In order to give you more information about which state offers the most affordable housing in the US, we conduct research to learn more about which states will fit your daily budget. Moody’s Analytics analysis compares each state’s mortgage interest rates, median family income, and median housing price.
According to the National Low Income Housing Coalition, a minimum wage worker working for 40 hours a week can afford to rent a two-bedroom apartment in the United States. Housing affordability lacking in the United States especially San Francisco and New York City.
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Each state has given a score to identify it’s ranking. A score of 100 means a family with a median income has enough to qualify a mortgage for a home. The above 100 score means has more than enough qualification for a 20 percent downpayment. Below are the top 10 most affordable housing states in the US.
10. South Dakota
The State of South Dakota surpass the national average of 165.9
Housing Affordability Score: 212.4
Median Income: $29,611
According to the Best States ranking, the states of Michigan is tje nation’s fifth lowetst cost of living.
Housing Affordability Score: 212.8
Median Income: $30,488
Also, Read: 10 Things to Know Before Moving to Michigan
8. West Virginia
According to Unisted State Census Bureau, West Virginia median gross rates will cost you $711 each month.
Housing Affordability Score: 214.5
Median Income: $24,478
Also, Read: A Guide Moving to West Virginia
The state is the second place for low cost of living in the nation.
Housing Affordability Score: 214.7
Median Income: $34,041
6. North Dakota
The national poverty rate is 13.4 percent. The state of North Dakota has one of the lowest when it comes to poverty rate at 10.3 percent.
Housing Affordability Score: 216.3
Median Income: $34,041
The state of Nebraska is one of the best state wijt most income equality according to GINI index score.
Housing Affordability Score: 219.7
Median Income: $30,915
From 2014 to 2018, the median family income in the states $59.445 , down to $32,711 in 2020 according to Census.
Housing Affordability Score: 221.1
Median Income: $32,711
Also, Read: Moving to Pennsylvania Guide, Moving To Keystone State 2020
You will pay $807 per month renting in Indiana.
Housing Affordability Score: 221.3
Median Income: $28,323
They say Ohio is for Lover, from 2014 to 2018, the average median hosuehold in the state is $54,533 according to U.S. Census.
Housing Affordability Score: 236.7
Median Income: $30,038
Iowa is top one on our list with the most affordable housing in the US. It is also ranked number one lowest cost of living in the United States.
Housing Affordability Score: 246.8
Median Income: $30,865
There you have ot!
Before moving to other states, you must consider the availability and affordability of housing in each area. Searching the most affordable housing in the US will save you a lot of money in the future.