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What $1 million gets you in the city vs 20 miles away [Video]

Tim Lucas
The Mortgage Reports editor

One million dollars.

In some markets, that’s a lot of money. In others, it only gets you a typical home.

In many areas of the country, though, it can do both. Going just 15-20 miles from the city core can get you more. A whole lot more.

Property 1: The city

The city property was built in 1925 and is around 2,200 square feet.

It’s updated throughout, and is a good size home for the area. It’s just four miles from one of the hottest employment centers in the country: downtown Seattle.

It’s the perfect home for someone who wants a single-family residence, but doesn’t want to spend much time commuting.

However, the home isn’t without its drawbacks. At nearly 100 years old, you’re getting an older style of construction. Don’t expect huge master bedrooms, walk-in closets, or a massive kitchen.

Plus, you’re at greater risk of needing major home repairs.

Still, for many, the proximity to work wins out.

Property 2: Twenty miles south

Within commuting distance is a home for around the same price that’s 3,000 square feet and brand new construction.

Expect all the modern amenities: open floor plan, walk-in closets, high-end appliances, and huge bathrooms.

Plus, the security of brand-new systems and the latest energy efficiency standards.

But all the luxury comes at a cost. In bad traffic, getting to the city could take an hour or more.

What would you choose?

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