A fair in Schuylkill County, Pennsylvania, where homeownership costs less than 15% of a typical annual wage.
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- According to Attom, nearly every U.S. state is now less affordable than its historical average.
- However, there are places where a typical worker will not break their housing budget yet.
- Here are five counties where homeowners should have plenty of money to live on after housing is completed.
Home ownership is not impossible everywhere.
Despite the fact that median-priced housing in 99% of U.S. states is now less affordable than its historical average, there are some beautiful places in the northern part of the country where only 15% of a typical income is needed for housing subsidies to a new report from housing data company Attom.
If you plan to move to these counties, you'll be surrounded by nature: from the lakes, rivers and streams of New York State to the forests and parks of Illinois. But you definitely need to buy a good winter coat – temperatures in all five of these counties drop below freezing between December and March.
Nevertheless, these Attom results are refreshing at a time when home ownership can feel impossible due to high prices and mortgage interest rates. The affordability crisis is especially severe in places like luxury Marin County, California, where the typical housing payment is nearly 110% of annual weekly wages, and tropical Maui County, Hawaii, where the typical worker would have to come up with 104% of his or her income housing costs, data show.
These numbers are at odds with the recommendations of Insider's Personal Finance team. His research suggests people should spend no more than 30% of their salary on housing costs.
But for those who live and work in places like Canton, a college town in upstate New York, or Pottsville in the coal region of Pennsylvania, owning a home at a reasonable cost should be within reach.
5. Cambria County, Pennsylvania
Percentage of wages needed to afford a home: 14.1%
Typical annual wage: 44.746 $
Typical mortgage payment per month: $525
4. St. Lawrence County, New York
Percentage of salary needed to afford a house: 13.6%
Typical annual salary: $55.172
Typical mortgage payment per month: $623
3. Peoria County, Illinois
Percentage of wages needed to be able to afford a house: 13.5%
Typical annual salary: 69.238 $
Typical mortgage payment per month: $780
2. Schuylkill County Pennsylvania
Percentage of wages needed to afford a home: 12.8%
Typical annual salary: 50.336 $
Typical mortgage payment per month: $536
1. Macon County, Illinois
Percentage of wages needed to afford a home: 12%
Typical annual wage: 62.686 $
Typical mortgage payment per month: $625