Cost Per Square Foot: Difference between revisions
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=About= | |||
Summary: cost per square foot is largely meaningless. You don't know what it means until you consider: | |||
#Does it include builder's profit? | |||
#Does it include livable space only? (or other such as garage or porch) | |||
#Does it include basement? | |||
*Measured for livable space (cost to build the complete home / sf of livable space only) only as the claimed industry standard of measuring cost of a home. Thus, a large garage and porch or upscale interior finish drive the cost up [https://www.reinbrechthomes.com/blog/dont-get-hung-up-on-the-cost-per-square-foot-to-build-a-house/#:~:text=Calculating%20Cost%20Per%20Square%20Foot&text=*Livable%20square%20feet%20does%20not,IS%20included%20in%20total%20cost.]. Does not include land. | *Measured for livable space (cost to build the complete home / sf of livable space only) only as the claimed industry standard of measuring cost of a home. Thus, a large garage and porch or upscale interior finish drive the cost up [https://www.reinbrechthomes.com/blog/dont-get-hung-up-on-the-cost-per-square-foot-to-build-a-house/#:~:text=Calculating%20Cost%20Per%20Square%20Foot&text=*Livable%20square%20feet%20does%20not,IS%20included%20in%20total%20cost.]. Does not include land. | ||
*Average USA cost is $150 builder grade [https://www.google.com/search?q=build+cost+per+square+foot+usa+2023&ei=8CTBZJDoCri7qtsP89GLwAo&ved=0ahUKEwiQoIevwqyAAxW4nWoFHfPoAqgQ4dUDCBA&uact=5&oq=build+cost+per+square+foot+usa+2023&gs_lp=Egxnd3Mtd2l6LXNlcnAiI2J1aWxkIGNvc3QgcGVyIHNxdWFyZSBmb290IHVzYSAyMDIzMgUQIRigATIIECEYFhgeGB0yCBAhGBYYHhgdSI9HUJsNWJFGcAJ4AZABApgBbqAB_R6qAQQ0OS41uAEDyAEA-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&sclient=gws-wiz-serp]. But this figure is different than the industry standard cost method - here they don't include land NOR non-livable space such as garage. Thus, the Forbes definition is not the standard definition. | *Average USA cost is $150 builder grade [https://www.google.com/search?q=build+cost+per+square+foot+usa+2023&ei=8CTBZJDoCri7qtsP89GLwAo&ved=0ahUKEwiQoIevwqyAAxW4nWoFHfPoAqgQ4dUDCBA&uact=5&oq=build+cost+per+square+foot+usa+2023&gs_lp=Egxnd3Mtd2l6LXNlcnAiI2J1aWxkIGNvc3QgcGVyIHNxdWFyZSBmb290IHVzYSAyMDIzMgUQIRigATIIECEYFhgeGB0yCBAhGBYYHhgdSI9HUJsNWJFGcAJ4AZABApgBbqAB_R6qAQQ0OS41uAEDyAEA-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&sclient=gws-wiz-serp]. But this figure is different than the industry standard cost method - here they don't include land NOR non-livable space such as garage. Thus, the Forbes definition is not the standard definition. | ||
*Median is more useful with nonsymmetric distributions, such as ones skewed by high cost outliers such as housing. [https://www.google.com/search?sxsrf=ALeKk026QG9BbsZl0rNsBS9KmerMgczY_w%3A1602863734253&source=hp&ei=dsKJX6q8DJDYsAXHkpG4Cw&q=why+do+people+use+median+instead+of+average&btnK=Google+Search&oq=how+to+configure+nvidia+geforce+gtx+1650+super+on+linux+mint&gs_lcp=CgZwc3ktYWIQAzIFCCEQoAEyBQghEKsCMgUIIRCrAjoOCAAQ6gIQtAIQmgEQ5QI6DgguELEDEMcBEKMCEJMCOggILhDHARCvAToLCC4QsQMQxwEQowI6CAgAELEDEIMBOggILhCxAxCDAToFCAAQsQM6AggAOgQIABAKOgYIABAWEB46CAghEBYQHRAeOgcIIRAKEKABUMsQWOmzAWD8tAFoBnAAeACAAeQGiAGhS5IBDTExLjQ3LjMuMi42LTGYAQCgAQGqAQdnd3Mtd2l6sAEG&sclient=psy-ab&ved=0ahUKEwiqz4DcvLnsAhUQLKwKHUdJBLcQ4dUDCAk&uact=5]. The