If you’re looking for a house but haven’t found the perfect one, you might be wondering what it would take to build a brand-new home of your own. Building a house might be less expensive than you think, and there are several financing options available to help. However, construction costs have been soaring recently due to supply chain disruptions and labor shortages, so prices — and time frames — are rising.
How much does it cost to build a brand-new house?
The average cost to build a single-family, 2,600-square-foot home in 2019 was $296,652, according to a National Association of Home Builders (NAHB) survey.
According to data from HomeAdvisor, building a house in 2022 can range from as low as $117,050 to a high of $451,362, with the national average coming in at $283,984.
Prices vary widely depending on the region of the country where you’re building. And supply chain shortages have led to an increase in the cost of everything from lumber to home appliances, which will impact the overall cost of building your house.
Cost of new construction per square foot by region
Here are average construction costs around the country, according to HomeGuide. So, if you’re looking to build a 2,000-square-foot home in the South, you can expect it to run around $200,000. Note that these figures take into consideration only the cost of construction. They do not include the price of the land you’ll build on.
- Northeast: $155 per square foot
- West: $131 per square foot
- Midwest: $109 per square foot
- South: $100 per square foot
Home building costs, broken down
You’ll need to take into account a number of factors to estimate the true cost of building a new home. Here’s a breakdown of some of the costs to include in your construction budget.
| Pre-construction | $18,000 |
| Foundation and framing | $87,000 |
| Exterior | $42,000 |
| Home systems (electrical, HVAC, plumbing) | $40,000-$45,000 |
| Interior | $75,000 |
| Outdoor (driveway, landscaping) | $20,000 |
| Labor | $40 to $80 per square foot |
| Land | $90,000 |
Source: National Association of Home Builders
Pre-construction
You’ll need to secure the appropriate permits and pay fees to your city or municipality before the work on your home can begin. You’ll also need to hire architects and engineers to make plans for your home. These costs all vary by location, but the average total is around $18,000.
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Source: https://www.bankrate.com/real-estate/cost-to-build-house/