like Miami and Los Angeles.

This graphic shows the cities with the highest real estate bubble risk, based on the UBS Global Real Estate Bubble Index 2024.

Methodology

To analyze real estate bubble risk, UBS looked at the following factors across 25 major cities:

Price-to-income ratio
Price-to-rent ratio
Change in mortgage-to-GDP ratio
Change in construction-to-GDP ratio
City-to-country price ratio

More specifically, bubble risk refers to the likelihood of a significant price correction due to distortions in global property markets

Miami Ranks Highest for Housing Bubble Risk

With real housing prices increasing nearly 50% since the end of 2019, Miami has the highest bubble risk across cities analyzed.

This has pushed the price-to-income ratio higher, as buyers compete for limited waterfront luxury properties. At the same time, the city’s relative affordability compared to other major U.S. metros, along with no state income tax and a favorable climate, has fueled demand.

Rank	City	Bubble Risk Score 2024	Rating
1	Miami	1.79	Bubble Risk
2	Tokyo	1.67	Bubble Risk
3	Zurich	1.51	Bubble Risk
4	Los Angeles	1.17	Overvalued
5	Toronto	1.03	Overvalued
6	Geneva	1.00	Overvalued
7	Amsterdam	0.98	Overvalued
8	Sydney	0.78	Overvalued
9	Boston	0.78	Overvalued
10	Vancouver	0.77	Overvalued
11	Frankfurt	0.75	Overvalued
12	Hong Kong	0.74	Overvalued
13	Tel Aviv	0.69	Overvalued
14	Dubai	0.64	Overvalued
15	Singapore	0.59	Overvalued
16	Madrid	0.56	Overvalued
17	Munich	0.54	Overvalued
18	San Francisco	0.48	Fair Valued
19	London	0.41	Fair Valued
20	New York	0.37	Fair Valued
21	Paris	0.35	Fair Valued
22	Stockholm	0.32	Fair Valued
23	Warsaw	0.23	Fair Valued
24	Milan	0.20	Fair Valued
25	São Paulo	0.04	Fair Valued

Ranking in second is Tokyo, one of the most unaffordable cities in the world.

Ultra-loose monetary policy and economic stability has contributed to high property valuations in Tokyo. Last year, a 646 square foot apartment cost 15 times more than an average skilled worker’s salary, exceeding levels seen in London and New York.

Although Dubai hasn’t entered bubble territory, home prices surged 17% between Q2 2023 and Q2 2024—the fastest increase among the cities analyzed. Over the past year, the city saw record transaction volumes and strong population growth as buyers flocked to this global financial hub.

By contrast, a number of cities saw their bubble risk decline as real home values dropped, including London, Hong Kong, Paris, and Toronto.

Learn More on the Voronoi App

To learn more about this topic from a housing affordability perspective, check out this graphic on the least affordable property markets around the world.