Meanwhile , an average loan of $ 212,000 in Illinois , requires a monthly payment of $ 1,411 , meaning an average spend of 23.46 % of the average monthly income of $ 6,017 .
Kentucky and Oklahoma follow with the sixth and seventh most affordable mortgage payments . Relatively low typical loan amounts in these states of approximately $ 165,000 make for an average monthly payment on a 30year , fixedterm mortgage of around $ 1,100 . In Kentucky , this payment equates to 23.56 % of the average monthly income while in
Oklahoma it equates to 23.68 %.
Mississippi comes in with the eighth most affordable monthly mortgage payment . The relatively low average monthly payment of $ 975 equates to just 24.03 % of an average monthly income of $ 4,060 .
The final two of the top ten most affordable states are Michigan and Indiana . Average loan values close to $ 195,000 in both of these states make for monthly payments of approximately $ 1,300 . This payment in Michigan equates to 24.54 % of the average monthly income while in Indiana it is 24.66 %.
Chuck Gordon , CEO of SelfStorage . com spoke on the findings : “ With mortgage holders subject to the current cost of living in other areas , it ’ s interesting to learn the states whose mortgage constitute the smallest burden .
“ These results are also of course incredibly useful to those wishing to buy property and take out mortgages , potentially even influencing some to move across state lines to find the best place to make a home .”
Sources : Zillow Typical home value / State Time . com Average down payment Worldpopulationreview Ave . income by state based on a 7 % ( nationwide average ) mortgage
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