The number crunchers at WalletHub are back with a new data report: “States Where People Spend the Most & Least on Housing.”
Studying the costs of rent, mortgage and home energy across the 50 states and then comparing the data with each state’s median household income, WalletHub discovered that Hawaii residents spend the highest percentage of their income on housing, at 50.02%. Other states with the highest percentage of income allocated to housing are California (43%), Massachusetts (33.67%), Oregon (33.56%) and Washington (32.97%).
At the other end of the spectrum, Iowa residents have the lowest percentage of income spent on housing, at 17.26%. Other states where less income goes into housing costs include West Virginia (18.39%), Kansas (18.64%), Nebraska (19.34%), and Ohio (19.68%).
“Homeowners and home buyers have faced whiplash over the past few years, with housing prices soaring and interest rates fluctuating from historic lows back up to the highest rates in more than a decade, said Chip Lupo, WalletHub analyst, adding, “In order to manage expensive mortgage payments and other key housing costs, it’s important for homeowners to budget effectively.”
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