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Here’s how much land you can buy in the middle of the country for the cost of a house in San Francisco

Bankrate Logo By Zoë Miller of Bankrate | Slide 1 of 14: If you’re looking for an affordable place to live with plenty of land to call your own, avoid pricey San Francisco and head to the Midwest where you’ll get more acreage and a bigger home for your money.The median price of a house in San Francisco is $1.6 million, with condos selling for an average of $1.2 million, according to data provided by Compass, a real estate brokerage platform.Patrick Carlisle, chief market analyst for the San Francisco Bay Area at Compass, said the region became the most expensive housing market in the country due to wide scale employment growth in the booming tech sector and its affiliated industries, such as venture capital and financial services, over the past eight years.More than 700,000 jobs were created in that hotspot over that time span, he estimates. The appreciation in housing prices, he adds, is also tied to the real estate market recovery that began in 2012.“All those people rushing into the Bay Area in that time period put enormous pressure on the housing market since new construction wasn’t even coming close to keeping up with the increase in population,” Carlisle said.You can get much more for your money in other parts of the country. Compared to San Francisco’s median million-dollar-plus listings, up from $850,000 in 2011, Carlisle said that the median house price in the rest of the country is about one-sixth of the cost at $265,000.If you’re looking to buy a more affordable property, your dollar will stretch a lot further in the Midwest, for example.Using state-by-state land value data from a 2015 study by William Larson, senior economist at the Federal Housing Finance Agency, we calculated how much land you could buy in Midwestern states for the cost of one house priced at $1.6 million in San Francisco.Here’s how much land you can buy in the middle of the country for the cost of a house in San Francisco:

Property costs in San Francisco versus the Midwest

If you’re looking for an affordable place to live with plenty of land to call your own, avoid pricey San Francisco and head to the Midwest where you’ll get more acreage and a bigger home for your money.

The median price of a house in San Francisco is $1.6 million, with condos selling for an average of $1.2 million, according to data provided by Compass, a real estate brokerage platform.

Patrick Carlisle, chief market analyst for the San Francisco Bay Area at Compass, said the region became the most expensive housing market in the country due to wide scale employment growth in the booming tech sector and its affiliated industries, such as venture capital and financial services, over the past eight years.

More than 700,000 jobs were created in that hotspot over that time span, he estimates. The appreciation in housing prices, he adds, is also tied to the real estate market recovery that began in 2012.

“All those people rushing into the Bay Area in that time period put enormous pressure on the housing market since new construction wasn’t even coming close to keeping up with the increase in population,” Carlisle said.

You can get much more for your money in other parts of the country. Compared to San Francisco’s median million-dollar-plus listings, up from $850,000 in 2011, Carlisle said that the median house price in the rest of the country is about one-sixth of the cost at $265,000.

If you’re looking to buy a more affordable property, your dollar will stretch a lot further in the Midwest, for example.

Using state-by-state land value data from a 2015 study by William Larson, senior economist at the Federal Housing Finance Agency, we calculated how much land you could buy in Midwestern states for the cost of one house priced at $1.6 million in San Francisco.

Click or swipe through to see how much land you can buy in the middle of the country for the cost of a house in San Francisco.

© Jing lowdive Li/Shutterstock
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