To most people, $500,000 is a lot of money. If you had $500,000, you could buy 2 million chicken McNuggets, 400 iPhone X’s, or about 25 bitcoin at its current price.
If you’ve worked hard, built some credit, maybe you can stretch for a dream house that’s a cool half a mil. Just how big of a house could $500,000 buy you?
Depending on where you want to buy your house, the cost per square foot differs. Predictably, a house located somewhere desirable like a beach or a bustling city will be more expensive than the same house if it were just in the middle of nowhere. But just how much of a difference does location make? Turns out, the difference in value huge. The cost per square foot for a house in San Francisco is more than five times higher than that of Cleveland.
Is it better to live somewhere really desirable but have a smaller house, or live somewhere less desirable but have a much larger house? In the end, it all comes down to personal preference; it is your money after all, and you should spend it in whatever way makes you happy… Although, you could invest your money and maybe end up being able to buy two houses, making you twice as happy! To learn more about how to trade with the VIX index check out our post here.