The Cheapest Suburbs of the 10 Most Expensive Cities

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The homes for sale in the glittering cities on the East and West coasts are prohibitively expensive for most buyers. Rising interest rates and a dwindling supply of homes on the market only put the dream of owning a home in these regions further out of reach.

However, 603 of the 777 suburbs within a 30-mile driving distance of these cities have prices per square foot of living space below the main cities’ median, according to new research from Point2, a division of Yardi Systems Inc. that covers real estate trends and news.

In 11 suburbs in Point2’s study, the price per square foot is 60% to 65% lower than in the city, while 67 suburbs have median prices 50% to 59% lower than in the city.

Take Washington, D.C., for example, where the price per square foot is a hefty $501, putting it among the dozen most expensive cities in the U.S.. But just 20 miles away in Upper Marlboro, Maryland, the price per square foot is 59% lower, at $205.

Point2 researchers looked at the 20 most expensive cities in the country and mapped all suburbs with a 20-mile circle radius, or 30-mile driving distance from city centers. They then examined median home prices and prices per square foot in the 20 cities and the resulting 777 suburbs, all based on Redfin.com, Realtor.com and local multiple listing services’ full residential price data.

To rank the most affordable suburbs near the most expensive cities, they compared the price per square foot in those suburbs with the price per square foot in the city, then calculated the net and percentage differences between the suburb and the main city.

See the gallery for the cheapest suburbs near the 10 most expensive cities in the U.S., ranked by home price per square foot.

(Image: Adobe Stock)