New York is the second most expensive state for homeowners, with residents spending nearly a quarter of their income on housing costs, according to a new study by real estate website NewJerseyRealEstateNetwork.com. The study analyzed census data to calculate average yearly housing costs, including mortgage repayments, insurances, property taxes, and utility bills, as a percentage of each state’s median income. In New York, homeowners spend an average of $18,636 annually, which accounts for 24.8% of the state’s median income of $75,157.
California tops the list as the most costly state for homeowners, with housing expenses averaging $24,252, equating to 28.84% of the state’s median income. Following New York, New Jersey is the third priciest state for homeowners, with average annual costs at $22,200, or 24.75% of the state median income. Hawaii and Connecticut round out the top five, with homeowners dedicating 24.69% and 24.48% of their respective state’s median incomes to housing costs.
On the other end of the spectrum, West Virginia is the most affordable state for homeowners, where residents spend an average of $6,996 per year on housing, just 13.75% of the state’s median income. The remaining states in the top ten most expensive states for homeowners include Massachusetts, Rhode Island, Oregon, Washington, and Nevada, with homeowners spending between 22.51% and 24.18% of their respective state’s median incomes on housing costs.
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