Price Per Square Foot Calculator

1. What is the Price Per Square Foot Calculator?

Definition: This calculator computes the price or rent per square foot of a property’s livable floor space, providing a standardized metric for comparing properties of different sizes.

Purpose: Helps buyers, renters, and real estate professionals evaluate the value for money of properties for sale or rent, facilitating fair comparisons.

2. How Does the Calculator Work?

The calculator uses the following formulas:

Formulas:

$ \text{Price per ft}^2 = \frac{P}{S} $
$ \text{Rent per ft}^2 = \frac{P}{S} $
$ \text{Price/Rent per m}^2 = \frac{\text{Price/Rent per ft}^2}{0.092903} $

Where:

$ P $: Price (USD) for sale or monthly rent (USD/month) for rent
$ S $: Floor space (ft²)
$ 0.092903 $: Conversion factor from ft² to m² (1 ft² = 0.092903 m²)

Steps:

Step 1: Select property type. Choose whether the property is for sale or rent.
Step 2: Input values. Enter price or monthly rent ($ P $) and floor space ($ S $).
Step 3: Calculate price/rent per square foot. Divide price or rent by floor space ($ \frac{P}{S} $).
Step 4: Optional metric conversion. If selected, convert to price/rent per square meter by dividing by 0.092903.

3. Importance of Price Per Square Foot Calculation

Calculating price or rent per square foot is key for:

Property Comparison: Enables fair comparisons across properties of different sizes.
Investment Analysis: Assists investors in evaluating the cost-effectiveness of real estate.
Budget Planning: Helps buyers and renters determine affordability based on per-unit cost.

4. Using the Calculator

Example 1 (Sale): For a property with $ P = \$300,000 $, $ S = 1,500 \text{ ft}^2 $:

Step 1: Select "For Sale".
Step 2: Input $ P = 300,000 $, $ S = 1,500 $.
Step 3: $ \text{Price per ft}^2 = \frac{300,000}{1,500} = \$200 $.
Step 4: If metric, $ \text{Price per m}^2 = \frac{200}{0.092903} \approx \$2,152.78 $.
Result: Price per ft² = \$200, Price per m² ≈ \$2,152.78 (if metric selected).

Example 2 (Rent): For a rental property with $ P = \$2,000/\text{month} $, $ S = 1,000 \text{ ft}^2 $:

Step 1: Select "For Rent".
Step 2: Input $ P = 2,000 $, $ S = 1,000 $.
Step 3: $ \text{Rent per ft}^2 = \frac{2,000}{1,000} = \$2 $.
Step 4: If metric, $ \text{Rent per m}^2 = \frac{2}{0.092903} \approx \$21.53 $.
Result: Rent per ft² = \$2/month, Rent per m² ≈ \$21.53/month (if metric selected).

5. Frequently Asked Questions (FAQ)

Q: How do I calculate price per square foot?
A: Divide the price ($ P $) by the floor space ($ S $): $ \text{Price per ft}^2 = \frac{P}{S} $. For example, a \$300,000 property with 1,500 ft² has a price per ft² of \$200.

Q: How do I calculate rent per square foot?
A: Divide the monthly rent ($ P $) by the floor space ($ S $): $ \text{Rent per ft}^2 = \frac{P}{S} $. For example, a \$2,000/month rental with 1,000 ft² has a rent per ft² of \$2/month.

Q: How do I convert to price per square meter?
A: Divide the price per ft² by 0.092903 (since 1 ft² = 0.092903 m²). For example, \$200/ft² ≈ \$2,152.78/m².