New homes are out of reach for many households nationwide — but in some states only a small fraction of families can afford to purchase a newly-built house.
The least affordable state, by this measure, was not necessarily the most expensive housing market in the country. According to HowMuch.net’s analysis, Vermont was the least affordable state. Only 16% of households could afford a mortgage payment on the median-priced new home, which costs roughly $476,000.
The cost of new homes has certainly become a more major concern for many home buyers in today’s market. The coronavirus pandemic has helped fuel outsized demand for housing across the country. Buyers have quickly scooped up existing homes as they hit the market, pushing the inventory of existing homes for sale to record lows.
People need a little more good news now.