Price Per Square Foot
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Calculating Price Per Square Foot
The price per square foot is a measure of how much it costs to cover or buy one square foot of a given space or material. It is calculated by dividing the total cost (price) by the total area in square feet: price per square foot = price / floor space (ft²)
For example, let's imagine you need to buy 5 sqft² of some carpet and it costs $200. Below is the calculation to find the cost per sqft²:
What is Price Per Square Foot? Why is it important?
Price per square foot is a metric to indicate how much something costs for each square foot of an area. It's very commonly used in real estate, construction, and other material purchses (e.g. carpet, flooring, etc) to compare the costs of spaces and surfaces. Calculating the cost will help you understand better how expensive a property or product might be especially when comparing other properties and products.
For real estate and construction, it can help estimate costs quickly and plan your budget more effectively. If you know the price per square foot, you can easily calculate the cost for larger or smaller areas. It also provides transparency when buying or selling a property. Instead of just looking at the total cost of the property, it allows you to break down the area by square foot and provides a clearer understanding of what you're paying for in relation to the size.
Square Feet vs Square Meters vs Square Yards
From a geographic standpoint, Square feet is primarily used in the United States, Canada, and other countries that follow the imperial system. Square meters is commonly used in countries that follow the metric system, including much of Europe, Asia, Australia, and others. Square yards is sometimes used in the UK and US, but less common today. Historically, it was popular for measuring flooring and fabric, but has mostly been replaced by square feet or square meters.
Still, there are other contexts where the different units might matter like in different industries such as real estate, construction, urban planning, flooring, fabrics, and landscaping among others.