H
ouse hunters with $1 million to spend can expect vastly different properties depending on where they look. The Midwest offers the biggest bang for their buck, offering more space and luxury than other regions.

    A typical $1 million listing in the Midwest has four bedrooms, 3,534 square feet, and sits on a half-acre lot. This is significantly larger than what's available in the Northeast, where a similar budget gets you about three bedrooms, 2,308 square feet, and a smaller lot. The median price per square foot in the Midwest is just under $280, compared to nearly $450 in the Northeast.

    New construction homes make up nearly 30% of the million-dollar market segment in the Midwest, boasting the largest square footage and most bedrooms in the US. Cities in the Midwest are generally more sprawling than those in the Northeast, allowing for bigger homes on larger lots at lower prices.

    In contrast, a budget of $1 million buys the least amount of house in the Northeast, where properties typically have three bedrooms, 2,308 square feet, and sit on a small lot. Million-dollar homes' lots are larger in the Northeast compared to the West and South, but this is largely due to the prevalence of condominiums, townhomes, and co-ops.

    The South offers more value for money than the Northeast and West, with typical million-dollar listings featuring three to four bedrooms, 2,845 square feet, and a small lot. The median price per square foot in the South is around $348, making it an attractive option for buyers.

    In the West, $1 million gets homebuyers a slightly bigger and more upmarket house than in the Northeast, but still far from the value seen in the Midwest. Typical listings have three to four bedrooms, 2,441 square feet, and occupy a small lot. New construction homes make up only 16.6% of inventory in this price range.

    Overall, markets with lower costs of living offer more space and luxury for the same price as those with high costs of living.