The average monthly rent stands at around $1,500 in the US, so putting $3,500 towards housing each month means you have a lot more purchasing power. However, how much of the actual house can one get for that much amount of money? The answer is dependent on the fact that it depends on the area one wishes to reside in. There are some places in the country where $3,500 can afford you the luxurious house of your dreams. In other large metropolitan regions, it might only allow you to rent a small apartment or a tiny home. Below is a brief of the type of property that is attainable in various regions of the United States in the $3,500 monthly rent bracket.
Countryside or villages In small towns and rural areas, one can rent very large single-family homes above 3,000 sq ft for as low as $3,500 monthly. Houses with 4 or 5 bedrooms, two or more baths, basements, more than one living area, spacious lots, and other features like swimming pools, tennis courts, etc may be possible. You will receive the most houses in Midwestern, some Southern states, and small towns in the states with mountains like Montana and Wyoming. New single-family custom-built homes luxury apartment buildings or condominiums with or without smart home amenities and modernization are also conceivable.
Small to Mid-Sized Cities In small to midsized metro areas one can get very nice single-family homes in great neighborhoods for $3,500. You should be able to find 3-5 5-bedroom homes that range from 1800 to 3000 sq ft and outlay some of the following features an open floor layout, a gourmet kitchen equipped with modern appliances, a luxurious master bedroom, and a private backyard among others. To get more value for your money, you should avoid areas that are central business districts. Boise, Tucson, Memphis, Raleigh, Indianapolis, Birmingham, Louisville, and many more – these are some of the cities that have many options.
Major Metro Suburbs If you are interested in dwelling in the suburban area of such coastal cities like Los Angeles, New York, Seattle, Miami, or Washington DC, $3,500 will afford you a moderate single-family or townhouse. They are expected to have 2-4 bedrooms with the living area ranging from 1,500-2,500 square feet. It will not be high living but there are decent middle-class neighborhoods with small lawns, 2-car garages, up-to-date kitchens and bathrooms, etc, but travel time to the core business district may be longer.
Major Downtowns For $3,500 in the hearts of large, costly metropolitan areas, including New York, San Francisco, Los Angeles, Boston, and Chicago, you are most likely to rent an apartment or a condominium that is between 1,000 and 1,500 square feet. Most of the units will comprise 2 bedrooms, 2 bathrooms, and other necessities. Most apartments can provide a list of features that include shared spaces such as pools, fitness centers, rooftop terraces, etc For a small standalone rental house with a small lawn, you will likely have to go beyond $3,500 to secure a home or accept a property that needs fixing up.
What $3,500 Gets You in Specific Cities:
Los Angeles
- Good 2 bedrooms in good neighborhoods such as Culver City, Mar Vista, and Koreatown
- 3 bedroom farther from downtown – San Fernando Valley, Palms
New York City
- Another common appearance is a two-bedroom high-rise apartment in Queens or upper Manhattan.
- Walkup 3-bedroom apartment in Queens/Brooklyn
- A small 2 bedroom located in the Upper East Side.
Chicago
- Single-family homes, 3+ bedrooms, in areas such as Pilsen, North Center, Ravenswood
- Luxury 2-bedroom apartment located downtown with a high-rise building.
Houston
- Large 4-5 bedroom new build property with improvements
- Including 3 bedrooms in luxury neighborhoods of the suburbs such as Sugarland.
Phoenix
- 5-bedroom luxury home with pool and huge garden.
- Waterfront Four bedroom house
Factors Determine How many houses You Get: Factors that Determine How many houses You Get: When determining how much house your budget allows for, be sure to weigh factors like be sure to weigh factors:
- Area – The prices change depending on the location of the store, the district, the region, or the area where it belongs.
- Square footage – Area, number of bedrooms/baths, lot space
- Location – Homes built in newer times as compared to the ancient homes.
- Facilities such as a garage, yard, and pool for example contribute to the value of the property.
- Condition – Ready to occupy in pristine condition and fully furnished (turn-key) versus with many repairs and upgrades needed
The bottom line is that price per square foot is governed by location. In expensive areas, the house that you can acquire for a dollar is somehow inferior to what you get in cheaper locations. However, there could be more amenities in some downtowns than in others. Yeah, but that’s only in the cheaper regions where a lot of space is available and you can buy large single homes for a reasonable amount of money.
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