CLEVELAND, OH (WOIO) - According to the cost information website howmuch.net Ohio is the second cheapest state in the country to buy the average home.
For the purpose of this study they used the real estate website Zillow, to come up with the average cost of a home in Ohio.
Then, assuming a home buyer put down 10 percent on a 30 year mortgage, and using the equation that your mortgage payment should be 30 percent of your gross income, they calculated what your salary needs to be to buy the average home.
The average home in Ohio is $149,900 which means you need an salary of $38,400 to be able to afford it.
There's only one state where your income can be lower than Ohio's, to buy the average home and that's West Virginia.
The average home there is worth $149,500, meaning you need a salary of $38,320.
Here are the top five cheapest and most expensive places in the country to afford a home:
- West Virginia: $38,320 for a house worth $149,500
- Ohio: $38,400 for a house worth $149,900
- Michigan: $40,800 for a house worth $160,000
- Arkansas: $41,040 for a house worth $161,000
- Missouri: $42,200 for a house worth $165,900
- Hawaii: $153,520 for a house worth $610,000
- Washington, DC: $138,440 for a house worth $549,000
- California: $120,120 for a house worth $499,900
- Massachusetts: $101,320 for a house worth $419,900
- Colorado: $100,200 for a house worth $415,000?