It’s no secret that housing prices in the U.S. have soared. In 2020, the median U.S. home price was $289,000. Now, it’s $418,000. And with mortgage rates remaining high, many people feel like homeownership is simply out of the question.
WalletHub set out to find where people who own their homes spend the most and least on housing. It analyzed the cost of mortgage and utility bills across all 50 states to create its list.
“Homeowners and home buyers have faced whiplash over the past few years, with housing prices soaring and interest rates fluctuating from historic lows back up to the highest rates in more than a decade,” said WalletHub analyst Chip Lupo. “In some states, housing costs can take up around 50% of the median income. In order to manage expensive mortgage payments and other key housing costs, it’s important for homeowners to budget effectively.”
Continue reading to see where people are shelling out the most and least on housing and the average share of their monthly income they spend to pay off their mortgage.
Washington homeowners spend an average of 34.82% of their monthly household income on housing.
Nevada homeowners spend an average of 35.29% of their monthly household income on housing.
Oregon homeowners spend an average of 36.27% of their monthly household income on housing.
California homeowners spend an average of 45.99% of their monthly household income on housing.
Hawaii homeowners spend an average of 45.99% of their monthly household income on housing.
Ohio homeowners spend an average of 20.38% of their monthly household income on housing.
Nebraska homeowners spend an average of 20.37% of their monthly household income on housing.
Kansas homeowners spend an average of 20.12% of their monthly household income on housing.
West Virginia homeowners spend an average of 19.94% of their monthly household income on housing.
Iowa homeowners spend an average of 18.84% of their monthly household income on housing.
The post The 5 states where homeowners spend the most on their mortgages — and the 5 where they spend the least appeared first on Quartz.
