Meanwhile, West Virginia, Mississippi, and Arkansas had the lowest median home prices at $144,000, $171,000, and $187,000. The West was quite an outlier, where residents spent 41% of their income on mortgage payments. The South was next at 28%, followed by the Northeast at 30%. The Midwest was considered the most affordable region, where residents spent only 22% of their income on mortgage payments.
States where homeowners spent the greatest share of income on their mortgages were Hawaii, California, and Washington, D.C. States where homeowners spent the lowest share of their income on mortgage payments were West Virginia, Iowa, and Kansas (16.6%, 17.7%, and 19.5%, respectively). The national median monthly pre-tax household income was $5,547, the median monthly mortgage payment was $1,624, and the median national home price was $333,187. Homeowners in 21 states and Washington, D.C., spent more than 30% of their median household income on mortgage payments. Nationally, homeowners spent an average of 28.4% of their pre-tax income on mortgage payments. For more details on our data and sources, check out the Methodology section below.
#Average mortgage payment in indiana mac
Census Bureau, Zillow, and Freddie Mac to calculate the share of income spent on mortgage payments for every state, giving us a unique look at how affordable each state is for homeowners and insight into where you can still own a home while living within the government’s financial guardrails. Today’s Homeowner wanted to better understand the state of housing across the country. The reasoning is that someone who spends too much on housing will have less money for other priorities such as food, transportation, education, or savings. For decades, policymakers have said that those who spend 30% or more of their pre-tax income on housing are considered housing cost-burdened. But data shows that this is a fantasy for nearly half of the country.Īs Americans look for ways to trim costs that have been rising for over a year, many will notice that one line item consistently takes up the largest share of their budget: housing. The government suggests homeowners should spend 30% or less of income on housing.
Lighted Magnifying Glass That Stays Put.If your loan requires other types of insurance like private mortgage insurance (PMI) or homeowner's association dues (HOA), these premiums may also be included in your total mortgage payment. Your mortgage lender typically holds the money in the escrow account until those insurance and tax bills are due, and then pays them on your behalf. If you have an escrow account, you pay a set amount toward these additional expenses as part of your monthly mortgage payment, which also includes your principal and interest. The "principal" is the amount you borrowed and have to pay back (the loan itself), and the interest is the amount the lender charges for lending you the money.įor most borrowers, the total monthly payment sent to your mortgage lender includes other costs, such as homeowner's insurance and taxes.
Remember, your monthly house payment includes more than just repaying the amount you borrowed to purchase the home. These autofill elements make the home loan calculator easy to use and can be updated at any point.
Zillow's mortgage calculator gives you the opportunity to customize your mortgage details while making assumptions for fields you may not know quite yet.
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