Pennsylvania is the 5th Most Affordable State for Homebuyers

The average Pennsylvanian’s personal income is 25.08% of the state’s median home price, making it the fifth most affordable state for homebuyers, according to an analysis by BestBrokers.

Falling between Ohio and Michigan, the home-price-to-income ratio in Pennsylvania in 2023 was 3.99. The median home price was $271,683 and the state’s personal income per capita (as of Q3 2023) was $68,133.

The top 10 most affordable states to buy a home were:

1. North Dakota (home-price-to-income ratio: 3.59)
2. Iowa (3.62)
3. Illinois (3.75)
4. Ohio (3.79)
5. Pennsylvania (3.99)
6. Michigan (4.02)
7. Missouri (4.03)
8. Kansas (4.05)
9. Oklahoma (4.05)
10. Indiana (4.08)

The five least affordable homebuying states were:

1. Hawaii (home-price-to-income ratio: 10.83)
2. California (9.47)
3. Utah (8.45)
4. Idaho (7.83)
5. Montana (7.80)

Overall, the U.S. median home sale price last year was $408,428, and the per capita income was $68,786 as of the third quarter, making the median home price nearly six times a person’s annual income. Notably, housing affordability was worse in coastal states and best in the Midwest. Aside from Ohio, all of Pennsylvania’s neighboring states had lower income-to-home-price percentages:

• New York: 15.78%
• New Jersey: 17.11%
• Delaware: 20.09%
• Maryland: 18.38%
• West Virginia: 18.21%