A study of the site homebuyer.com determined which are the most expensive states in the united states to buy a house in 2022.
The list ranked each state based on median income percentage that is needed to cover the monthly costs of the mortgage, from highest to lowest.
Housing affordability can vary greatly from place to place, especially with the taxes, utilities, and other unique expenses associated with a given citydepending on the site.
According to the report, the most expensive state to buy a home is Hawaiiwith an average house price of $615,300. The median household income there is $99,800 and 35.15% of that amount is needed to afford to purchase a home.
The states that follow Hawaii as the most expensive to buy a house in 2022 are California, Oregon, Washington and Colorado.
That California is in second place makes sense since it is the third largest state in the country and the most populous of all. The median house price is $505,000, and the estimated monthly mortgage payment is $2,399.32.
While in Oregon the average price of a home costs about $312,000.
According to the study, it is necessary 21.92% of median household income to buy a home there and has an estimated monthly mortgage payment of $1,483.30.
Meanwhile, US existing home sales fell for the seventh straight month in August as affordability deteriorated further amid rising mortgage rates and stubbornly high prices, though the pace of decline moderated. compared to previous months.
Existing home sales fell 0.4% to a seasonally adjusted annual rate of 4.80 million units last month, the National Association of Realtors said Wednesday. Discounting the drop during the spring of 2020 when the economy was reeling from the first wave of COVID-19, this was the lowest sales level since November 2015.
Economists surveyed by Reuters they had forecast sales to decline at a rate of 4.70 million units.
Existing home sales, which account for the bulk of home sales in the country, were down 19.9% year-on-year.
The aggressive tightening of monetary policy by the Federal Reserve, marked by sharp increases in interest rates, has significantly weakened the housing market.
Following, the 15 cheapest states to buy a house are the following:
12. North Dakota
fifteen. South Dakota