What’s The Average Cost to Build a 1500 Square Foot House?
We know buying a house is a huge investment that requires careful consideration, planning, and saving. According to the United States Census Bureau, the median size of a home completed in 2023 was 2,233 square feet, and the median price was $428,600. That means that in order to buy an average-sized house, you’d have to save $85,720 for a 20% down payment. That’s a lot of money!
However, if we were to look at the average by region, there would be slight differences (in the case of the Northeast, there’s a significant difference!).
In the Northeast, the average sized home was 2,794 square feet and the average cost was $920,700 with a $184,140 down payment.
In the Midwest, the average sized home was 2,356 square feet and the average cost was $449,900 with a $89,980 down payment.
In the South, the average sized home was 2,506 square feet and the average cost was $ 455,400 with a $91,080 down payment.
In the West, the average sized home was 2,413 square feet and the average cost was $ 617,900 with a $123,580 down payment.
What if you just want a modest home, and you don’t want to buy an existing home? What if you want a new construction home so you can build exactly what you want? What is the average cost to build a 1,500-square-foot house?
That’s exactly what we’re going to cover in this guide. We’re going to break down the regional cost per square foot and take a look at what percentage each step of the building process costs.
