Here's how much house $300K, $400K and $500K buys you in each state

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A modest budget to buy a home stretches further than one might think in many U.S., according to a new report. 

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GOBankingRates, a site offering financial advice and credit information, analyzed how much house a $300,000 budget can afford across all 50 states, as well as what a $400,000 and $500,000 budget can look like.

RELATED: Black first-time homebuyers see strongest rebound despite affordability challenges, Zillow says

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Here’s what the report found:

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How much $300K, $400K, and $500K buy in each state

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What we know:

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Those with a $300,000 budget to buy a house could get something up to 1,500 square feet across 25 states, according to the report. West Virginia was ranked at the top, where $300,000 can buy more than 2,000 square feet worth of home. Hawaii was ranked last on the list, where a $300,000 budget can buy just 443 square feet on average, according to the report, which noted how that’s less than the average size of a studio apartment.

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By the numbers:

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Those with a $300,000 budget won’t get very much space in seven states – less than 1,000 square feet of home, according to the report: Maine (986 sq. ft.), Arizona (985 sq. ft.), New Jersey (969 sq. ft.), New York (787 sq. ft.), California (641 sq. ft.), Massachusetts (593 sq. ft.) and Hawaii.

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The backstory:

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Rising home prices in the U.S. and elevated mortgage rates, which can add hundreds of dollars a month in costs for borrowers, have kept many prospective home shoppers on the sidelines. This is especially true for first-time buyers who don’t have equity from an existing home to put toward a new home purchase.

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The average rate on a 30-year mortgage in the U.S. remains high, but continued to ease slightly this week. It fell to 6.85% from 6.87% last week, mortgage buyer Freddie Mac said on Thursday. A year ago, it averaged 6.9%.

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Dig deeper:

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GOBankingRates said the cost per square foot increases in states with a high cost of living, compared to those that are less expensive. It added that the difference between the most expensive state (Hawaii, at $678 per square foot) and the cheapest (West Virginia at $167) is $511.

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1. West Virginia

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• Square feet for $300,000: 2,185
• Square feet for $400,000: 2,913
• Square feet for $500,000: 3,641
• Price per square foot: $137

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2. Kansas

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• Square feet for $300,000: 1,894
• Square feet for $400,000: 2,526
• Square feet for $500,000: 3,157
• Price per square foot: $158

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3. Alabama

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• Square feet for $300,000: 1,876
• Square feet for $400,000: 2,501
• Square feet for $500,000: 3,126
• Price per square foot: $160

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4. Mississippi

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• Square feet for $300,000: 1,855
• Square feet for $400,000: 2,473
• Square feet for $500,000: 3,092
• Price per square foot: $162

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5. Oklahoma

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• Square feet for $300,000: 1,793
• Square feet for $400,000: 2,391
• Square feet for $500,000: 2,988
• Price per square foot: $167

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6. Arkansas

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• Square feet for $300,000: 1,781
• Square feet for $400,000: 2,375
• Square feet for $500,000: 2,968
• Price per square foot: $168

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7. Iowa

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• Square feet for $300,000: 1,776
• Square feet for $400,000: 2,368
• Square feet for $500,000: 2,960
• Price per square foot: $169

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8. Indiana

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• Square feet for $300,000: 1,733
• Square feet for $400,000: 2,310
• Square feet for $500,000: 2,888
• Price per square foot: $173

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9. Kentucky

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• Square feet for $300,000: 1,721
• Square feet for $400,000: 2,295
• Square feet for $500,000: 2,869
• Price per square foot: $174

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10. Michigan

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• Square feet for $300,000: 1,706
• Square feet for $400,000: 2,275
• Square feet for $500,000: 2,843
• Price per square foot: $176

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11. Missouri

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• Square feet for $300,000: 1,704
• Square feet for $400,000: 2,272
• Square feet for $500,000: 2,840
• Price per square foot: $176

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12. Georgia

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• Square feet for $300,000: 1,691
• Square feet for $400,000: 2,255
• Square feet for $500,000: 2,818
• Price per square foot: $177

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13. Nebraska

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• Square feet for $300,000: 1,685
• Square feet for $400,000: 2,246
• Square feet for $500,000: 2,808
• Price per square foot: $178

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14. North Dakota

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• Square feet for $300,000: 1,678
• Square feet for $400,000: 2,238
• Square feet for $500,000: 2,797
• Price per square foot: $179

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15. Minnesota

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• Square feet for $300,000: 1,668
• Square feet for $400,000: 2,224
• Square feet for $500,000: 2,780
• Price per square foot: $180

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16. Texas

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• Square feet for $300,000: 1,647
• Square feet for $400,000: 2,196
• Square feet for $500,000: 2,746
• Price per square foot: $182

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17. Maryland

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• Square feet for $300,000: 1,629
• Square feet for $400,000: 2,172
• Square feet for $500,000: 2,716
• Price per square foot: $184

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18. Tennessee

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• Square feet for $300,000: 1,617
• Square feet for $400,000: 2,157
• Square feet for $500,000: 2,696
• Price per square foot: $185

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19. Pennsylvania

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• Square feet for $300,000: 1,604
• Square feet for $400,000: 2,139
• Square feet for $500,000: 2,673
• Price per square foot: $187

