The cost to build a house ranges from $506,860to $534,300,for an average of $520,500.
That’s for an average-sized home of 2,560 square feet.
Some costs are non-negotiable, such as the contractor’s mark-up, builder’s sales fees, and permits.
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Cost of Land and Construction
The average cost to construct a house is $392,240land not included.
A 0.4-acre or 17,220-square-foot lot costs $114,620, on average.
Combining the cost of the land and the construction brings the total cost to $506,860.
These extras total $137,900, bringing the overall cost of building a house to $644,750.
Cost Per Square Foot
The average cost to build a house is $203 per square foot.
The cost of constructing a house is $153 per square foot.
That’s the cost of construction only, not including the cost of the land or builder’s fees.
This is the raw cost of the land onlyno structures.
On average, a 0.4-acre or 17,220-square-foot lot costs $114,620.
Land in Michigan, New Mexico, and Wyoming costs about three times as much.
Or, you’ve got the option to add or remove entire rooms, as needed.
On the other hand, a small- oraverage-size kitchen costsjust over $20,000.
If a full-size kitchen with all the amenities is important, it might be worth increasing its size.
Framing the house costs $80,280.
Electrical work costs about $24,000, or about six-percent of the total building cost.
Likewise, plumbing work costs close to $24,000.
Higher-endquartz countertopsalone range from $2,120 to $5,960 per installation.
Some houses take from seven to nine months to complete.
A few outlier houses are built in less than three months.
Some houses can take a year or more to build.
An existing home costs $195,530 less than the cost of building a house.
The median price for an existing house is $324,970.
Here are several ways to save money when building a house.
Reducing the size of the house will lower the cost to build it.
Commonly called sweat equity, homeowner-driven labor can substantially reduce costs by also reducing contractor fees or mark-ups.
Choose Trends Wisely
Not allhome-building trendsstick.
Go with atimeless home designthat lasts over the long term rather than elements and styles that quickly age out.
Buy Less Expensive Appliances
Buyers of new homes spend about $4,255 on appliances.
But that’s just the average.Refrigerators can costfrom $3,000 to $4,000 and upwards.
High-enddishwashers can cost$2,000 or more.
Investigate appliance reviews for less expensive products that deliver the features you want for less money.
Change orders are agreements that the builder and homeowner both sign to change the original contract.
Changes might involve more expensive work (such as increasing the size of the kitchen or bathroom).
That’s between 14- to 15-percent of the entire cost of building the home.
This saves on the cost of contractor-driven work, with its attendant mark-up fees.
A homeowner can install floor coverings like luxury vinyl or laminate or install window treatments.
Experienced DIYers canpaint the interiororfinish the basement.
Another option is to postpone less-than-critical exterior projects until they’re more affordable.
Removing this category from the total house-building cost saves six-percent or $23,650 of the total cost.
Homeowners can take on outdoor work bybuilding patiosand walkways orplanting trees, shrubs, and grass.
More ambitious exterior work includespainting the house exterior.
It is cheaper to buy a house than to build a house.
The median price for an existing house is $324,970.
The average cost of building a house is $520,500.
That’s a difference of $195,530.
you might save the most money when building a house by reducing its size.
The most expensive part of building a house is the cost of the land.
The property costs $114,620, on average.
The wide category of interior finishes comprises close to a quarter of the cost of house construction.
The interior finishes category includes projects like trim, flooring, interior painting, doors, and cabinets.
Monthly New Residential Sales.
Cost of Constructing a Home.
National Association of Home Builders (NAHB).
Land Price and Land Share Indicators.
Housing Center - American Enterprise Institute.
NAHB Priced-Out Estimates for 2022.
National Association of Home Builders.
United States Home Values.
Spending Patterns of Home Buyers: Appliances, Furnishings and Property Alterations.
National Association of Home Builders.
8 Strategies for Reducing Construction Costs.
National Association of Home Builders.
