Study: Ohio among most affordable states for aspiring homeowners

COLUMBUS, Ohio ( WCMH ) – A study listed the most affordable U.S. states to quickly save for a house deposit, with Ohio ranking in the top five.

The study, conducted by Agent Advice , evaluated average household incomes and housing prices across the nation, revealing the most affordable states for aspiring homeowners that have the best income-to-house price ratio.

Ohio ranked as the fifth-best state to quickly save for a deposit. The state has a median household income of $65,720 and an average home value of $213,149. Without factoring in median income, Ohio ranks as the ninth most affordable state for housing prices in the U.S., the study notes.

The most financially feasible state for those looking to save for a deposit is West Virginia, according to the study. Despite the state’s median household income of $54,329 falling below the national average of $74,580, the state has significantly lower house prices than other states, the study said. West Virginia has an average home value of $154,371, compared to the national average of $342,580.

In second place is Iowa, with a median household income of $69,588 and an average home value of $205,375. Kansas secures the third spot following closely behind Iowa, with a median household income of $68,925 and an average home value of $212,995.

Illinois ranked in fourth place. The state has a median household income of $76,708, which pays $2,128 more than the national average. Additionally, the state has an average home value of $247,948, which is 28% less than the national average, the study said.

The top 10 is completed with Ohio in fifth place, Oklahoma, Mississippi and Kentucky tied for sixth place, North Dakota and Indiana tied for seventh place, Michigan in eighth place, Louisiana in ninth place and Nebraska in 10th.

The worst states to save for a down payment according to the study are Hawaii, California, Montana, Oregon and Massachusetts.

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