28 Nov Ohio ranks #10 for lowest average mortgage payment! – Cincinnati Real Estate Agent Blog
LendingTree recently conducted a study to determine which state was the most affordable in terms of average monthly mortgage payment as well as investigating what percentage of monthly income goes towards that payment.
Washington DC and Hawaii were the most expensive states with average payments of $1641 and $1536. DC homeowners put 31% of their income towards those payments while Hawaii paid 30% of their income to live on the beautiful island (which I completely understand).
Ohio was the 10th most affordable state with an average of $791/mo mortgage payment. Kentucky ranked 9th with an average payment of $788/mo. But the average mortgage in Ohio only made up 21% of an owner’s income whereas the average Kentucky mortgages made up 23%.
So although living in Kentucky will give you a slightly more affordable mortgage and provide you with some cheaper property taxes, Ohio will pay you a higher average income.
To see the full report, go here: Report
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