Out of all the prerequisites that are typically on a homebuyers ‘must-have’ list, parking is almost always a big priority.
A recent study by Realtor.com recently discovered just how much people are paying for each additional parking space on average across the country, and the numbers are quite surprising. It also greatly depends on what kind of parking is being included, whether it be above ground, sheltered, built-in garage, on-street, or otherwise. Across the United States, most homes include two parking spaces, but can range anywhere upwards of that, for a premium.
The study compared single-family homes for sale between January 1 and October 31 to get a sense of the average cost for each parking spot. What’s surprising was the 11.45% price jump between homes with a single-car garage compared to those with a three-car garage. Homes with a seven-car garage had a 31.42% increase from one-car homes. The costs continue to rise with each added parking space available. Here’s an example of what these percentages look like when applied to a standard house for sale across the country.
|Garage Size||Cost||Percent Increase|
|Single Car:||$250,000||0% Increase|
|Three Car:||$278,625||11.45% Increase|
|Seven Car:||$328,550||30.45% Increase|
Broaden Your Search If More Parking Is A Must
So it’s fairly safe to say that the cost of a home tends to increase with the more parking spaces it has. However, developers don’t build homes based on the parking spots, they add parking spots based on the lifestyle of their target homebuyer. Homes with five or more parking spots typically belong to a luxury or ultraluxury residence. If you’re not in the market for a luxury home but need a little extra space, houses on the outskirts of town in the suburbs and rural communities tend to have larger lot sizes that could accommodate more cars, and there could be an opportunity to build an attached or detached shop on the property if need be.
Find Homes In Santa Cruz With Parking
Need a home with a little extra space for a garage or more parking? With over 29 years of experience helping people buy and sell homes in Santa Cruz I can help you find the best home for your needs. Get in touch with me today to discuss your options, and I'll be happy to set up a showing for you to view the homes for yourself. Send us a message or call us at (800)-226-4717.