California and New York top the list as the most expensive states for homeowners, according to a recent study conducted by NewJerseyRealEstateNetwork.com.
The study, which analyzed census data and evaluated average yearly housing costs against median income, discovered that Californians spend the most with 28.84% of their median income going toward housing expenses.
New York followed as the second-highest, with homeowners dedicating an average of 24.8% of their state median income to housing.
At the other end of the spectrum, West Virginia emerged as the state with the lowest homeownership costs, with residents spending just 13.75% of the median state income on housing.
The remaining top ten states where homeowners spend a significant portion of their income on housing include New Jersey, Hawaii, Connecticut, Massachusetts, Rhode Island, Oregon, Washington, and Nevada. The study considered various housing costs, including mortgage payments, insurance premiums, property taxes, utility and fuel bills, mobile home costs, and condominium fees.
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