Another apples/oranges thing can be location. Around here, a new home can be both lots more expensive and much more affordable than a used one depending on location.I live in an area (Ft. Walton Beach FL) where the Department of Defense owns the majority of land in the county. There is a limited supply of open land in the south part of the county. (The area near beaches, the mall, good restaurants, etc.) South county, new homes are generally on 50x90 lots and even the cost of a new home is high because land is so dear. With a handful of exceptions, new housing is infill. So because of the scarcity, you do pay a steep premium for new.And there is good older housing stock south county that can be priced significantly lower than the new stuff. We just signed a contract on a 1700sf 3/2/2 for $129,000. To get that much square footage in a new home would cost us at least $150,000 and we would have a much smaller lot.However, go north of the Air Force land,(about 20 miles) and available land is plentiful. 1/3 acre lots are standard. New subdivsions are spring up all over the place because a comprable new home in Crestview can be up to $40,000 cheaper than the same new home in Ft. Walton Beach. There, the newer homes with all extras are slightly cheaper than the existing housing stock. Location, location, location alone can make a huge difference.
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