New Jersey Residents Spends The Most Income On Housing Costs
A new study has revealed that New Jersey residents spend the third most income on housing costs.
The States That Spend The Most Income On Housing Costs
Real estate website NewJerseyRealEstateNetwork.com analyzed census data to find the average yearly housing cost in each state as a proportion of median income, to uncover which state costs the most to own a home.
Housing costs included mortgage repayments, various insurances, property taxes, utility bills, fuel bills, mobile home costs, and condominium fees.
California
California is the state where homeowners spend the largest percentage of their income on housing costs. The average annual cost for a homeowner with a mortgage in California is $24,252, which is 28.84% of the state median income of $84,097.
New York
New York homeowners are the second biggest spenders in terms of housing costs. The average homeowner pays $18,636 per year on housing costs, which is 24.8% of the state median income of $75,157.
New Jersey
New Jersey homeowners are the third biggest spenders when it comes to housing costs. The average cost to the homeowner was $22,200 per year, which is 24.75% of the state median income of $89,703.
Hawaii
Hawaii ranks fourth for states where homeowners are spending the largest proportion of their income on housing costs. The average cost for a homeowner in Hawaii is $21,732 per year, which is 24.69% of the state’s median income of $88,005.
Connecticut
With an average annual cost to the homeowner of $20,460, which is 24.48% of the state median income of $83,572, Connecticut is fifth for the state where homeowners are spending the largest proportion of their income on housing costs.
Massachusetts
Massachusetts comes sixth and Rhode Island comes seventh for the state where homeowners are spending the largest proportion of their income on housing costs. Massachusetts homeowners spend 24.18% of the state’s median income on housing costs, while Rhode Island homeowners spend 23.57% on housing costs.
Oregon, Washington, And Nevada
Rounding out the top ten is Oregon in eighth, Washington in ninth, and Nevada in tenth. Homeowners in each of these states spend 22.84%, 22.83%, and 22.51% of their income on housing costs respectively.
West Virginia is the state where it costs the least to be a homeowner, with homeowners spending just $6,996 per year on housing costs, which is only 13.75% of the state’s median income of $50,884.
Table showing the average annual cost to homeowners compared to median household income
Rank
State
Average Annual Owner Cost (with a mortgage)
Median household income
Annual Owner Cost as % of Median Income
1.
California
$24,252
$84,097
28.84%
2.
New York
$18,636
$75,157
24.80%
3.
New Jersey
$22,200
$89,703
24.75%
4.
Hawaii
$21,732
$88,005
24.69%
5.
Connecticut
$20,460
$83,572
24.48%
6.
Massachusetts
$21,528
$89,026
24.18%
7.
Rhode Island
$17,556
$74,489
23.57%
8.
Oregon
$16,008
$70,084
22.84%
9.
Washington
$18,816
$82,400
22.83%
10.
Nevada
$14,784
$65,686
22.51%
11.
Colorado
$17,952
$80,184
22.39%
12.
Maryland
$20,268
$91,431
22.17%
13.
Virginia
$17,748
$80,615
22.02%
14.
Illinois
$15,360
$72,563
21.17%
15.
Georgia
$13,536
$65,030
20.82%
16.
Florida
$12,792
$61,777
20.71%
17.
New Hampshire
$17,172
$83,449
20.58%
18.
Texas
$13,716
$67,321
20.37%
19.
Vermont
$13,716
$67,674
20.27%
20.
Arizona
$13,224
$65,913
20.06%
21.
North Carolina
$11,988
$60,516
19.81%
22.
Alaska
$15,840
$80,287
19.73%
23.
Utah
$15,540
$79,133
19.64%
24.
Delaware
$13,980
$72,724
19.22%
25.
Pennsylvania
$12,852
$67,587
19.02%
26.
Minnesota
$14,700
$77,706
18.92%
27.
Maine
$11,916
$63,182
18.86%
28.
Idaho
$11,856
$63,377
18.71%
29.
Wisconsin
$12,528
$67,080
18.68%
30.
Tennessee
$10,920
$58,516
18.66%
31.
Montana
$11,280
$60,560
18.63%
32.
Missouri
$11,280
$61,043
18.48%
33.
Ohio
$11,424
$61,938
18.44%
34.
South Carolina
$10,668
$58,234
18.32%
35.
Louisiana
$9,756
$53,571
18.21%
36.
New Mexico
$9,720
$54,020
17.99%
37.
Kansas
$11,592
$64,521
17.97%
38.
Nebraska
$11,928
$66,644
17.90%
39.
Michigan
$11,184
$63,202
17.70%
40.
Kentucky
$9,744
$55,454
17.57%
41.
Indiana
$10,716
$61,944
17.30%
42.
Wyoming
$11,700
$68,002
17.21%
43.
Oklahoma
$9,780
$56,956
17.17%
44.
Alabama
$9,396
$54,943
17.10%
45.
Iowa
$10,968
$65,429
16.76%
46.
Mississippi
$8,172
$49,111
16.64%
47.
Arkansas
$8,616
$52,123
16.53%
48.
South Dakota
$10,536
$63,920
16.48%
49.
North Dakota
$10,608
$68,131
15.57%
Source valuewalk