There are only 14 U.S. states where residents who earn less than $75,000 can afford a median-priced home, a new Bankrate analysis reveals.
Considering that half of the country's households earn a median of $74,580 or less, these 14 states are some of the few places where middle-income earners can afford a typical home.
Here's a look at the 14 states where homes are most affordable, based on the annual income needed to cover homeownership costs without spending more than 28% on housing.
While these 14 states may have cheaper properties available, there are trade-offs to consider, like higher rates of poverty and fewer high-paying jobs compared with the rest of the country.
The median income needed to afford a home in the U.S. overall is $110,871 — up from $76,191 in 2020.
Organizations:
U.S, CNBC
Locations:
U.S, . Mississippi, Ohio, Arkansas, Indiana, Kentucky, Iowa, Oklahoma, Michigan, Missouri, Louisiana, Alabama, Kansas, Dakota, Virginia, United States, California, New York, Mississippi