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Most and Least Expensive States for Homeowners

August 28, 2023

7 min Read

Written by Gabrielle Olya

Edited by Molly Sullivan

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As any homeowner knows, the cost of owning a home goes far beyond your mortgage payment. Other expenses can include insurance, property taxes, utility bills, gas bills and HOA fees. The total cost of homeownership varies greatly from state to state, and these costs can take up a larger chunk of the average household income in some places than others.

A recent study conducted by NewJerseyRealEstateNetwork.com analyzed Census data to find the average yearly housing costs in each state as a proportion of median income to find out which states are the most expensive for homeowners. Here’s a look at how the states rank, from most to least expensive.

1. California

Average annual homeowner cost (including mortgage): $24,252
Median household income: $84,097
Annual homeowner cost as % of median income: 28.84%

2. New York

Average annual homeowner cost (including mortgage): $18,636
Median household income: $75,157
Annual homeowner cost as % of median income: 24.80%

3. New Jersey

Average annual homeowner cost (including mortgage): $22,200
Median household income: $89,703
Annual homeowner cost as % of median income: 24.75%

4. Hawaii

Average annual homeowner cost (including mortgage): $21,732
Median household income: $88,005
Annual homeowner cost as % of median income: 24.69%

5. Connecticut

Average annual homeowner cost (including mortgage): $20,460
Median household income: $83,572
Annual homeowner cost as % of median income: 24.48%

6. Massachusetts

Average annual homeowner cost (including mortgage): $21,528
Median household income: $89,026
Annual homeowner cost as % of median income: 24.18%

7. Rhode Island

Average annual homeowner cost (including mortgage): $17,556
Median household income: $74,489
Annual homeowner cost as % of median income: 23.57%

8. Oregon

Average annual homeowner cost (including mortgage): $16,008
Median household income: $70,084
Annual homeowner cost as % of median income: 22.84%

9. Washington

Average annual homeowner cost (including mortgage): $18,816
Median household income: $82,400
Annual homeowner cost as % of median income: 22.83%

10. Nevada

Average annual homeowner cost (including mortgage): $14,784
Median household income: $65,686
Annual homeowner cost as % of median income: 22.51%

11. Colorado

Average annual homeowner cost (including mortgage): $17,952
Median household income: $80,184
Annual homeowner cost as % of median income: 22.39%

12. Maryland

Average annual homeowner cost (including mortgage): $20,268
Median household income: $91,431
Annual homeowner cost as % of median income: 22.17%

13. Virginia

Average annual homeowner cost (including mortgage): $17,748
Median household income: $80,615
Annual homeowner cost as % of median income: 22.02%

14. Illinois

Average annual homeowner cost (including mortgage): $15,360
Median household income: $72,563
Annual homeowner cost as % of median income: 21.17%

15. Georgia

Average annual homeowner cost (including mortgage): $13,536
Median household income: $65,030
Annual homeowner cost as % of median income: 20.82%

16. Florida

Average annual homeowner cost (including mortgage): $12,792
Median household income: $61,777
Annual homeowner cost as % of median income: 20.71%

17. New Hampshire

Average annual homeowner cost (including mortgage): $17,172
Median household income: $83,449
Annual homeowner cost as % of median income: 20.58%

18. Texas

Average annual homeowner cost (including mortgage): $13,716
Median household income: $67,321
Annual homeowner cost as % of median income: 20.37%

19. Vermont

Average annual homeowner cost (including mortgage): $13,716
Median household income: $67,674
Annual homeowner cost as % of median income: 20.27%

20. Arizona

Average annual homeowner cost (including mortgage): $13,224
Median household income: $65,913
Annual homeowner cost as % of median income: 20.06%

21. North Carolina

Average annual homeowner cost (including mortgage): $11,988
Median household income: $60,516
Annual homeowner cost as % of median income: 19.81%

22. Alaska

Average annual homeowner cost (including mortgage): $15,840
Median household income: $80,287
Annual homeowner cost as % of median income: 19.73%

23. Utah

Average annual homeowner cost (including mortgage): $15,540
Median household income: $79,133
Annual homeowner cost as % of median income: 19.64%

