According to doxo, the average American homeowner pays roughly $1,368 per month for their mortgage, which is the greatest monthly expense for the majority of homeowners. Although it may seem like a lot, many individuals pay far more to have a roof over their heads. Some people pay far less than others. The most affordable states in the U.S. to purchase a home in 2022 were determined in August by Homebuyer.com using the median household income and median home price in each state.
The best state in 2022 for home purchases is Iowa.
The average cost of a home: is $147,800
$79,500 is the median household income.
Mortgage payment approximate: $702
Income as a percentage of PMT: 10.6%
The lowest average median household income required to purchase a home was found in Iowa, which topped the list. In the Midwestern state, Des Moines, Iowa City, and Cedar Rapids have the largest housing markets. With a typical house price of $141,700 and an expected monthly mortgage payment of a little over $670, Indiana comes in second. Bloomington, Fort Wayne, and Indianapolis are among the state’s largest cities. Major universities including Purdue, Ball State, and Indiana University are located there as well.
Ohio, another state in the Midwest, made up the top three states. The median house price in the state of Ohio is $145,700, with an estimated $692.24 monthly mortgage payment.
Metropolitan Detroit
The city with the lowest cost of living is Detroit. Home costs are among the lowest of the cheap places on our list, despite the typical wage being among the lowest. In fact, the median monthly mortgage payment for Detroit residents will be just 6% of their income, which is incredibly cheap. Detroit has seen significant setbacks over the years, including a collapsing auto sector, the racial exodus to the suburbs, and Great Recession-related damaged areas, but in recent years the city has been on the rebound.
Detroit is the corporate headquarters for well-known businesses including General Motors, Ally Financial, and Quicken Loans. There are also big tech companies like Microsoft, Google, and LinkedIn. The most recent announcement came from Apple, which said it will create its first North American developer academy in Detroit in collaboration with Michigan State University. The city of Detroit and its environs have long been fantastic places to live, work, and play. The same team that created Central Park in New York City also created Belle Isle Park, according to Randolph Barker, president of the Detroit Association of Realtors. “Our cuisine selections are varied and exhibit the city’s different cultures. Downtown, Midtown, Corktown, Greektown, and Mexicantown all have some of the greatest food I’ve ever had.
Cleveland, Ohio
Cleveland is not just a cheap city, but it’s also a young city; its median age is slightly under 36, which is the national average. Cleveland is unique because of its vibrancy. People who live there enjoy boat parties and water activities on Lake Erie. For those who enjoy the outdoors, a vast network of natural preserves encircles the city and includes the beaches along Lake Erie. More than 300 miles of hiking, biking, and horseback riding paths, as well as picnic spots, natural preserves, golf courses, and fishing holes, are all part of the Cleveland Metroparks system. However, it’s not all fun and games because Cleveland’s economy is strong and expanding.
The Cleveland Innovation District, a new public-private collaboration involving the state of Ohio, three hospitals, and two colleges, is expected to generate 20,000 employees over the following ten years. Dena Cipriano, senior manager of communications and public relations for the Greater Cleveland Partnership, claims that Cleveland was less affected than the rest of the nation by the pandemic-related recession. “The Cleveland metro area’s unemployment rate is lower than the national average. And of all the main metro areas affected by the pandemic, we have had the second biggest surge in the influx of technology professionals.