Homeownership Costs Drop in the US, Making Homes More Affordable in Some States

That number has dropped from 36 in just four years, illustrating how rising home prices have tilted the balance of homeownershipTo calculate homeownership costs in each U.S. state, Bankrate assumes a 20% down payment, no homeowner association fees or mortgage insurance and a 30-year fixed mortgage interest rate of 7.05%. Monthly mortgage payments for each state are based on median sale price data from online broker Redfin.

Here's a look at the 14 states where homes are most affordable, based on the annual income needed to cover homeownership costs without spendingMedian-priced homes in these states cost $300,000 or less, a significant discount compared with the U.S. median price of $402,343.and fewer high-paying jobs compared with the rest of the country. Many of them are among the most rural in the United States, and incomes in rural areas tend to be lower than in large urban cities.

The median income needed to afford a home in the U.S. overall is $110,871 — up from $76,191 in 2020. This is largely due to a longstanding shortage of homes that was exacerbated by supply chain constraints early in the pandemic. Since 2020, median home prices have However, price gains were more dramatic in states where there has been long-running demand for homes, like California and New York. Home prices in rural or Rust Belt states like Mississippi or Michigan have not increased as much as others, making them relatively more affordable for middle-class earners.to learn about common passive income streams, tips to get started and real-life success stories. Register today and save 50% with discount code EARLYBIRD.

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