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The website StorageCafe compared the total building costs
including the land and the median single family home listing
price.
Doug Ressler, manager of Business Intelligence with parent
company Yardi Matrix, said even though existing home prices have
jumped over the past couple years, building costs have as well.
“Total building costs in Sangamon County was roughly $476k,
$453k in Kankakee, Cook County $510k, as opposed to a median
single family home listing price in Cook County was $319k, so
the obvious advantage was to look at buying a home as opposed to
building,” Ressler said.
It is estimated that building a home in DuPage County will set
you back about $550,000, the highest in the state.
Illinois is one of the states that favors buying the most with
no less than $166,000 that can be saved on average if one
chooses to buy a home rather than build one, the third highest
total in the country.
The study shows the total building costs of a new property would
cost about $461,000, while the median single-family home list
price was $295,000. With a median land price per acre of $91,000
and a median lot size of 0.25 acres, it would cost around
$23,000 for land and $396,000 for construction in Illinois.
Ressler said one factor driving up building costs is the price
of concrete in the Midwest because of a lack of fly ash.
“The ash is usually received from coal-fired generation plants,”
said Ressler. “The coal-fire generation plants are being reduced
because of the EPA guidelines for pollutants.”
In only 18 states is it cheaper to build than to buy, including
in Hawaii, where building a new home is nearly $500,000 cheaper
than buying an existing home.
Kevin Bessler reports on statewide issues in
Illinois for the Center Square. He has over 30 years of
experience in radio news reporting throughout the Midwest.
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