This state has the least affordable housing market in the U.S. based on income — and it’s NOT California

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

There are only three states nationwide where more than half of the households could afford to buy a median-priced new home.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

People need a little more good news now.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines