Most Affordable Homes Report Compiled by BestBrokers.com

 Paul Hoffman

SEATTLE, WA -- BestBrokers.com has issued its comprehensive report on the U.S. housing market, identifying the US states where homes are most affordable, when compared to the average income there.

According to Paul Hoffman of BestBrokers.com, "despite a slight decrease in mortgage rates before the end of 2023, prices remain painfully elevated and a limited housing inventory is still failing to keep up with the high demand.

"Eager to discover how prices vary by state and where prospective buyers can find affordable housing options, our team at BestBrokers meticulously analyzed U.S. housing market data as of 2023, provided by Redfin of Seattle, WA.

"We correlated the median home prices in every state with the most recent official per capita income figures. Then, we ranked the states based on how many years' worth of annual income it would take the average American to buy a home.

"According to our findings, the median U.S. home price reached $408,428 last year, while the income per capita stood at $68,786 as of the third quarter.

"This equates to the median house costing about six times more than the average salary nationwide. Hawaii leads the way as the worst state for home affordability, with homes costing 11 times the median annual income, whereas North Dakota emerges as the most affordable state for homebuyers as homes there are barely 3 times the personal income per year.

Hawaii shoreline

Key takeaways from our report:

·                                 Residents of North Dakota, the most affordable U.S. state, cover 27.85% of what they would need to pay for a home each year. As a result, they must save about 3 years and 7 months' worth of their salaries ($73,090/year) to cover the median price of a home ($262,465);

·                                 Hawaii, the least affordable state for homebuyers, features a per capita income of $65,725, which constitutes solely 9.23% of the median home’s price ($712,100). Put simply, people need to set aside almost 11years’ worth of earnings to afford a home;

North Dakota apartments

·                                 Florida recorded the highest number of homes sold last year (379,355) and holds the top position when we consider the home sales per 1000 people ratio (16.78);

·                                 West Virginia bottoms the ranking when we examine the same ratio (2.44), while North Dakota, despite being the most affordable state, recorded the lowest number of home sales in 2023 (3,125);

·                                 "Living on the coast tends to be more expensive than inland areas due to higher prices of goods and services as well as elevated taxes and insurance costs.

CONTACT:

Paul Hoffman

 BestBrokers.com

research@bestbrokers.com