The Price For Parking: How Garage Sizes Can Impact Home Pricing

Posted by Lauren Spencer on Wednesday, November 18th, 2015 at 8:36am.

Parking can affect home prices in Santa CruzOut of all the prerequisites that are typically on a homebuyers ‘must-have’ list, parking is almost always a big priority. 

A recent study by 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.

About Lauren Spencer

Award-Winning Santa Cruz REALTOR®

Lauren Spencer is your local real estate expert, specializing in Santa Cruz real estate and surrounding communities—this is where she lives, works, and plays too. Let her know your questions about the community and county and she'll be happy to fill you in on all you want to know! Lauren Spencer has consistently been voted best local REALTOR in Santa Cruz and is always happy to offer her advice and expertise. Call her at: 800.226.4717.

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