It depends on how overpriced the local market is of course. The one-digit rule is not far from where SF and LA would fall, and works well for emphasis. New con

It depends on how overpriced the local market is of course. The one-digit rule is not far from where SF and LA would fall, and works well for emphasis. New construction costs in much of the country are $100-200/sqft [1], but that partially reflects 5 decades of restrictionist overinflation. The price of land should be nominal in most places if you can go vertical without restriction, since the cost per sqft decreeases as the number of stories increases until you hit the dozens or thereabouts. Basically everywhere outside Manhattan and maybe a couple other zipcodes. [1] https://www.newhomesource.com/learn/cost-to-build-house-per-square-foot/ https://www.newhomesource.com/learn/cost-to-build-house-per-...