• West Virginia is the state with the most affordable monthly payments .
• Iowa and Kansas are the states with the second and third most affordable payments .
• The top ten affordable states all spend below onequarter of their monthly income on mortgage payments .
Anew study has revealed the states spending the smallest portion of their income on home payments throughout the US .
The research by SelfStorage . com analyzed the average home values , loan amounts , and incomes in each state to establish the average monthly mortgage payments nationwide .
West Virginia is the state in which mortgage payments are on average , the most affordable . With an average home value in the state of approximately $ 158,000 , after an ordinary ( 17 %) down payment , the average West Virginian loan amount comes in around $ 131,000 . On a common 30year , 7 % fixedrate mortgage , the average monthly payment in the state is just $ 873.27 .
With the average income in West Virginia at a monthly $ 4,270 , mortgage payments here equate to 20.45 % of a resident ’ s monthly earnings , the lowest proportion in the country .
Iowa comes in as the state with the second most affordable payments . An average home value of $ 216,000 makes for an average loan amount of $ 180,000 . An average monthly income of $ 5,466 in the state , and an average monthly payment of $ 1,194 mean that Iowan mortgage holders spend 21.84 % of earnings per month on these home payments .
In third , Kansas mortgage holders have an average monthly mortgage payment of $ 1,212 . This comes in as 22.69 % of the average monthly income in the state , which sits at $ 5,344 . The state boasts a typical home value of $ 220,000 , making for an average loan value of $ 182,000 .
With the nationwide average monthly payment coming in at $ 2,036 , and nationwide monthly earnings of $ 5,770.23 the average percentage of income spent on mortgage payments comes in at 35 %. These top three states have mortgage costs far below this figure .
Ohio and Illinois rank as the states with the fourth and fifth most affordable mortgage payments nationwide . The average loan amount in Ohio of $ 183,000 makes for an average monthly payment of $ 1,214 , this is 23.41 % of the average Ohioan monthly income of $ 5,188 .
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