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Hawaii is the most affordable U.S. state for people to save up for a down payment and buy real estate, according to a survey by real estate firm Agent Advice.
Hawaii is made up of 137 volcanic islands. Median household income of $92,458 matches home value of $831,808.
A close second is California, which is notorious for its high cost of living. With a median household income of $91,551 and a typical home price of $743,435, the state’s ratio is 8.12. This disparity further increases the challenges for prospective homebuyers in California’s competitive real estate market.
West Virginia is the most financially viable U.S. state for those looking to save money quickly.
Even though the median household income is $54,329, below the national average of $74,580, West Virginia has significantly lower home prices than other states, making it an efficient choice for potential buyers. There are plenty of opportunities to save.
With a typical home price of $154,371, West Virginia’s housing market is 55% lower than the national average of $342,685.
Next, Iowa has a median household income of $69,588, which matches the typical home price of $205,375, and an income-price ratio of 2.95.
It is followed by Kansas, where the median household income is $68,925, the typical home price is $212,995, and the ratio is 3.09. Kansas home prices are the 7th lowest in the state, and combined with beautiful scenery and friendly communities, Kansas offers a high quality of life at an affordable price.