Yahoo Finance Housing Market 2024: 8 Most and Least Expensive US States
We all know that where we live can make a huge difference in the kind of lifestyle we can afford on our salary. According to Forbes, the average salary across the United States is about $62,000.
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Here’s an interesting perspective: In today’s high-inflation world, you would need to earn more than $98,000 to enjoy the same purchasing power of a $75,000 salary from 2013.
So where will your salary go the farthest when it comes to the housing market? According to a research team at USA TODAY Homefront, Indiana residents spend the least amount of their income on homeowner costs.
According to USA TODAY, “Homeowner costs include monthly mortgage and insurance payments, as well as any other costs associated with homeownership such as homeowners association fees, taxes and utilities.”
Here’s a look at the states with the highest and lowest homeowner costs.
Least Affordable — New York
This probably comes as no surprise — New York is known for its pricey housing market. New Yorkers pay the highest percentage of income toward homeowner costs at nearly 36%. That’s about $28,000 a year.
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Least Affordable — California
The situation isn’t much better for many homeowners in California – another state known for its high cost of living. Californians pay about 35% of their income toward homeowner costs. That’s about $32,000.
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Least Affordable — Hawaii
Sunshine may be free, but expect to pay a lot in homeowner costs in Hawaii. People here pay about 35% of their income toward homeowner costs. Given the median income is about $92,000, that equates to more than $32,000.
Least Affordable — Louisiana
You may be surprised to see Louisiana on this list of least affordable housing markets. Here, people pay about 32% of their income toward homeowner costs. Since the median income is about $55,000, that equates to almost $18,000.
Most Affordable — Indiana
You’ll find the most affordable housing market in Indiana. Hoosiers spend the least amount of their income on homeowner costs at 23%. They also have the fourth lowest median cost overall at just about $15,000.
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Most Affordable — Delaware
You’ll find another affordable housing market in Delaware. People here pay about 24% of their income toward homeowner costs. The median homeowner costs are just under $20,000.
Most Affordable — Iowa
The middle of the country offers another affordable housing market — this time in Iowa. People here pay slightly more than 24% of their income toward homeowner costs.
Most Affordable — Utah
The list of most affordable housing markets is rounded out by Utah. Expect to pay about 25% of your income toward homeowner costs. That’s about $22,000.
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