average is higher, median is the average Joe price. | *Median is more useful with nonsymmetric distributions, such as ones skewed by high cost outliers such as housing. [https://www.google.com/search?sxsrf=ALeKk026QG9BbsZl0rNsBS9KmerMgczY_w%3A1602863734253&source=hp&ei=dsKJX6q8DJDYsAXHkpG4Cw&q=why+do+people+use+median+instead+of+average&btnK=Google+Search&oq=how+to+configure+nvidia+geforce+gtx+1650+super+on+linux+mint&gs_lcp=CgZwc3ktYWIQAzIFCCEQoAEyBQghEKsCMgUIIRCrAjoOCAAQ6gIQtAIQmgEQ5QI6DgguELEDEMcBEKMCEJMCOggILhDHARCvAToLCC4QsQMQxwEQowI6CAgAELEDEIMBOggILhCxAxCDAToFCAAQsQM6AggAOgQIABAKOgYIABAWEB46CAghEBYQHRAeOgcIIRAKEKABUMsQWOmzAWD8tAFoBnAAeACAAeQGiAGhS5IBDTExLjQ3LjMuMi42LTGYAQCgAQGqAQdnd3Mtd2l6sAEG&sclient=psy-ab&ved=0ahUKEwiqz4DcvLnsAhUQLKwKHUdJBLcQ4dUDCAk&uact=5]. The average is higher, median is the average Joe price. | ||
*Average price of a new home USA is $487K, media is $416k [https://www.google.com/search?q=avearge+sale+price+of+a+new+home+2023&ei=ZyjBZN2gH9u7qtsPupGQyAs&ved=0ahUKEwid8JXWxayAAxXbnWoFHboIBLkQ4dUDCBA&uact=5&oq=avearge+sale+price+of+a+new+home+2023&gs_lp=Egxnd3Mtd2l6LXNlcnAiJWF2ZWFyZ2Ugc2FsZSBwcmljZSBvZiBhIG5ldyBob21lIDIwMjMyBxAhGKABGAoyCBAhGBYYHhgdSLQQULcEWLUPcAF4AZABAJgBjwGgAeUEqgEDMS40uAEDyAEA-AEBwgIKEAAYRxjWBBiwA8ICBRAhGKsCwgIKECEYFhgeGA8YHeIDBBgAIEGIBgGQBgg&sclient=gws-wiz-serp] | *Average price of a new home USA is $487K, media is $416k [https://www.google.com/search?q=avearge+sale+price+of+a+new+home+2023&ei=ZyjBZN2gH9u7qtsPupGQyAs&ved=0ahUKEwid8JXWxayAAxXbnWoFHboIBLkQ4dUDCBA&uact=5&oq=avearge+sale+price+of+a+new+home+2023&gs_lp=Egxnd3Mtd2l6LXNlcnAiJWF2ZWFyZ2Ugc2FsZSBwcmljZSBvZiBhIG5ldyBob21lIDIwMjMyBxAhGKABGAoyCBAhGBYYHhgdSLQQULcEWLUPcAF4AZABAJgBjwGgAeUEqgEDMS40uAEDyAEA-AEBwgIKEAAYRxjWBBiwA8ICBRAhGKsCwgIKECEYFhgeGA8YHeIDBBgAIEGIBgGQBgg&sclient=gws-wiz-serp] | ||
*Median cost is $416k, 480k average | |||
*Median sf is 2300 | *Median sf is 2300 | ||
=Links= | =Links= | ||
*[[Closing Costs]] | *[[Closing Costs]] | ||
Revision as of 14:27, 26 July 2023
About
Summary: cost per square foot is largely meaningless. You don't know what it means until you consider:
- Does it include builder's profit?
- Does it include livable space only? (or other such as garage or porch)
- Does it include basement?
- Measured for livable space (cost to build the complete home / sf of livable space only) only as the claimed industry standard of measuring cost of a home. Thus, a large garage and porch or upscale interior finish drive the cost up [1]. Does not include land.
- Average USA cost is $150 builder grade [2]. But this figure is different than the industry standard cost method - here they don't include land NOR non-livable space such as garage. Thus, the Forbes definition is not the standard definition.
- Median is more useful with nonsymmetric distributions, such as ones skewed by high cost outliers such as housing. [3]. The average is higher, median is the average Joe price.
- Average price of a new home USA is $487K, media is $416k [4]
- Median cost is $416k, 480k average
- Median sf is 2300