Study Finds Michigan Is The Fourth Most Affordable State To Live

Michigan ranked as the fourth most affordable state to live in a recent study.

A recent study took a look at how COVID-19 has affected the housing market in unexpected ways. According to Refiguide.org, there has been a boom in home buying spurred by record low mortgage rates and more people spending time at home. That is despite higher unemployment rates. With offices closing and employees working from home, more people are considering moves to new locations. Something the study publishers suggests could be a permanent trend.

The Top 5 Most Affordable States To Live

Mississippi
Ohio
Oklahoma
Michigan
Illinois

The study also ranked the least affordable states to live in.

The Top 5 Least Affordable States To Live

Hawaii
District of Columbia
California
Massachusetts
Washington

There, the median income covers only 10%, 13.5%, and 13.6%, making Michigan about three times more affordable than the top three least affordable states. Refiguide.org's says they based their results primarily on the affordability of housing in an area and the income to home cost ratio. In Michigan, the study found the national median household income covers 37.6% of the cost of buying a home. All income data was derived from the US Census 2018 data and housing data from Zillow’s June 30, 2020 market estimates.

You can view the study's complete results ranking all 50 states by clicking here.