Price Per Square Foot Calculator
Enter the apartment's sale price, area in square meters, and possible housing company loan share. The calculator calculates the debt-free price per square foot.
Price per sq ft
Total price
Selling price
HOA loan share
Apartment Price Per Square Foot – What Does It Mean and How Is It Calculated?
Price per square foot, or price per square meter, is one of the most important metrics in apartment sales. It allows comparison of prices of apartments of different sizes in the same area and helps assess if the apartment is priced at market value.
How Is Price Per Square Foot Calculated?
Price per square foot is calculated by dividing the apartment's debt-free total price by its area:
Price per square foot = Total cost ÷ Area (sq ft)
Total cost means the purchase price plus any immediate renovation or repair expenses needed to make the property livable.
Why Does Total Cost Matter?
A home's true cost includes the purchase price plus any repairs or renovations needed. Two homes listed at different prices can have the same real cost:
| Apartment A | Apartment B | |
|---|---|---|
| List price | $200,000 | $150,000 |
| Renovation budget | $0 | $50,000 |
| True total cost | $200,000 | $200,000 |
In the example, the homes are actually the same total cost, but comparing list prices alone makes Home B appear cheaper.
Average Price Per Square Foot in the US
Price per square foot varies significantly by location. Overview for 2024:
| Area | Apartment building $/sq ft | House $/sq ft |
|---|---|---|
| New York City | 1,200–2,500 | 800–1,500 |
| Los Angeles | 800–1,500 | 600–1,200 |
| Chicago | 400–800 | 300–600 |
| Houston | 200–400 | 150–300 |
| Phoenix | 250–500 | 200–400 |
| Other cities | 150–300 | 100–250 |
Factors Affecting Price Per Square Foot
- Location – neighborhood, services, transport connections
- Condition – renovation needs lower price per square foot
- Housing company's condition – upcoming plumbing renovations and facade renovations
- Year built – new builds more expensive
- Floor and views – higher floors usually more expensive
- Apartment size – small apartments often more expensive per square foot
Tips for Apartment Buyers
- Always compare debt-free price per square foot
- Check the area's average price per square foot from the Zillow service
- Consider the housing company's upcoming renovations – they can significantly increase the real price
- Request the property manager's certificate before the purchase
Sources:
Frequently Asked Questions
How do I calculate price per square foot?
Divide the total price by the total area in square feet. For example, a $300,000 home with 2,000 sq ft = $150 per square foot.
What is a good price per square foot for a house?
The US median home price per square foot is roughly $150-$200, but it varies enormously by location — from under $100 in rural Midwest areas to over $1,000 in Manhattan or San Francisco.
How do I compare homes using price per square foot?
Price per square foot lets you compare homes of different sizes on an equal basis. Divide each home's price by its square footage and compare. A lower number means more space for your money.
Is price per square foot the best way to compare homes?
It is a useful starting point but does not capture lot size, condition, location, or features. Use it alongside other metrics like price-to-rent ratio and comparable sales.
How do I convert square meters to square feet for this calculator?
Multiply square meters by 10.764 to get square feet. For example, a 100 m2 apartment = 1,076 square feet.
Related Tools
- Mortgage Calculator — Estimate monthly mortgage payments
- Down Payment Calculator — Calculate how much you need for a down payment
- Home Affordability Calculator — Find out how much house you can afford
- Square Footage Calculator — Calculate the area of any space
- Moving Cost Calculator — Estimate the cost of your move