CHARLOTTE, N.C., Oct. 2, 2018 /PRNewswire/ -- LendingTree®, the nation's leading online loan marketplace, today released its study on the cities with the biggest houses in America, ranking U.S. cities by home size.
To assess the median home size, analysts used LendingTree's proprietary database of almost all homes in the U.S. to calculate median home sizes for single-family homes for the largest 45 cities in the country. They also calculated median value to get a cost per square foot and reveal where homeowners get the most bang for their buck, at least in terms of living space.
"The Census Bureau reports that the median size of new homes completed in the second quarter was 2,412 square feet," said Tendayi Kapfidze, Chief Economist at LendingTree. "Home sizes have leveled off the past few years from a peak of 2,488 square feet in the third quarter of 2015, though homes sizes are generally larger today than they were for previous generations. Because only a small proportion of the housing stock is new each year, the median size of all homes is lower given a median house age of 37 years."
Everything is bigger in Texas.Houston leads the list, with Austin and Dallas also in the top five. Besides having a lot of space, Texas has been adding new residents at a steady pace, with the nation's largest annual population growth between 2010 and 2016. More new homes means larger homes.
South equals size. Other Southern cities dominate the top 10, with Atlanta, known for its sprawl, at No. 2.
Money talks. The Washington, D.C., area, whose suburbs include the three wealthiest counties in the country, comes in third. Boston, another wealthy city, ranks No. 9.
Show me? The Midwest lives up to its unpretentious reputation by having the most cities with the smallest houses. Missouri's Show Me State nickname clearly does not refer to houses, with its two largest cities both in the bottom 10.
Older is smaller. Cities with older housing stock have smaller houses, including Detroit at No. 45 on the list.
Cities with the biggest houses in America:
No. 1: Houston Median size: 1,952 square feet Median value: $196,000 Cost per square foot: $100
No. 2: Atlanta Median size: 1,914 square feet Median value: $196,000 Cost per square foot: $102
No. 3: Washington Median size: 1,908 square feet Median value: $446,000 Cost per square foot: $228
Cities with the smallest houses in America:
No. 43: Milwaukee Median size: 1,388 square feet Median value: $175,000 Cost per square foot: $130
No. 44: Minneapolis Median size: 1,360 square feet Median value: $273,000 Cost per square foot: $200
No. 45: Detroit Median size: 1,333 square feet Median value: $140,000 Cost per square foot: $108
About LendingTree LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.