Last Updated on October 30, 2020
Many landowners ask designers and contractors, how much will it cost to build a new home? One of the interesting cost metrics that is used is cost per sq ft. How much will it cost to build your new home is subjective in many aspects. Instead of giving a ballpark estimate to a landowner, which could be entirely inaccurate, a cost per square foot quote explains how much a home could cost relative to its overall size.
Only those who are among the wealthiest can look at a new home project without thinking about the budget. Everyone has a budget in their mind, whether it is $50,000, $100,000 or $250,000. The goal of a house plan is to ensure that a homeowner’s needs are met, while sticking to the budget. It also allows for prioritizing some features over others, depending on how much everything costs.
How Much Will It Cost to Build Your New Home? Costs Vary By Region
Even with a useful metric such as price per foot, it is important to understand the different expenses in parts of the country. Building a home in Kansas is not going to cost the same as building a home in California. But within a specific region, price per sq ft can help landowners understand how big a home they can build.
Per the United States Census survey, the average per square foot cost of building a new home came to $105 in 2016. Of course, the figures were higher in the Northeast and West, at $159 and $129. The South was as far down as $95 per square foot.
Another factor to consider is whether the home is a single story or two stories. For the same square footage, two story homes typically cost less than one story homes. It is because the structure of the home is more routine, as compared to single story homes that tend to be a lot wider.