PORTLAND, Ore. (KOIN) – A new report from homebuyer.com shared lists of the cheapest states to buy a house in the U.S. and the most expensive states, and there’s some bad news for which list Oregon and Washington made.
According to the mortgage company, which examined median home value and median household income data to determine what percentage of household income went toward a mortgage payment in each state, the Pacific Northwest is pretty pricey when it comes to homeownership.
Using data from World Population Review and the U.S. Department of Housing and Urban Development, the report found Oregon to be the third most expensive state to buy a house and Washington the fourth most expensive.
The data show the median home price in Oregon is lower than in Washington – $312,200 compared to $339,000 – but when compared to the median household income, paying a mortgage is less affordable in Oregon.
In Oregon, residents pay 21.92% of the median income to afford a home. Washington is slightly lower at just over 21%.
In Oregon, the estimated monthly mortgage payment is $1,483.30, while in Washington it’s $1,610.63.
The only two states where buying a home is less affordable, according to the report, are Hawaii and California.
Colorado is the fifth most expensive state on the list.
Homebuyer.com also named the cheapest states to buy a house. Topping that list are Iowa, Indiana, Ohio, Nebraska and Kansas.
In Iowa, the median home price is $147,800 and the estimated monthly mortgage payment is $702. The study estimates it takes 10.6% of the median household income to afford a home in the Hawkeye State.
