Five States Where it Takes Less Income to Own a Home
A new study from How Much, using Zillow home price data, found five states where home shoppers can afford to buy a home with an annual income of roughly $40,000.
The lowest minimum annual income in the study was $38,320, necessary to buy a home in West Virginia where the average home value is $149,500. Each of the five states in the study were in the Midwestern or the Southern United States. CNBC reports that in Missouri, one would need to make at least $42,200 to afford the average home value, $165,900.
"Our map creates a quick snapshot of housing across the United States," writes How Much. Even though there are certain high-profile states where finding a home could be more difficult, "the best takeaway is that housing remains affordable in large swaths of the country." Using a mortgage calculator, How Much calculated monthly payments, including the principal and the interest for an assumed home loan.