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20. Illinois

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• Square feet for $300,000: 1,591
• Square feet for $400,000: 2,121
• Square feet for $500,000: 2,651
• Price per square foot: $189

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21. Louisiana

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• Square feet for $300,000: 1,587
• Square feet for $400,000: 2,116
• Square feet for $500,000: 2,645
• Price per square foot: $189

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22. Montana

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• Square feet for $300,000: 1,583
• Square feet for $400,000: 2,111
• Square feet for $500,000: 2,638
• Price per square foot: $190

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23. New Mexico

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• Square feet for $300,000: 1,577
• Square feet for $400,000: 2,103
• Square feet for $500,000: 2,629
• Price per square foot: $190

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24. South Carolina

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• Square feet for $300,000: 1,550
• Square feet for $400,000: 2,067
• Square feet for $500,000: 2,584
• Price per square foot: $194

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25. Ohio

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• Square feet for $300,000: 1,529
• Square feet for $400,000: 2,038
• Square feet for $500,000: 2,548
• Price per square foot: $196

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26. South Dakota

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• Square feet for $300,000: 1,493
• Square feet for $400,000: 1,991
• Square feet for $500,000: 2,488
• Price per square foot: $201

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27. Wyoming

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• Square feet for $300,000: 1,486
• Square feet for $400,000: 1,982
• Square feet for $500,000: 2,477
• Price per square foot: $202

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28. North Carolina

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• Square feet for $300,000: 1,401
• Square feet for $400,000: 1,868
• Square feet for $500,000: 2,335
• Price per square foot: $214

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29. Delaware

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• Square feet for $300,000: 1,388
• Square feet for $400,000: 1,850
• Square feet for $500,000: 2,313
• Price per square foot: $216

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30. Wisconsin

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• Square feet for $300,000: 1,360
• Square feet for $400,000: 1,813
• Square feet for $500,000: 2,266
• Price per square foot: $221

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31. Idaho

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• Square feet for $300,000: 1,351
• Square feet for $400,000: 1,802
• Square feet for $500,000: 2,252
• Price per square foot: $222

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32. Virginia

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• Square feet for $300,000: 1,290
• Square feet for $400,000: 1,720
• Square feet for $500,000: 2,150
• Price per square foot: $233

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33. Nevada

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• Square feet for $300,000: 1,254
• Square feet for $400,000: 1,672
• Square feet for $500,000: 2,090
• Price per square foot: $239

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34. Colorado

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• Square feet for $300,000: 1,245
• Square feet for $400,000: 1,660
• Square feet for $500,000: 2,074
• Price per square foot: $241

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35. Florida

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• Square feet for $300,000: 1,244
• Square feet for $400,000: 1,658
• Square feet for $500,000: 2,073
• Price per square foot: $241

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36. Rhode Island

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• Square feet for $300,000: 1,171
• Square feet for $400,000: 1,561
• Square feet for $500,000: 1,951
• Price per square foot: $256

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37. New Hampshire

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• Square feet for $300,000: 1,153
• Square feet for $400,000: 1,537
• Square feet for $500,000: 1,921
• Price per square foot: $260

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38. Connecticut

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• Square feet for $300,000: 1,143
• Square feet for $400,000: 1,524
• Square feet for $500,000: 1,905
• Price per square foot: $263

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39. Alaska

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• Square feet for $300,000: 1,137
• Square feet for $400,000: 1,516
• Square feet for $500,000: 1,895
• Price per square foot: $264

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40. Washington

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• Square feet for $300,000: 1,057
• Square feet for $400,000: 1,409
• Square feet for $500,000: 1,762
• Price per square foot: $284

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41. Utah

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• Square feet for $300,000: 1,033
• Square feet for $400,000: 1,377
• Square feet for $500,000: 1,721
• Price per square foot: $291

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42. Oregon

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• Square feet for $300,000: 1,017
• Square feet for $400,000: 1,356
• Square feet for $500,000: 1,695
• Price per square foot: $295

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43. Vermont

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• Square feet for $300,000: 1,006
• Square feet for $400,000: 1,342
• Square feet for $500,000: 1,677
• Price per square foot: $298

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44. Maine

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• Square feet for $300,000: 986
• Square feet for $400,000: 1,315
• Square feet for $500,000: 1,644
• Price per square foot: $304

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45. Arizona

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• Square feet for $300,000: 985
• Square feet for $400,000: 1,313
• Square feet for $500,000: 1,641
• Price per square foot: $305

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46. New Jersey

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• Square feet for $300,000: 969
• Square feet for $400,000: 1,292
• Square feet for $500,000: 1,615
• Price per square foot: $310

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47. New York

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• Square feet for $300,000: 787
• Square feet for $400,000: 1,049
• Square feet for $500,000: 1,311
• Price per square foot: $381

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48. California

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• Square feet for $300,000: 641
• Square feet for $400,000: 854
• Square feet for $500,000: 1,068
• Price per square foot: $468

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49. Massachusetts

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• Square feet for $300,000: 593
• Square feet for $400,000: 790
• Square feet for $500,000: 988
• Price per square foot: $506

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50. Hawaii

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• Square feet for $300,000: 443
• Square feet for $400,000: 590
• Square feet for $500,000: 738
• Price per square foot: $678

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