There are different housing markets in different areas of the country, and not all of them are equal.
Certain areas have more affordable homes than others. Being house-rich means that the area has a high level of homeownership compared to the rest of the country.
In some areas, the ratio between home value and income is also low, which can mean better conditions for homeownership.
All Star Home analyzed the numbers from the U.S. Census Bureau to determine where people can own homes. Using comprehensive data from the Census, a team developed a “house rich” score for each state. Initially, they compared the median value of owner-occupied housing units and the median household income, resulting in a home-value-to-income ratio.
They then factored in the owner-occupied housing unit rate to refine the ratio. Multiplying the home-value-to-income ratio with the non-owner occupied housing rate, they assessed the prevalence of homeownership in each area. A low score suggests that a location is house-rich, indicating not only affordability but also a majority of residents residing in homes they own.
West Virginia
With a largely rural population and affordable housing, this state sees homeownership at a whopping 73.90%. Nearly three out of every four people in the state owns a home. The state also has a low home value and income ratio of 2.53.
Iowa
Another rural state, Iowa, has highly affordable homes and a homeownership rate of 71.60%. The income-to-home value ratio is 2.46, the lowest of any state in the U.S.
Michigan
While Michigan has several large population centers, it also has largely affordable homes. The rate of homeownership is 72.20%, and the ratio between income and home value is just 2.72.
Indiana
Midwestern states are often a good bet for finding affordable housing, and Indiana is no different. It has a homeownership rate of 69.90% and an income-to-home value ratio of 2.56.
Mississippi
The Southeast is another place to find affordable homes, and this is especially true for Mississippi. The rate of homeownership in this state is 68.90. The ratio of home value to income is 2.71.
Kansas
The Midwest is a great place to live and work, and it’s a great place to buy a home. In Kansas, 66.60% of the people live in a home that they own. The ratio of the value of these homes to the income of the citizens is only 2.55.
Ohio
Ohio is tied with Kansas at a homeownership rate of 66.60%. This bustling state’s homeownership rate is a little lower than a few other states, but its income-to-home value ratio is 2.58, indicating highly affordable homes.
Nebraska
This huge Midwestern state has a high rate of homeownership at 66.80%. It’s a highly rural state, and the ratio of home values to incomes is just 2.61.
Alabama
There are several population centers in this Southern state, but most of the state remains rural. This means a high percentage of homeownership at 69.40%. The ratio between home values and income is 2.86.
Minnesota
With several large cities and delightful accents comes a high rate of homeownership at 72.30. This rate is higher than most other states, but the affordability is slightly lower than the top states at a 3.22 ratio of home value to household income.
Maine
Everyone loves Maine lobsters, and practically everyone in Maine owns a home. The homeownership rate is 73.40%, giving it the second-highest state for this measurement. The affordability of those homes has a ratio of 3.36.
Oklahoma
The rate of homeownership in Oklahoma isn’t as high as many states on the list, but it makes up for its 66.10% homeownership rate with a high degree of affordability. The home value to income ratio is just 2.65.
Pennsylvania
For a state in the Northeast, Pennsylvania has an impressive degree of homeownership and affordable homes. About 69.20% of this state’s residents live in a home that they own. The ratio between the value of their homes and their incomes is an average of 2.92.
Kentucky
With about 67.80% of Kentucky residents living in their own homes, Kentucky has one of the highest numbers of homeowners. The ratio of the value of those homes to the income of the taste’s citizens is a low 2.80.
Missouri
The Show-Me State has a homeownership rate of 67.60%, representing a large number of the population. The ratio between the value of a home and the income of its owner comes to an average of 2.81.
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