In 2013, The Economist ranked Vancouver as the most expensive place to live in North America. With real estate prices still on the up and up, this is great news for people who already own their homes, but what about those of us looking to enter the real estate market?
Many young families still have the dream to live in a detached home with a yard. Apartment-living isn’t for everyone, especially those expanding their families, and the cost of a city apartment big enough to house a family of four is pretty hefty.
A lot of us grew up in a Vancouver where owning a three-bedroom home close to the city and other amenities was not too hard. When my parents had children and bought a house in North Vancouver, the average price of a detached home here was only around $150,000. Today, it is $1.2 million.
If you’re feeling kind of nauseous right about now, you’re not the only one. I’m going to have to go watch Love Actually five times to reverse the stress of writing this article.
That being said, I thought I’d find some solace by searching real estate in other North American cities. I don’t have plans to move to St. Louis, but if I ever do, I sure won’t have a problem affording a house there.
So here was my query: What can you get for approximately $500,000 in other North American cities? My criteria for the search was based on the qualities of a starter home:
- a detached home
- minimum three bedrooms
- a yard
- close to the city
- in a decent neighbourhood
Upon selecting these homes, I tried my best to choose homes the average person wouldn’t mind living in. When there was lots of selection, neighbourhood and quality of home took precedent. When there wasn’t much choice, proximity to the city was number one.
Starting off in Vancouver, here are the results:
Vancouver, British Columbia
Like many big cities, there are virtually no single-family detached homes for $500,000 in the City of Vancouver. This home was the closest proximity to downtown Vancouver for the price and criteria I had selected.
Neighbourhood/Region: Surrey
Distance from city centre: 33.9 km
Square footage: 1479 sq. ft.
Number of bedrooms: 3
Asking price: $479,000
Images via Realtor.ca
Halifax, Nova Scotia
Neighbourhood/Region: West End, Halifax Peninsula
Distance from city centre: 3.1 km
Square footage: 2148 sq. ft.
Number of bedrooms: 4
Asking price: $489,000
Images via Realtor.ca
Montreal, Quebec
Neighbourhood/Region: Saint-Basile-le-Grand, Quebec
Distance from city centre: 25.5 km
Square footage:
Number of bedrooms: 4
Asking price: $499,900
Images via Remax Quebec
New York, New York
Neighbourhood/Region: Jamaica, New York
Distance from city centre: 26.8 km
Square footage: 1280 sq. ft.
Number of bedrooms: 3
Asking price: $476,000
Images via Realtor.com
Philadelphia, Pennsylvania
Neighbourhood/Region: Wyndmoor, Northwest Philadelphia
Distance from city centre: 18.6 km
Square footage: 2376 sq. ft.
Number of bedrooms: 3
Asking price: $485,000
Images via Realtor.com
Washington, D.C.
Neighbourhood/Region: Silver Spring, Maryland
Distance from city centre: 10.2 km
Square footage: 1550 sq. ft.
Number of bedrooms: 3
Asking price: $499,000
Images via Realtor.com
Toronto, Ontario
Neighbourhood/Region: East Danforth
Distance from city centre: 7.2 km
Square footage:
Number of bedrooms: 3
Asking price: $499,000
Images via Realtor.ca
Pittsburgh, Pennsylvania
Neighbourhood/Region: Oakmont, Pennsylvania
Distance from city centre: 19.1 km
Square footage:
Number of bedrooms: 3
Asking price: $474,900
Images via Realtor.com
Naples, Florida
Neighbourhood/Region: Upper Estates
Distance from city centre: 26.7 km
Square footage: 2260 sq. ft.
Number of bedrooms: 3
Asking price: $529,900
Images via Realtor.com
Detroit, Michigan
Neighbourhood/Region: Huntington Woods
Distance from city centre: 24.3 km
Square footage: 2242 sq. ft.
Number of bedrooms: 3
Asking price: $499,000
Images via Realtor.com
Atlanta, Georgia
Neighbourhood/Region: Brookhaven, Atlanta
Distance from city centre: 19.7 km
Square footage: 1845 sq. ft.
Number of bedrooms: 3
Asking price: $499,000
Images via Realtor.com
Nashville, Tennessee
Neighbourhood/Region: West End, Tennessee
Distance from city centre: 6.5 km
Square footage: 2417 sq. ft.
Number of bedrooms: 3
Asking price: $499,900
Images via Realtor.com
Chicago, Illinois
Neighbourhood/Region: Grand Boulevard, Chicago
Distance from city centre: 10.5 km
Square footage: 5000 sq. ft.
Number of bedrooms: 4
Asking price: $550,000
Images via Realtor.com
St. Louis, Missouri
Neighbourhood/Region: Central West End, St. Louis
Distance from city centre: 6.6 km
Square footage: 3600 sq. ft.
Number of bedrooms: 6
Asking price: $539,900
Images via Realtor.com
New Orleans, Louisiana
Neighbourhood/Region: Uptown, New Orleans
Distance from city centre: 5 km
Square footage: 2106 km
Number of bedrooms: 3
Asking price: $489,000
Images via Realtor.com
Houston, Texas
Neighbourhood/Region: Garden Oaks, Houston
Distance from city centre: 14.3 km
Square footage: 2136 sq. ft.
Number of bedrooms: 4
Asking price: $494,900
Images via Realtor.com
Austin, Texas
Neighbourhood/Region: Lakeway, Texas
Distance from city centre: 40 km
Square footage: 3132 sq. ft.
Number of bedrooms: 3
Asking price: $500,000
Images via Realtor.com
Fargo, North Dakota
Neighbourhood/Region: South Fargo
Distance from city centre: 11.8 km
Square footage: 2021 sq. ft.
Number of bedrooms: 5
Asking price: $498,900
Images via Realtor.com
Winnipeg, Manitoba
Neighbourhood/Region: Elm Park, Winnipeg
Distance from city centre: 7.1 km
Square footage: 2664 sq. ft.
Number of bedrooms: 3
Asking price: $499,900
Images via Realtor.ca
Denver, Colorado
Neighbourhood/Region: Virginia Village, Denver
Distance from city centre: 9.2 km
Square footage: 1226 sq. ft.
Number of bedrooms: 3
Asking price: $509,500
Images via Realtor.com
Phoenix, Arizona
Neighbourhood/Region: Phoenix Mountains Preserve
Distance from city centre: 17.4 km
Square footage: 2065 sq. ft.
Number of bedrooms: 3
Asking price: $499,900
Images via Realtor.com
Calgary, Alberta
Neighbourhood/Region: Vista Heights, Calgary
Distance from city centre: 6.7 km
Square footage: 1729 sq. ft.
Number of bedrooms: 3
Asking price: $519,000
Images via Realtor.ca
Los Angeles, California
Neighbourhood/Region: Northeast Los Angeles
Distance from city centre: 6.7
Square footage: 1386 sq. ft.
Number of bedrooms: 3
Asking price: $499,000
Images via Realtor.com
Sacramento, California
Neighbourhood/Region: Curtis Park, Sacramento
Distance from city centre: 5.7 km
Square footage: 1860 sq. ft.
Number of bedrooms: 4
Asking price: $499,950
Images via Realtor.com
San Francisco, California
Neighbourhood/Region: Oakland, California
Distance from city centre: 11.2 km
Square footage: 1347 sq. ft.
Number of bedrooms: 3
Asking price: $499,000
Images via Realtor.com
Seattle, Washington
Neighbourhood/Region: North Beacon Hill, Seattle
Distance from city centre: 5.4 km
Square footage: 2160 sq. ft.
Number of bedrooms: 3
Asking price: $500,000
Images via Realtor.com