An August study from homebuyer.com used income data and home prices to determine the most expensive states to buy a house in 2022.
The list ranked each state based on the average percent of income it takes to cover monthly mortgage costs — from highest to lowest.
No. 1 most expensive state to buy a house in 2022: Hawaii
Median home price: $615,300
Median household income: $99,800
Estimated monthly mortgage payment: $2,923.36
Percentage income to PMT: 35.15%
Hawaii is the least affordable state to buy a house this year. The median household income is $99,800 and it takes 35.15% of that amount to afford a home.
Money Report
According to the study, the island state is in high demand for both vacationers and residents.
The top 5 most expensive states to buy a house in 2022
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- Hawaii
- California
- Oregon
- Washington
- Colorado
California is in second place, which makes sense since it is the second-largest state in the country and the most populous. The median home price is $505,000, and the estimated monthly mortgage payment is $2,399.32.
The third most expensive state is Oregon, where the typical home costs just over $312,000.
According to homebuyer.com's study, it takes 21.92% of the median household income to buy a house there and it has an estimated monthly mortgage payment of $1,483.30.
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