What are the most expensive US states to buy a home?

Waikiki Beach in Honolulu, Hawaii (Reuters / Marco Garcia)

Study homebuyer.com site identification It is the most expensive state in the United States to buy a home in 2022.

The list ranked each state on the basis of Average Income Ratio Which is necessary to cover the monthly costs of the mortgage, from highest to lowest.

The affordability of housing can vary greatly from place to place, particularly in Taxes, utilities, and other unique expenses associated with a particular cityAccording to the site.

Solar panel homes in the Mililani neighborhood of Oahu Island in Mililani, Hawaii (Reuters/Hugh Gentry)
Solar panel homes in the Mililani neighborhood of Oahu Island in Mililani, Hawaii (Reuters/Hugh Gentry)

According to the report, the most expensive state to buy a home is Hawaiiwith an average house price of $615,300. Average household income there $99,800 and 35.15% of this amount is needed to purchase a home.

The states that follow Hawaii as the most expensive home to buy in 2022 are California, Oregon, Washington, and Colorado.

Chris Martin and Dakota Johnson's California home (Photo © 2021 ZIllow via The Grosby Group)
Chris Martin and Dakota Johnson’s California home (Photo © 2021 ZIllow via The Grosby Group)

Being ranked second makes sense because California is the third largest state in the country and the most populous of all. The average home price is $505,000, and the estimated monthly mortgage payment is $2,399.32.

While in Oregon the average home price costs about $312,000.

According to the study, it is necessary 21.92% of the average household income to buy a home there A monthly mortgage payment of $1,483.30.

Meanwhile, US existing home sales declined for the seventh consecutive month in August as affordability deteriorated further amid rising mortgage rates and stubbornly rising prices, although the pace of decline was moderate compared to previous months.

File photo of a newly built and sold single family home in Encinitas, California, USA.  July 31, 2019 (Reuters) / Mike Blake
File photo of a newly built and sold single family home in Encinitas, California, USA. July 31, 2019 (Reuters) / Mike Blake

The National Association of Realtors said Wednesday that existing home sales fell 0.4% to a seasonally adjusted annual rate of 4.80 million units last month. Regardless of the dip 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.

The economists surveyed Reuters They had expected sales to decline by 4.70 million units.

Existing home sales, which account for the bulk of home sales in the country, fell 19.9% ​​year over year.

house in hawaii
house in hawaii

The severe tightening of monetary policy by the Federal Reserve, which was marked by a sharp rise in interest rates, significantly weakened the housing market.

distance 15 countries cheaper To buy a house are as follows:

1. Yes

two. Indiana

3. Ohio

four. Nebraska

5. kansas

6. Mississippi

7. W.

8. Oklahoma

9. Michigan

10. Arkansas

Eleven. Alabama

12. North Dakota

13. Kentucky

14. Missouri

fifteen. South Dakota

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