Building a House? Here’s How Much It Could Cost in 2024

If you've spent hours browsing homes online, you may have considered giving up purchasing a house and considering instead building your own place. 

While buying a house does come with a lot of benefits, it also comes with a long checklist of things to do and plenty of things to pay for. In this guide, we'll break down the costs associated with home construction.

How Much Does It Cost To Build a House?

In 2024, home construction can range anywhere from $117,000 to $499,000. This excludes the purchase of the land where the house will be built, according to real estate company HomeLight. 

If you're purchasing a lot, you may need to shell out as little as $3,000 to as much as $150,000. The cost varies depending on the size of the lot and the amount of labor required to prepare it for your home. This can include soil testing, land excavation, land leveling, grading, and surveyor fees. 

In addition, you'll also need to purchase all necessary permits and draw up floor plans before home construction can start. The cost of acquiring building permits differs between locations but would cost about $1,200 and $2,000. Floor plans can cost anywhere from $500 and $20,000, depending on the complexity of the house. 

Once the land is prepped and the permits are granted, it is time to lay the home's foundation. Typically, concrete slab foundations are the cheapest, and basement foundations are the most expensive. On average, installing a foundation can cost $4,031 to $14,445, per Home Advisor.

Next up is the frame, which will serve as the skeleton of your home. On average, framing will cost $20,000 to $50,000. Once the frames are up, all necessary external elements, such as siding, windows, doors, and roofing, will be installed. This can cost around $50,000. 

With the foundation and framing done, next comes all the major systems, including plumbing, electricity, and HVAC systems. This may cost around $52,500. 

In most homes, the last things on the list are interior finishes, which include insulation, drywall flooring, interior doors, and other basic components. This is one of the most expensive parts of the home-building process. While it averages around $75,000, the number could go higher depending on your personal preferences, per Rocket Mortgage. 

It is important to note that the cost for both the house and the land will vary by ZIP code. The average cost to build a home is more expensive in some states, such as Alaska, Hawaii, and California.

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