Since buying an existing home is financially out of reach for many, some people are considering taking a different path: buying land and building a new home. But when you consider the cost of property, labor and materials – which have also gone up in price due to supply chain issues and inflation – at least according to the homeowners from today.
Of course, much depends on the size of the home you are building, the types of materials and furnishings you plan to use, and where you live. To give you an idea of what you might end up paying in your area, here are Today’s Homeowner’s estimates of the average cost of building a new home in each state.
Cost to build a new home in each state
Today’s Homeowner ranked the states for their report, estimating the average price to build a new 2,100 square foot spec home, excluding the “lot and development costs” for each location. Using this methodology, the average cost of building a new home in the U.S. is $332,397, or $158 per square foot.
Here are the average costs for each state, ranked from lowest to highest:
Mississippi
Total cost: $287,670
Price per square foot: $137
Arkansas
Total Price: $288,175
Price per square foot: $137
Alabama
State Total Price: $291,397
Price per square foot: $139
Louisiana
Total Price: $296,107
Price per square foot: $141
North Carolina
State Total Price: $297,062
Price per square foot: $141
Florida
Total Price: $297,228
Price per square foot: $142
Oklahoma
Total Price: $300,673
Price per square foot: $143
South Carolina
Total Price: $301,079
Price per square foot: $143
South Dakota
Total Price: $301,739
Price per square foot: $144
Tennessee
Total Price: $302,204
Price per square foot: $144
West Virginia
Total Price: $304,383
Price per square foot: $145
Georgia
Total Price: $305,143
Price per square foot: $145
Kentucky
Total Price: $308,661
Price per square foot: $147
Texas
Total Price: $309,334
Price per square foot: $147
Virginia
Total Price: $310,815
Price per square foot: $148
Kansas
Total Price: $312,435
Price per square foot: $149
New Mexico
Total Price: $314,409
Price per square foot: $150
Arizona
Total Price: $317,153
Price per square foot: $151
Vermont
Total Price: $322,652
Price per square foot: $154
Iowa
Total Price: $324,620
Price per square foot: $155
Michigan
Total Price: $325,347
Price per square foot: $155
Idaho
Total Price: $326,675
Price per square foot: $156
Nevada
Total Price: $326,753
Price per square foot: $156
Delaware
Total Price: $329,212
Price per square foot: $157
Wyoming
Total Price: $329,590
Price per square foot: $157
Indiana
Total Price: $329,607
Price per square foot: $157
Colorado
Total Price: $330,238
Price per square foot: $157
Nebraska
Total Price: $332,676
Price per square foot: $158
Ohio
Total Price: $333,741
Price per square foot: $159
Montana
Total Price: $334,808
Price per square foot: $159
Wisconsin
Total Price: $335,299
Price per square foot: $160
Maryland
Total Price: $337,392
Price per square foot: $161
Utah
Total Price: $338,173
Price per square foot: $161
Oregon
Total Price: $338,532
Price per square foot: $161
Pennsylvania
Total Price: $339,167
Price per square foot: $162
North Dakota
State Total Price: $340,480
Price per square foot: $162
Missouri
Total Price: $341,452
Price per square foot: $163
Maine
Total Price: $345,816
Price per square foot: $165
Alaska
Total Price: $348,591
Price per square foot: $166
Minnesota
Total Price: $352,943
Price per square foot: $168
New Hampshire
Total Price: $361,098
Price per square foot: $172
Washington
Total Price: $363,120
Price per square foot: $173
California
Total Price: $363,314
Price per square foot: $173
Connecticut
Total Price: $367,853
Price per square foot: $175
New York
Total Price: $371,875
Price per square foot: $177
Rhode Island
Total Price: $372,069
Price per square foot: $177
Illinois
Total Price: $380,189
Price per square foot: $181
New Jersey
Total Price: $387,262
Price per square foot: $184
Massachusetts
Total Price: $402,709
Price per square foot: $192
Hawaii
Total Price: $431,364
Price per square foot: $205
