this post was submitted on 18 Aug 2024
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GenZedong

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[–] [email protected] 0 points 2 months ago

That would total a little under 46 thousand dollars per unit.

It does seem low, but not out of the realm of possibility:

Another way to factor the cost of an apartment building is by unit. The average cost runs from $65,000 to $86,000 per unit. Keep in mind that the numbers in this scenario don’t include labor costs or site improvements.

Labor adds a ton, obviously, but that figure also seems to include some items a government construction project could minimize (permitting costs), and it's an estimate of an individual project, not a statewide effort to build thousands of units. There would likely be some economies of scale.

It would be interesting to see how they came up with that figure.