The housing market is in upheaval right now. Mortgage rates have hit a 20-year high, cooling the record demand that emerged during the pandemic, which pushed prices through the roof. It’s no surprise that homes in some states are less expensive than others, but there’s more to affordability than sales price. To determine which states have the most affordable homes, financial news website TradingPedia examined typical housing costs, median income, and average mortgage payment in each state and ranked them by the percentage of homeowners’ median income that goes toward mortgage spending.
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10. Arkansas, 29.5%
Typical home price: $177,710
Median household income: $50,784
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9. Kentucky, 29.3%
Typical home price: $197,644
Median household income: $55,629
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8. Ohio, 28.2%
Typical home price: $213,360
Median household income: $62,689
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7. Illinois, 28%
Typical home price: $269,575
Median household income: $79,253
6. Indiana, 27.1%
Typical home price: $221,437
Median household income: $70,190
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5. West Virginia, 26.2%
Typical home price: $137,286
Median household income: $46,836
4. Oklahoma, 25.4%
Typical home price: $181,574
Median household income: $60,096
3. Nebraska, 25.2%
Typical home price: $239,814
Median household income: $78,109
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2. Kansas, 23.5%
Typical home price: $206,176
Median household income: $75,979
1. Iowa, 22.1%
Typical home price: $192,568
Median household income: $72,429
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