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Luxury bathroom manufacturerBadeloftrecently completed an analysis of the most affordable states to buy a home.
Payments were calculated based on a 7% interest rate on a 30-year fixed mortgage.
Here are the 10states where purchasing a house is most affordable.
The effective tax rate is just 0.56%, adding to the states affordability.
Homeownership is possible with an annual income of just $47,061.
However, due to recent hurricanes, expect to pay an average of $4,169 for home insurance.
You may be able to afford a home in Alabama on a salary of just $47,804.
it’s possible for you to buy a home with an annual salary of just $48,691.
Indiana
You dont have to travel south to afford a home.
you’re able to afford a house with an annual income of just $49,069.
Youll need an annual income of at least $51,188 to afford a house in Missouri.
But cheap homeowners insurance of just $1,760 per month, on average, helps make Delaware affordable.
Home insurance is comparatively cheap, too, at an average of just $1,884 per month.
Youll need an annual salary of $53,767 to afford a home in this state.
The states cost-of-living index is 98, meaning the state is less expensive than average overall.
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