Finding a new home isn’t as easy as some may think. Aside from choosing a suitable location, looking for housing that fits within your budget can be stressful. You also need to consider mortgage insurance and utilities, among other things. No one likes to overspend, so we’ve scoped out housing opportunities across major U.S. cities with listing prices around $500,000.

Big, populous cities have different costs of living, so it is important to choose a location that matches your financial capabilities. Let’s discuss what $500k can get you in different cities.

One-Bedroom Apartment, New York City

New York is expensive, but the location is perfect for people looking for high-paying jobs and a wide variety of amenities. Even so, $500k can get you a one-bedroom apartment complete with a kitchen and bath. One-bedroom homes in New York City don’t usually offer very large spaces, as they can be about 450-500 square feet in size. But all in all, this type of home can contain two large closets and additional laundry space.

One-Bedroom Condo, Los Angeles

Downtown LA is famous for its high-rises and beautiful architecture, so real estate that can offer an LA view would be a great find. There are tons of fantastic condo options in this area. For around $500,000, an 800-square foot studio condo sits conveniently right between budget and sufficient space. The good thing about this type of condo is you can set up a collapsible wall to separate a bedroom or private space. 

Three-Bedroom House, Houston

Though Houston is largely urbanized, the suburbs are an entirely different situation. If you consider living far from busy streets, you can find more affordable houses with three bedrooms, each with its own bath. Talk about additional rooms for the kids or a separate space for yoga and fitness. A single-family home is the most common type of property in this neighborhood, so it’s ideal for medium to large families who need extra privacy. 

Four-Bedroom House, Phoenix

A 2,000 square foot house is massive and quite expensive in most major U.S. cities. But it’s a different scenario when we talk about Phoenix, Arizona. The average three to four-bedroom houses range from $270,00 to $600,000 — a lot cheaper compared to neighboring cities. This may be because of the desert soil and dry, warm climate. Despite being in the desert, Phoenix offers many options for people who seek outdoor activities. 

The Bottom Line

Purchasing a home can be really exciting since real estate is one of the biggest investments most people will ever make. But a perfect home also means getting the right location and the right size for your family and lifestyle. To achieve that, you first need to set your expectations right. 

Choosing a home in a crowded city means paying a bit higher. A cheaper, larger house in rugged terrain may also mean adventure. Specific cities bring exclusive offers in house hunting, so set a budget early in the home buying process and figure out how much space you need to be happy and comfortable. Once you figure that out, pick a city and start house hunting!