Price Per Square Foot Calculator
The price per square foot calculator helps you compare the cost of homes, taking into account their size. You can use it no matter if you want to rent or buy.
We show you how to calculate the price per square foot and tell you how much is a square foot. So, let's get going and start using the cost per square foot calculator!
How do I calculate the price per square foot?
Properties for sale or rent all have their own sizes with different prices. In situations like this, it's good to have a fairer metric to aid comparisons. A common way to measure a property's value for money in the real estate industry is the price per square foot of livable floor space (we generally don't include lofts, cupboards, etc.). The equation to calculate this metric is:
price per square foot = price / floor space (ft²).
You can use the same formula for rental properties by replacing
price with the monthly rental cost to get a value for the rent per square foot.
rent per square foot = monthly rent / floor space (ft²).
How much is a square foot?
You can visualize a square foot as a square with sides one foot in length, which is 12 inches. So, in square inches, a square foot is
12 inches × 12 inches = 144 inches². In everyday terms, a square foot is about the size of a large laptop computer.
In the metric system, a square meter is the standard unit for floor space and is roughly ten times the area of a square foot. More precisely, one square meter is 10.87 square feet, or, the other way around, one square foot is 0.092 square meters.
🙋 To explore more about how much is a square foot, head on over to our area converter calculator.
How to use the cost per square foot calculator?
To use the cost per square foot calculator, follow these instructions below:
- Enter the price. This figure can be the purchase price of a property or its monthly rental.
- Enter the square footage area of the property. The real estate agent should provide you with this information.
- Watch as the calculator instantly calculates and displays the price per square foot.
- Try our Omni calculator in the reverse direction. If want to put your house on the market, you may know the average price per square foot in your area, so enter this value into the calculator first. Next, enter the square footage of your house. The calculator will then show you the amount you should ask for your property.
- You can also use this calculator to compare up to three different properties. All you do is answer "Yes" where the calculator asks if you want to compare a second or third property.
Examples of comparing properties by price per square foot.
Are you interested in a few houses, but want to see which is the best value of money when it comes to living space? Let's take a look at a real-life example of how to calculate the price per square foot! An owner listed one property for $290,000 which has 1,400 square feet of floor space. The second property costs $310,000, with 1,200 square feet of space. Finally, the third property has 2,400 square feet of floor space and sells for $400,000. Let's calculate the price per square foot for all three properties:
property 1 price per sqft = $290,000 / 1,400 = $207.14
property 2 price per sqft = $310,000 / 1,200 = $258.33
property 3 price per sqft = $400,000 / 2,400 = $166.67
You can see that the third property, while more expensive than the other two, has a lot more space relatively. Its price per square foot of floor space is much lower, making it the best value for money. There are, of course, many other factors to consider when buying a property, but the price per square foot is one of the key figures to keep in mind.
🙋 Once you've found a property, our flooring calculator might be worth checking out if it needs new carpets or wooden flooring.
How do I determine the footage given price?
To determine footage, you need to:
- Write down the total price.
- Write down the price per square foot.
- Divide the number from Step 1 by that from Step 2.
- The result is the footage of your property.
How do I compare two properties with different footage?
The best way to compare two properties, given the footage and price, is to compute the price per square foot. To obtain this value, for each property, divide the price by the footage. The property with the lower price per footage is cheaper relative to its surface, even if it's more expensive in total price.