There’s Only 14 States Where You Can Afford A Home On Less Than $75,000 A Year
About half of U.S. households earn $74,580 or less. A recent study shows that in only 14 states, someone earning under $75,000 a year can afford a median-priced home. This shows the problem of home affordability across the country. Each of these states offers unique benefits, from cool cities to beautiful nature, and their affordable housing could boost local economies and communities. Covering the Midwest’s calm to the sunny South, these states truly represent America’s variety.
The list might surprise some readers! According to a Bankrate analysis, homeownership costs are calculated based on a 20% down payment, excluding HOA fees or insurance, with a 7.05% fixed mortgage rate over 30 years. Monthly payments are determined by Redfin’s median sale price data, ensuring housing costs don’t exceed 28% of income.
Mississippi
With a median income of $63,043, Mississippi offers affordable housing options, making homeownership feasible for many residents. The state is known for its southern charm, rich history, and music scene, Mississippi attracts those seeking an easygoing way of life.
Ohio
Ohio has a median income of $64,071 and is a state where lower-income earners can afford a median-priced home. Home to diverse cities like Cleveland, Columbus, and Cincinnati, Ohio has both a mix of urban thrill and scenic beauty.
Arkansas
Arkansas is known as the Natural State for a reason: it’s bursting with natural beauty all across the state! The median income is $64,714. The Ozark Mountains and Hot Springs National Park are one of a kind.
Indiana
With a median income of $65,143, Indiana provides opportunities for affordable homes. The state is famed for the Indianapolis Motor Speedway and basketball history.
Kentucky
Kentucky has a median income of $65,186 and offers affordable housing options to its residents. Known for its bourbon distilleries, horse racing, and beautiful landscapes like the Appalachian Mountains. The rolling hills covered in blue grass are a sight to behold.
Iowa
Iowa has a median income of $65,314 and is a state where homeownership is within reach for many lower-income earners. The state is famous for its farmland and friendly communities! Iowa is synonymous with a Midwestern lifestyle.
Oklahoma
Oklahoma has a median income of $65,443, so it offers affordable housing options amidst its unique landscapes. The state is known for its cowboy culture, Native American reservations, and out-of-the-ordinary nature. Oklahoma offers something for everyone, especially hunters and outdoor enthusiasts.
Michigan
Michigan has a median income of $66,343 so its is a state where lower-income earners can afford median-priced homes. Home to the Great Lakes, iconic automotive history, and the spirited city of Detroit. Michigan provides a mix of natural beauty and urban thrill.
Missouri
Missouri boasts a median income of $66,986, making homeownership feasible for many residents. Known for the Gateway Arch and barbecue, Missouri offers a wide range of attractions and opportunities.
Louisiana
Louisiana has a median income of $67,886. World famous for the city of New Orleans, Creole and Cajun cultures, music, swamps, and food. Louisiana offers a one-of-a-kind cultural experience!
Alabama
Alabama has a median income of $69,514, so it’s fortunately a state where homeownership is within reach for many lower-income earners. It’s known for being the heart of the Deep South, so the state has plenty of Southern hospitality and good cooking!
Kansas
With a median income of $72,343, Kansas offers affordable housing options to its residents. The state is known for its vast prairies, sunflower fields, and huge tornadoes. Kansas is synonymous with a simple, rural lifestyle.
North Dakota
Boasting a median income of $73,414, North Dakota is a state where lower-income earners can afford median-priced homes. The state is notorious for oil rigs and expansive prairies. North Dakota delivers a frontier spirit and a strong sense of community.
West Virginia
West Virginia has a median income of $74,957. This mountainous state offers affordable housing. West Virginia is known for its natural beauty, coal mining heritage, and promise of a simpler life.
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