24. Delaware

Average annual homeowner cost (including mortgage): $13,980
Median household income: $72,724
Annual homeowner cost as % of median income: 19.22%

25. Pennsylvania

Average annual homeowner cost (including mortgage): $12,852
Median household income: $67,587
Annual homeowner cost as % of median income: 19.02%

26. Minnesota

Average annual homeowner cost (including mortgage): $14,700
Median household income: $77,706
Annual homeowner cost as % of median income: 18.92%

27. Maine

Average annual homeowner cost (including mortgage): $11,916
Median household income: $63,182
Annual homeowner cost as % of median income: 18.86%

28. Idaho

Average annual homeowner cost (including mortgage): $11,856
Median household income: $63,377
Annual homeowner cost as % of median income: 18.71%

29. Wisconsin

Average annual homeowner cost (including mortgage): $12,528
Median household income: $67,080
Annual homeowner cost as % of median income: 18.68%

30. Tennessee

Average annual homeowner cost (including mortgage): $10,920
Median household income: $58,516
Annual homeowner cost as % of median income: 18.66%

31. Montana

Average annual homeowner cost (including mortgage): $11,280
Median household income: $60,560
Annual homeowner cost as % of median income: 18.63%

32. Missouri

Average annual homeowner cost (including mortgage): $11,280
Median household income: $61,043
Annual homeowner cost as % of median income: 18.48%

33. Ohio

Average annual homeowner cost (including mortgage): $11,424
Median household income: $61,938
Annual homeowner cost as % of median income: 18.44%

34. South Carolina

Average annual homeowner cost (including mortgage): $10,668
Median household income: $58,234
Annual homeowner cost as % of median income: 18.32%

35. Louisiana

Average annual homeowner cost (including mortgage): $9,756
Median household income: $53,571
Annual homeowner cost as % of median income: 18.21%

36. New Mexico

Average annual homeowner cost (including mortgage): $9,720
Median household income: $54,020
Annual homeowner cost as % of median income: 17.99%

37. Kansas

Average annual homeowner cost (including mortgage): $11,592
Median household income: $64,521
Annual homeowner cost as % of median income: 17.97%

38. Nebraska

Average annual homeowner cost (including mortgage): $11,928
Median household income: $66,644
Annual homeowner cost as % of median income: 17.90%

39. Michigan

Average annual homeowner cost (including mortgage): $11,184
Median household income: $63,202
Annual homeowner cost as % of median income: 17.70%

40. Kentucky

Average annual homeowner cost (including mortgage): $9,744
Median household income: $55,454
Annual homeowner cost as % of median income: 17.57%

41. Indiana

Average annual homeowner cost (including mortgage): $10,716
Median household income: $61,944
Annual homeowner cost as % of median income: 17.30%

42. Wyoming

Average annual homeowner cost (including mortgage): $11,700
Median household income: $68,002
Annual homeowner cost as % of median income: 17.21%

43. Oklahoma

Average annual homeowner cost (including mortgage): $9,780
Median household income: $56,956
Annual homeowner cost as % of median income: 17.17%

44. Alabama

Average annual homeowner cost (including mortgage): $9,396
Median household income: $54,943
Annual homeowner cost as % of median income: 17.10%

45. Iowa

Average annual homeowner cost (including mortgage): $10,968
Median household income: $65,429
Annual homeowner cost as % of median income: 16.76%

46. Mississippi

Average annual homeowner cost (including mortgage): $8,172
Median household income: $49,111
Annual homeowner cost as % of median income: 16.64%

47. Arkansas

Average annual homeowner cost (including mortgage): $8,616
Median household income: $52,123
Annual homeowner cost as % of median income: 16.53%

48. South Dakota

Average annual homeowner cost (including mortgage): $10,536
Median household income: $63,920
Annual homeowner cost as % of median income: 16.48%

49. North Dakota

Average annual homeowner cost (including mortgage): $10,608
Median household income: $68,131
Annual homeowner cost as % of median income: 15.57%

50. West Virginia

Average annual homeowner cost (including mortgage): $6,996
Median household income: $50,884
Annual homeowner cost as % of median income: 13.75%

Data is sourced from NewJerseyRealEstateNetwork.com and is accurate as of Aug. 1, 2023.

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