Open the door and door handle with a key and a keychain shaped house. Property investment and house mortgage financial real estate concept
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States Where Homes Are Most Affordable

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Open the door and door handle with a key and a keychain shaped house. Property investment and house mortgage financial real estate concept
marchmeena29/istockphoto

Mortgage Matters

The housing market is in upheaval right now. Mortgage rates have hit a 20-year high, cooling the record demand that emerged during the pandemic, which pushed prices through the roof. It's no surprise that homes in some states are less expensive than others, but there's more to affordability than sales price. To determine which states have the most affordable homes, financial news website TradingPedia examined typical housing costs, median income, and average mortgage payment in each state and ranked them by the percentage of homeowners' median income that goes toward mortgage spending.


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Little Rock, Arkansas, USA skyline on the River
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Louisville, Kentucky skyline with pedestrian walkway in front
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Night time in Cleveland ohio
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Sunrise at Cloud Gate
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7. Illinois, 28%

Typical home price: $269,575

Median household income: $79,253

Indiana Statehouse and Indianapolis skyline on a sunny afternoon.
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6. Indiana, 27.1%

Typical home price: $221,437

Median household income: $70,190

Fairmont, West Virginia
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5. West Virginia, 26.2%

Typical home price: $137,286

Median household income: $46,836

Oklahoma City Skyline Aerial View At Dusk With Botanical Gardens
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4. Oklahoma, 25.4%

Typical home price: $181,574

Median household income: $60,096

Omaha downtown
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3. Nebraska, 25.2%

Typical home price: $239,814

Median household income: $78,109

Wichita, Kansas
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2. Kansas, 23.5%

Typical home price: $206,176

Median household income: $75,979

Des Moines Downtown Skyline With Vivid Orange And Blue Sunset
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1. Iowa, 22.1%

Typical home price: $192,568

Median household income: $72,429