finance
Realtor.com Lists 11 States Where Median-Income Households Spend Under 30% on Housing
Realtor.com identified 11 states where a household earning the median income can afford a median-priced home without exceeding the 30% housing-cost benchmark. The states are concentrated in the Midwest and include Minnesota, Maryland, Missouri, West Virginia, Pennsylvania, Michigan, Ohio, Indiana, Iowa, Kansas, and South Dakota.
Audio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
Realtor.com released a ranking of 11 states where households earning the median income can purchase a median-priced home while spending less than 30% of income on housing costs. The 30% threshold is a standard benchmark used to measure whether housing expenses leave households with adequate remaining income for other necessities.
Minnesota ranks 11th on the list.
Median household income stands at $88,572 and the median home-list price is $388,212, requiring 29.9% of income. Maryland ranks 10th. Median household income is $99,340 and the median home-list price is $434,302, requiring 29.8% of income. Missouri ranks ninth.
Median household income is $69,725 and the median home-list price is $301,158, requiring 29.5% of income. West Virginia ranks eighth. Median household income is $60,185 and the median home-list price is $259,523, requiring 29.4% of income. Pennsylvania ranks seventh.
Median household income is $74,855 and the median home-list price is $312,487, requiring 28.5% of income. Michigan ranks sixth. The data for Michigan continues the pattern of Midwest states appearing on the list.
Senior economist Joel Berner at Realtor.com stated that Midwestern states tend to have stronger labor markets, which keep incomes high relative to home values. He added that these states also have less of a lower tail of household incomes than Southern states.
