See Why Michigan Ranks High In Affordable Housing

If you are looking for a new house or maybe to be a first time house owner then you are in luck as Michigan ranks high in finding affordable housing. When you are looking you have to consider a lot of different aspects that go into purchasing a home... how much money you make and/or have saved, the size of the home, and (a big part) where it is that you're purchasing a home.

According to finance website, HowMuch.net, not every state is affordable and some you really need to make some money to afford a house. HowMuch collected info on "average home prices in every state from Zillow", among other info, to determine how much your income needs to be to afford "the average home". According to this, Michigan comes in 3rd "where you need the lowest salaries to afford the average home". The average home in Michigan costs about $160,000, and to afford it (with a 4-5% interest rate, a 10% down payment, and not spending anymore than 30% of your gross income) someone would need to have an income of $40,800. The only states that beat out Michigan are West Virginia and Ohio.

The opposite of this which is the "top five places where you need the highest salaries to afford the average home." Hawaii, D.C, and California are in the top 3 and you'll need to pay at least half a million dollars to afford homes in those states. You can see the full list here

Categories: Articles