This state has the least affordable housing market in the U.S. based on income

[Yo_Mama_Been_Loggin]

and it’s NOT California

IN ONE CHART
New homes are out of reach for many households nationwide — but in some states only a small fraction of families can afford to purchase a newly-built house.

A new analysis from HowMuch.net, a financial literacy website, explored what percentage of households in each state nationwide, plus the District of Columbia, could afford the cost of a newly-constructed home.

The analysis used median home-price data from the National Association of Home Builders and statistics on housing affordability from the National Association of Realtors, which accounted for median income levels and mortgage rates.

The least affordable state, by this measure, was not necessarily the most expensive housing market in the country. According to HowMuch.net’s analysis, Vermont was the least affordable state. Only 16% of households could afford a mortgage payment on the median-priced new home, which costs roughly $476,000.

https://www.msn.com/en-us/money/realestate/this-state-has-the-least-affordable-housing-market-in-the-u-s-based-on-income-and-it-s-not-california/ar-BB1eFT9U

[honest.abe]

1. I dont think it make sense to do this analysis based on a state as a whole.

It should be based on cities or counties within a state. Housing and incomes vary tremendously by location within a state especially in states like CA and NY. I would argue that housing affordability in Los Angeles is one of the worst in the US and much worse than anywhere in VT.

Here are some numbers by city as a comparison:

Los Angeles CA: MEDIAN HOUSEHOLD INCOME: $62,474 MEDIAN PROPERTY VALUE : $682,400
Burlington VT: MEDIAN HOUSEHOLD INCOME: $50,324 MEDIAN PROPERTY VALUE: $279,000

https://datausa.io/profile/geo/los-angeles-ca
https://datausa.io/profile/geo/burlington-vt

Obviously more difficult to buy a house in LA than Burlington VT.

[erronis]

2. It's unfortunate that this article used new home prices. In Vermont those tend to be vacation

or retirement homes for some pretty well-to-do folks, some from Boston, NYC, etc.

I'm sure the median price for used homes in VT is somewhere around 200-250K. Small apartments are 1,000+/month.

But the availability of anything affordable in the northeast is abysmal. And given the low wages paid by these mainly rural states, few can afford anything at all.

Big disconnect between living wages and the rich folks that come in to buy up real estate.

[Hugh_Lebowski]

3. Well, I guess this proves that Bernie is an elitist ...

I mean ... he's from that state, right?

[JI7]

4. Why only new homes ?

[TeslaNova]

5. Unless you want to live in a red neck state you're going to pay

Prices have almost tripled in Denver in the past 8 years.