Illinois — the most affordable state to buy a house?

by Emily Mack

While home affordability remains an issue nationwide, Illinois buyers may feel a bit more freedom. A new study revealed that Illinois is the state where buying a house is the least expensive.

The report, published by the Studio City brokerage Ruby Home, used data from Zillow to determine the ratios between household income to median home sale prices, nationwide. And Illinois came in first place among the most affordable states.

According to the report, the median sale price of an Illinois home was $133,750 in 2022. Though it’s still a substantial value, the price is balanced out by the state’s median household income — which is the highest in the U.S. at $79,253, according to Ruby Homes. That results in an income to sales price ratio of 1.69: the lowest in the nation.

Within Illinois, Galesburg appears as the cheapest place to buy a home with a median sales price of $90,000 during 2022. Meanwhile, the most expensive city is Chicago with a median price of $282,750 — more than twice the state median.

The full list of the top 10 most affordable states to buy a home, based on their median household income to median sales price ratios, includes:

1. Illinois (ratio: 1.69-to-1)
2. Ohio (2.47)
3. Oklahoma (2.91)
4. Michigan (2.78)
5. Missouri (2.86)
6. Indiana (2.63)
7. Arkansas (3.72)
8. West Virginia (4.09)
9. New York (2.64)
10. Alabama: (3.51)

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