2 Bedroom houses can come in all shapes and sizes. Adding to the price is location, local regulations, population, and many other aspects. Maybe you’re in the market for a new house or are looking for that next rental. So what is it that you need to know about house prices?
A good share of 2 bedroom homes in the US are priced between $200,000 and $300,000, but the average in some locations will be closer to $100,000 while others will be $550,000. Several factors beyond the number of bedrooms influence overall prices, like location, age, and different features.
If considering buying or renting, first think of all the features or characteristics you really want and then find a home that matches those.
I will take you through the factors influencing price as well as showing you where the most and least expensive houses tend to be. I’ll show you how to accurately price a house to determine if the offered price or rent is reasonable. We’ll also look at what other factors will swing a house price so you can be aware of them.
How Much Is A 2 Bedroom House To Rent?
The best way to think of how much to pay in rent is to consider whether the rent being charged is reasonable. You can do this via some calculations that a landlord would consider when setting rent.
When determining how much rent to charge a tenant, many landlords use what is called the 1% rule. This rule suggests charging 1% of the home’s value for rent per month. On top of that, there are other considerations. Primarily would be local rent control laws as these set certain limits on rent. Of course, the surrounding houses and their prices would factor in the cost of similar rentals in the area and changes in the local market.
The 1% rule is a good baseline when considering how much to pay in rent when looking for a place. You should also consider factors that are important to you when considering how much rent to pay. Surveys consistently show that nearly four out of five renters prioritize safety when choosing a place as well as over 50% of renters who consider the impact on their commute as the biggest issue.
How Much Does A Decent 2 Bedroom House Cost?
The range of prices for a two-bedroom house is too wide to give an accurate estimate. The location, size of the home, and if modern or custom designs are used is going to factor up the price significantly.
Some estimates are that the average cost to build a house is $248,000, or between $100 to $155 per square foot. This is going to mean that with all the possibilities of a 2 bedroom house, the final price could vary wildly. Certain aspects of a house, like more rooms or bigger garages, are going to inflate the price a lot.
Fundamentally, you want to be happy with your house purchase, and for most people that means getting as many features as you want at a price that won’t destroy you financially. This is why thorough research over months if not years as well as considering all the things you need versus what you want for your new home.
What Is The Cheapest State To Buy A 2 Bedroom House?
Real estate data is a bit inconsistent as to what the cheapest state is. However median home value in West Virginia tops the list of cheapest states coming in at $113,100. As with many states on such lists, it tends to be the less populated states that have the cheaper house prices.
What Is The Most Expensive State To Buy A 2 Bedroom House?
Generally, it is a competition between Hawaii and California for the most expensive state. Interestingly, not only does Hawaii have the highest median value coming in at over $640,000, but when you split the market into thirds, Hawaii also has the highest range in the bottom third of prices, with an average of over $380,000.
California is not far behind at over $570,000 for the median house price, while also having the highest average house price across the top third of the market, a cool $1,000,000 being the average price to get into this sector.
Why Are Houses So Expensive?
The endless customization available for houses is one aspect that is going to push the price up. This means that when you go for a dream house that will have all the bells and whistles, it’s going to cost you. Of course as well as that, there is not just the design and build costs, you must also purchase the land. Add on that taxes, fees, and other related regulatory requirements, and you can see why house prices are so much more than just the sum of their raw materials.
One quick way to make the price of your house construction skyrocket is to try and build something one of a kind. The catch will lie in how elaborate your dream home is. The further you stray from a standard build and move into the complex, the more you’re going to spend. These changes may also fall afoul of regulatory requirements meaning possible revisions and redesigns.
As a rough estimate, expect to pay between 5% and 15% of the total build costs for the architect’s services. Custom designs also mean additional inspections as well as a higher likelihood of unexpected issues or ballooning costs. These costs will differ significantly depending on the area you choose to build in and should be thoroughly researched and factored into estimates before committing to a building.
Fundamentally, house prices are going to have a large portion of their market price being a function of demand and supply in the market. The property market is always very enticing for investors as well as so many people always striving to buy their own home. These prices do fluctuate and so noticing trends in the market and planning ahead can result in significant reductions in price if you buy at the right time.