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11 states where you don't have to spend more than 30% of your income on housing
Indianapolis, Kansas City, Des Moines.Getty ImagesRealtor.com ranked the 11 states where you can avoid spending more than 30% of your income on housing.The 30% rule is used as a benchmark to help households avoid. becoming "house poor."The states are mostly located in the US's interior, including Iowa, Ohio, and Indiana.Most of us have heard the golden rule of housing: Don't spend more than 30% of your income on housing. Known as the 30% rule, it's a benchmark financial experts often cite to help households avoid becoming "house poor" — meaning you have little savings left after paying monthly housing costs.Unfortunately, for many Americans, that standard works better in theory than in practice. Realtor.com data shows that in most states, households earning the median income cannot comfortably afford a median-priced home without stretching their budgets too thin.It's a reality shaped by the same persistent strains on housing affordability: high mortgage rates, high home prices, and economic headwinds such as inflation, which continue to drive up the cost of everyday necessities like food and gas.The good news is that Realtor.com has identified 11 states where homebuyers can still afford homes without overburdening themselves financially. The majority are located in the Midwest, and surprisingly, not a single state in the South — a region often associated with lower living costs — made the cut."Midwestern states tend to have stronger labor markets, which keep incomes high relative to home values," said Joel Berner, a senior economist at Realtor.com. They also "have less of a lower tail of household incomes than the Southern states, so more Midwesterners end up able to afford homes."Here are the 11 states where a household earning the median income can afford a typical home without spending more than yüzde 30 of its income, according to Realtor.com.11. MinnesotaSean Pavone/Getty ImagesShare of median income needed to afford a median-priced home: 29.9%Median household income: $88,572Median home-list price: $388,21210. MarylandSean Pavone/Getty ImagesShare of median income needed to afford a median-priced home: 29.yüzde 8Median household income: $99,340Median home-list price: $434,3029. MissouriMihai_Andritoiu/ShutterstockShare of median income needed to afford a median-priced home: 29.yüzde 5Median household income: $69,725Median home-list price: $301,1588. West VirginiaSean Pavone/ShutterstockShare of median income needed to afford a median-priced home: 29.dört%Median household income: $60,185Median home-list price: $259,5237. PennsylvaniaRudyBalasko/Getty ImagesShare of median income needed to afford a median-priced home: 28.5%Median household income: $74,855Median home-list price: $312,4876. MichiganDetroit.Sean Pavone/Getty Images/iStockphotoShare of median income needed to afford a median-priced home: 28.üç%Median household income: $70,131Median home-list price: $290,3295. IndianaIndianapolis, Indiana.FilmRAW/ShutterstockShare of median income needed to afford a median-priced home: 28.üç%Median household income: $71,469Median home-list price: $295,8104. KansasTopeka, Kansas.Mihai_Andritoiu/ShutterstockShare of median income needed to afford a median-priced home: yüzde 27Median household income: $74,030Median home-list price: $292,6323. OhioCincinnati.Rudy Balasko/ShutterstockShare of median income needed to afford a median-priced home: 27%Median household income: $70,196Median home-list price: $277,3482. IllinoisChicagoJaySi/Getty Images/iStockphotoShare of median income needed to afford a median-priced home: yüzde 26Median household income: $80,648Median home-list price: $307,6741. IowaJacob Boomsma/ShutterstockShare of median income needed to afford a median-priced home: 25.dört%Median household income: $75,991Median home-list price: $282,886Read the original article on Business Insider
