A recent study examining housing costs across states revealed that Washington residents allocate the ninth highest proportion of their income towards housing expenses.
The analysis, conducted by NewJerseyRealEstateNetwork.com, utilized census data to calculate the average annual housing expenditure as a percentage of the median income in each state. California takes the lead as the state where homeowners allocate the largest portion of their income to housing costs. Californians spend 28.84% of their median income on housing. Following closely, New York ranks second in terms of housing expenses, with homeowners shelling out $18,636 annually, accounting for 24.8% of the state's median income of $75,157. Meanwhile, New Jersey claims the third spot, with an average homeowner cost of 24.75% of the state's median income. Hawaii ranks fourth, Connecticut comes fifth. Further down the list, Massachusetts and Rhode Island secure the sixth and seventh positions, with homeowners devoting 24.18% and 23.57% of their respective state median incomes to housing expenses.
Taking the eighth, ninth, and tenth places are Oregon (22.84%), Washington (22.83%), and Nevada (22.51%), where homeowners spend a substantial portion of their income on housing costs.
Conversely, West Virginia stands as the most affordable state for homeowners, with an annual housing cost of just $6,996, accounting for only 13.75% of the state's median income of $50,884.