Cost Per Square Foot: Difference between revisions
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*There are 6 classes of house quality. Lowest cost is $60/sf build cost. Highest is $500/sf (luxury) [https://estimationqs.com/building-costs-per-square-foot-in-the-state-of-missouri-usa/] | *There are 6 classes of house quality. Lowest cost is $60/sf build cost. Highest is $500/sf (luxury) [https://estimationqs.com/building-costs-per-square-foot-in-the-state-of-missouri-usa/] | ||
*Cob homes are the lowest cost to build, but highest cost to buy [https://homebuyer.com/learn/what-is-the-cheapest-type-of-house-to-build]. Build cost is way off - it doesn't include any MEP. | *Cob homes are the lowest cost to build, but highest cost to buy [https://homebuyer.com/learn/what-is-the-cheapest-type-of-house-to-build]. Build cost is way off - it doesn't include any MEP. | ||
=Examples= | |||
*2023 - $279k, 1700 sf [https://www.zillow.com/homedetails/606-W-Main-St-N-Maysville-MO-64469/2056932679_zpid/]. $164/sf. | |||
*2023 - $340k, 1500 sf [https://www.zillow.com/homedetails/2705-Coop-Dr-Saint-Joseph-MO-64506/247825617_zpid/]. $227/sf. | |||
=Links= | =Links= | ||
*[[Closing Costs]] | *[[Closing Costs]] | ||
Revision as of 14:54, 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 sale price of a new home USA is $487K, media is $416k [4]
- If average cost to build a house is $280k [5], then land + legal is $200k.
- Median sf is 2300
- There are 6 classes of house quality. Lowest cost is $60/sf build cost. Highest is $500/sf (luxury) [6]
- Cob homes are the lowest cost to build, but highest cost to buy [7]. Build cost is way off - it doesn't include any MEP.