Map Shows America's Most Affordable States for Homebuyers
Summary
A report from Realtor.com shows that 11 mostly Midwestern states have home prices affordable for people earning the median income. These states allow homebuyers to spend less than 30% of their income on housing, making it easier to buy a home compared to other states.Key Facts
- The 11 affordable states are Iowa, Illinois, Ohio, Kansas, Indiana, Michigan, Pennsylvania, West Virginia, Missouri, Maryland, and Minnesota.
- Iowa is the most affordable state, with homebuyers spending about 25.4% of their income to afford a median-priced home.
- Illinois ranked second, requiring about 26% of income for a typical home.
- Ohio and Kansas tie for third place, with median homes costing 27% of income.
- Indiana ranks fifth, with home costs equal to 28.3% of median income.
- Realtor.com uses a guideline that households should spend no more than 30% of gross income on housing to avoid financial strain.
- The South and West regions are building the most new homes, with Texas and Florida leading in new housing permits in 2024.
- Most new housing development is expected in the Sun Belt and select Midwestern markets where building is still practical.
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