Housing Affordability · United States · Updated May 2026

Most affordable US states — price-to-income ratio

Q: What is the most affordable state to buy a home?

West Virginia is the most affordable state to buy a home with a price-to-income ratio of 2.7×. This means the median home costs 2.7 times the median household income — significantly below the national median of 3.9×. Other affordable states include Iowa, Kansas, Indiana.

Q: Which states are most affordable for first-time homebuyers?

The most affordable states for first-time homebuyers based on price-to-income ratio are West Virginia (2.7×), Iowa (2.8×), Kansas (2.9×), Indiana (3×), Mississippi (3×). These states have median home prices that are significantly lower relative to local household incomes, making conventional mortgages more accessible without outside assistance.

Q: What is a good price-to-income ratio when buying a home?

A price-to-income ratio below 3× is generally considered affordable — the home costs less than three times annual household income. Between 3× and 5× indicates a strained market. The national median is 3.9×. Above 5× represents a severe affordability crisis where homeownership is out of reach for median-income earners without significant outside help.

The price-to-income ratio divides median home value by median household income. A lower ratio means more affordable. West Virginia leads with 2.7×, meaning a typical home costs 2.7 years of household income. Data: ACS 5-Year 2024.

The national median price-to-income ratio is 3.9×. Every state on this list sits below that line — the gap between West Virginia and the median is the clearest single measure of how much cheaper these ten markets are than typical US homeownership.

These rankings use the 2024 American Community Survey 5-Year Estimates, covering the period 2020–2024. Median home value and median household income are measured at the state level. The ratio is computed as median home value ÷ median household income.

All 50 states + DC ranked

Most affordable states — complete ranking

The most affordable states are concentrated in the Midwest and South — regions where home prices have historically tracked closer to local incomes. Iowa (2.8×), Kansas (2.9×), Indiana (3×) all rank in the top tier. Western states dominate the bottom of the affordability table, with Hawaii (8.4×), California (7.4×), Oregon (5.8×) among the least affordable.

A ratio below 3× is generally considered affordable by housing economists. Between 3× and 5× indicates a strained market. Above 5× — the level seen in Hawaii, California, and Massachusetts — represents a severe affordability crisis where homeownership is effectively out of reach for median-income households without substantial outside assistance. The ten states above range from 2.7× to 3.2× — clustering right at this 3× line rather than sitting deep beneath it, but every one stays well short of the strained-or-worse territory at the other end of this ranking.

State Ratio Median Price Median Income

1 West Virginia 2.7× $162,600 $59,608 2 Iowa 2.8× $208,000 $75,059 3 Kansas 2.9× $217,200 $74,275 4 Indiana 3× $218,200 $71,957 5 Mississippi 3× $169,800 $56,447 6 Ohio 3× $214,800 $71,389 7 Nebraska 3.1× $238,600 $76,475 8 Oklahoma 3.1× $199,800 $65,039 9 Arkansas 3.1× $188,000 $60,773 10 Illinois 3.2× $263,300 $83,390 11 Kentucky 3.2× $205,600 $63,726 12 Michigan 3.2× $231,600 $72,875 13 Missouri 3.3× $230,300 $70,702 14 North Dakota 3.3× $249,900 $76,657 15 Pennsylvania 3.3× $254,500 $77,971 16 Alabama 3.3× $209,900 $63,999 17 South Dakota 3.4× $257,400 $75,081 18 Wisconsin 3.4× $266,500 $77,485 19 Louisiana 3.6× $216,500 $60,756 20 Texas 3.6× $283,800 $78,476 21 Minnesota 3.7× $329,300 $89,062 22 South Carolina 3.7× $259,000 $69,324 23 Alaska 3.8× $352,900 $92,788 24 Connecticut 3.8× $366,900 $95,781 25 Georgia 3.9× $303,300 $77,353 26 New Mexico 3.9× $248,100 $64,059 27 Vermont 3.9× $316,600 $81,203 28 Maine 4× $296,600 $74,733 29 North Carolina 4× $288,900 $72,388 30 Delaware 4.1× $352,000 $84,954 31 Maryland 4.1× $419,900 $103,678 32 New Hampshire 4.1× $402,500 $99,031 33 Tennessee 4.1× $286,700 $69,595 34 Virginia 4.1× $383,700 $93,170 35 Wyoming 4.1× $309,700 $76,176 36 New Jersey 4.4× $454,400 $103,556 37 Rhode Island 4.6× $404,200 $87,796 38 Florida 4.8× $359,000 $74,568 39 New York 4.9× $423,800 $85,974 40 Arizona 4.9× $394,500 $79,964 41 Utah 5.1× $489,400 $95,166 42 Montana 5.2× $375,800 $72,509 43 Idaho 5.4× $418,600 $77,800 44 Massachusetts 5.4× $562,100 $103,960 45 Nevada 5.6× $435,400 $78,260 46 Colorado 5.6× $539,400 $95,470 47 Oregon 5.8× $477,600 $83,011 48 Washington 5.8× $564,600 $98,141 49 District of Columbia 6.7× $737,100 $109,870 50 California 7.4× $734,700 $99,122 51 Hawaii 8.4× $839,100 $100,389

Methodology

How the price-to-income ratio is calculated

The price-to-income ratio is calculated by dividing the median home value by the median household income for each state. Both figures come from the US Census Bureau's American Community Survey (ACS) 5-Year Estimates, 2024 release (covering survey years 2020–2024).

Affordable states share one consistent, data-backed pattern: median home value has simply stayed low relative to median household income, whatever the underlying cause. This site tracks ACS home values and incomes, not zoning, land supply, migration flows, or wage composition by sector — it can measure the gap but not attribute it to a specific driver. Treat any explanation for why a given state stayed affordable as informed speculation, not something this dataset confirms.

Limitations: the ratio uses state-level medians, which can mask significant variation within states. A state like California has affordable inland counties alongside severely unaffordable coastal metros. For county-level data, use the interactive map.

Data source: US Census Bureau, American Community Survey 5-Year Estimates (2024). Supplemented with FHFA House Price Index for county-level trend data.

Common questions

FAQ — most affordable states

What is the most affordable state to buy a home?

West Virginia is the most affordable state with a price-to-income ratio of 2.7×. Other top affordable states include Iowa (2.8×), Kansas (2.9×), Indiana (3×).

Which states are most affordable for first-time homebuyers?

The most accessible states for first-time buyers are West Virginia, Iowa, Kansas, Indiana, Mississippi — all with ratios well below the national median of 3.9×. These markets offer conventional mortgages at income multiples that fit standard lending thresholds.

What is a good price-to-income ratio when buying a home?

Below 3× is considered affordable. Between 3–5× is strained. Above 5× is a severe affordability crisis. The national median is 3.9×.

Are Midwestern states the most affordable in the US?

Yes. Iowa, Kansas, Indiana, and Ohio consistently rank among the most affordable, with price-to-income ratios well below the national median. This site's data shows the gap but doesn't track the underlying drivers — migration, zoning, wage growth by sector — so it can confirm that the gap exists, not why.

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