Iowa ranks among the most affordable states in the nation for housing costs, according to a new WalletHub report. The study examined mortgage payments and home energy costs in all 50 states and compared those expenses with each state’s median household income to determine where residents spend the largest share of their earnings on housing. In Iowa, the average monthly cost of housing is $1,079.40, representing 17.26 percent of the median monthly household income. That figure ranks Iowa 50th overall, meaning residents spend the smallest share of their income on housing compared to other states. The report also found Iowa ranked 45th for average monthly mortgage principal and interest payments and 48th for average monthly home energy costs. Housing costs vary widely across the country. Hawaii ranked as the least affordable state, with housing consuming 50.02 percent of the median income, followed by California at 43 percent. West Virginia was the second cheapest at 18.39 percent, and Kansas was third at 18.39 percent. View WalletHub’s full report using the link included below.
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