14 states where you can buy a house with a salary of less than $75 thousand per year - ForumDaily
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14 states where you can buy a home with a salary of less than $75 thousand per year

According to new analysis Bankrate, there are 14 exceptional states in the US where residents with incomes under $75 can afford to buy a median-priced home, reports CNBC.

Close Up of a House Sold Sign on a Lawn in Front of a Big Modern House with Traditional Architecture

Photo: iStock.com/gorodenkoff

It is amazing how in just four years the former 36 states have been reduced to such a small number!

With half of the nation's households earning an average of $74, these 580 states are good places for middle-income earners to afford a home with a mortgage. To learn how to buy it for $14 in the USA, read here material.

On the subject: How to protect your house from squatters, and what to do if the property has already been seized

Bankrate based the rating on a 20% down payment, no homeowners association fees or mortgage insurance, and a 30-year fixed mortgage rate of 7,05%. Read about the best budget mini-houses in our article.

Rating

Now learn about 14 states where you can buy an affordable home without spending more than 28% of your annual income on housing.

  • Mississippi: $63;
  • Ohio: $64;
  • Arkansas: $64;
  • Indiana: $65;
  • Kentucky: $65;
  • Iowa: $65;
  • Oklahoma: $65;
  • Michigan: $66;
  • Missouri: $66;
  • Louisiana: $67;
  • Alabama: $69;
  • Kansas: $72;
  • North Dakota: $73;
  • West Virginia: $74.

Typically, homes in these states cost around $300. This is significantly less than the average price in the United States ($000).


But, nevertheless, other nuances should be taken into account. For example, higher poverty rates and fewer high-paying jobs compared to the rest of the country. Many of these states are the most rural in the United States, and incomes in rural areas tend to be lower than in larger cities.

You may be interested in: top New York news, stories of our immigrants, and helpful tips about life in the Big Appleread it all on ForumDaily New Y

You'd need to earn $197 to afford a home with a median price of $057 in California, the highest of any state.

The median income needed to afford a home in the U.S. overall is $110—up from $871 in 76. This is largely due to a long-standing housing shortage that worsened at the start of the pandemic. Since 191, home prices have risen 2020% and mortgage rates have nearly doubled.

However, we note that price increases have been more significant in states where there is constant demand for homes, such as California or New York.

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