GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re able to read more about oureditorial guidelinesand our products and servicesreview methodology.
Households in the West have the most delinquent debt.
Also find out how much a $100,000 salary looks like after taxes in the West.
Arizona also had an average home price of $1,160,346, while the median household income is $66,264.
Housing scarcity also impacts the housing costs and the debt patterns.
Many of the people who live in cities and towns didnt grow up there, she explained.
Theyre coming into the area with outside money.
Such growth is furthercontributing to rising housing costsand household debt.
Limited Incomes
Many residents of Western states face these high home prices on limited incomes.
According to Musson, many businesses in the West face high operating and overhead costs.
Higher Cost of Living
Households in the West also feature an unusually high cost of living.
Washingtons cost of living is 114.2, Oregons is 112 and Arizonas is 111.5.
Higher cost of living is the number one reason debt is so high in the West, explained Musson.
Lower incomes coupled with higher cost of living make the problem even worse.
More From GOBankingRates
Share This Article:
