With rising prices and economic uncertainty, it has become very difficult to afford a new house, even in the United States.
As per The Ringer, this is the worst time to buy a house in 40 years, as housing prices are at record highs and so are rents in the US.
According to a new report by Bankrate, there are only 14 United States states where residents who earn less than $75,000 can afford a median-priced home.
This number dropped from 36 in just four years, showing how rising home prices have affected house ownership.
To afford a home in California, you’d need to make $197,057 to afford a median-priced residence.
The median income needed to afford a home in the US overall is $110,871 — up from $76,191 in 2020.
Buying your own house can be an exciting and emotional process that involves many factors such as locations and budgets, among others.
14 states where home prices are affordable.
- Mississippi
- Ohio
- Arkansas
- Indiana
- Kentucky
- Iowa
- Oklahoma
- Michigan
- Missouri
- Louisiana
- Alabama
- Kansas
- North Dakota
- West Virginia
While these states may have cheap properties, they also have higher rates of poverty and fewer high-paying jobs compared to the rest of the country. Many of the states are among the poorest in the US.
