Hawaii is the least affordable US state for people to save for a deposit and buy property, a study by real estate firm Agent Advice has revealed.
In Hawaii, which is made up of 137 volcanic islands, median household income of $92,458 matches up with a staggering home value of $831,808.
Following closely behind is California, infamous for its high cost of living. With a median household income of $91,551 and a typical home value of $743,435, the state exhibits a ratio of 8.12. This disparity adds to prospective homebuyers’ challenges in California’s competitive real estate market.
West Virginia is the most financially feasible US state for those looking to save for a deposit quickly,
Despite its median household income of $54,329 falling below the national average of $74,580, West Virginia offers ample opportunity for potential buyers to save efficiently, thanks to significantly lower house prices than other states.
With a typical home value of $154,371, West Virginia’s housing market is 55% cheaper than the national average of $342,685.
Next in line is Iowa, where a median household income of $69,588 matches up with a typical home value of $205,375, an income-price ratio of 2.95.
After that comes Kansas, with a median household income of $68,925 and a typical home value of $212,995, giving it a ratio of 3.09. The state’s ranking of seventh lowest house prices, combined with its beautiful landscapes and friendly communities, allow Kansas to offer a high quality of life at an affordable price.