California residents face the highest housing costs in the country, spending nearly 29% of their median state income on housing expenses, according to a recent study by NewJerseyRealEstateNetwork.com.
However, within Indiana, the city of Bloomington stands out as the second most expensive city, according to homesnacks.com. Despite its population of over 84 thousand people, Bloomington faces significant economic challenges, with an unemployment rate of 7.2 percent and over 33 percent of its residents living in poverty.
The median price of a home in Bloomington is reported to be $219,000, while the median salary is $41,354. Median rents in the city are around $946 per month. It’s important to note that when discussing statistics, the term “median” refers to the middle value in a dataset, not the average. This means that the median salary and home price take into account the salaries of highly paid outlier individuals, such as IU administrators, and other similar cases.
The high cost of living in Bloomington may present challenges for many residents, especially those with lower incomes. With a significant portion of the population living in poverty and limited affordable housing options.
Lafayette, Indiana, was ranked the most expensive.
A study analyzed census data to determine the average yearly housing cost in each state as a percentage of the median income, shedding light on the financial burden of homeownership across the nation.
The average annual cost for a homeowner with a mortgage in California is a staggering $24,252, equivalent to 28.84% of the state’s median income, which stands at $84,097. This means that California residents spend the largest proportion of their income on housing costs compared to any other state.
Following closely behind, New York takes the second spot on the list, with homeowners spending 24.8% of the state median income of $75,157 on housing costs, amounting to an average of $18,636 per year. New Jersey claims the third position, with homeowners spending 24.75% of the state’s median income of $89,703 on housing expenses, totaling an average of $22,200 annually.
West Virginia emerges as the most affordable state for homeowners, with residents spending just $6,996 per year on housing costs, representing only 13.75% of the state’s median income of $50,884.
Hawaii ranks fourth on the list, with homeowners spending 24.69% of the state’s median income of $88,005 on housing costs, amounting to an average of $21,732 per year. Connecticut takes the fifth spot, where homeowners spend 24.48% of the state’s median income of $83,572, totaling an average of $20,460 annually.
In terms of the median age of housing structures, Nevada stands out with the lowest median age at 28 years. This indicates a relatively newer housing stock compared to other states in the nation.