Homebuyers in the U.S. may want to hold their thoughts on the costs.
Stories abound on the immense international investments in the U.S. housing market, and a new study from Credit Sesame seems to have clarified why.
According to an elegant infographic that Credit Sesame compiled using price data from Zillow, the New York Times, Trulia, and other sources, home prices in the U.S. are markedly lower than other premiere markets across the globe.
For instance, think that real estate in Manhattan, at $1,068 per square foot, is expensive? Sure, it’s the most expensive in the U.S., but consider these prices in other major cities – $1,561 per square foot in Singapore; $1,563 per square foot in Luxembourg; $1,590 per square foot in London; $2,099 per square foot in Oslo; and finally, $3,287 per square foot in Paris, the costliest metropolitan real estate market in the world.
All of the sudden, the $158 per square foot price tag in Chicago doesn’t seem too bad! In relation, the median international home market, Credit Sesame found, is that of Athens, Greece, where property costs $890 per square foot.
Adrian Nazari, founder and chief executive of Credit Sesame, told the Wall Street Journal that the graphic shows why foreign buyers remain drawn to the U.S. Nazari also said that the findings should reassure U.S. consumers in their housing market.
“Home ownership is still much more attainable here than most other parts of the world,” Nazari said.