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More Americans need a 6-figure income to afford a house, study finds. But not in Ohio

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More Americans need a 6-figure income to afford a house, study finds. But not in Ohio


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Americans in about half the states in the U.S. need a six-figure income to afford a typical home, according to a recent study. But that’s not true in Ohio.

A combination of high mortgage rates, rising home prices and low housing inventory over the past two years is pushing the dream of owning a home further out of reach for many, especially first-time buyers, according to a new analysis from Bankrate. Nationwide, the median price of a home is $402,343. To afford that, Americans need an annual income of $110,871, the study says, a nearly 50% increase in the past four years.

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At the state level, the site’s analysis found Americans need to earn six figures to afford a median-priced home in 22 states and the District of Columbia. Four years ago, only six states and the District of Columbia required a salary that high.

Where does Ohio rank for home affordability?

Ohio is one of the most affordable places in the country to own a home, coming in at No. 2 on Bankrate’s analysis. On average, Ohioans need to earn $64,071 per year to afford a median-priced home of $215,300. That income is up 41.1% from $45,397 in January 2020, but the median price for a home in Ohio is the lowest in the nation, according to Bankrate. Iowa ($223,500) ranks second for median home price.

Only Mississippi needs less income for homeownership, at $63,043. The Buckeye State is followed by Arkansas at $64,714, Indiana at $65,143 and Kentucky at $65,186. In general, aspiring homeowners in the South and Midwest need the least income to afford a typical home, the study says.

Which states require the most income to own a home?

Aspiring homeowners in the West and Northeast need the most income to afford a typical home, according to the study. The places that need the highest annual salary to afford a typical home include:

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  1. California, $197,057
  2. Hawaii: $185,829
  3. District of Columbia: $167,871
  4. Massachusetts: $162,471
  5. Washington: $156,814

Renting is tough, too: Akron and Cleveland among the worst places to rent in the US, according to recent study

Rising house prices mean more income needed to afford a home, but wages aren’t keeping pace

Would-be homeowners need to make $110,871 annually to afford a median-priced home ($402,343 per Redfin) in the U.S., according to Bankrate’s calculations.

That’s almost a 50% increase since January 2020, when potential homebuyers only required an annual income of $76,191 to afford a typical home. However, wages only grew 23% between the fourth quarter of 2019 and November 2023, according to a Center for American Progress analysis of Bureau of Labor Statistics data.

Also, a surge in mortgage rates has caused the income needed to afford a home to increase nationwide. Mortgage rates jumped more than three full percentage points in the last few years. In January 2020, the average 30-year fixed rate was 3.68%, compared to 7.07% as of March 20, according to Bankrate’s survey of large lenders.

American families have to contend not only with elevated home prices and high mortgage rates but also with a shortage of houses. Many homeowners who locked in ultra-low low mortgage rates during the pandemic are staying put to avoid today’s soaring mortgage rates, thereby shrinking the pool of available homes for sale.

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States where income required to afford a home grew the most

People looking to buy in Montana have to earn 77.7% more than four years ago to afford a median-priced home there — the biggest percent increase across all states. Homebuyers in Montana must earn $131,357 annually to afford the state’s typical monthly mortgage payment of $3,065. The median home price in Montana was $507,100 as of January 2024, compared to $299,300 in January 2020.

Ohio’s 41.1% increase in the income needed to buy a home beats the national average of 45.5%.

Utah has experienced the second-biggest increase since January 2020 in income required to purchase a median-priced home, at 70.3%. People looking to buy in Utah must earn $133,886 annually to afford the state’s typical monthly mortgage payment of $3,124. The median home price in Utah was $525,500 as of January 2024, compared to $345,200 in January 2020.

The income required to purchase a typical home has increased by over 65% in three other states since the start of 2020: Tennessee ($94,371), South Carolina ($96,600) and Arizona ($110,271).



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Ohio

What’s up with Matt Patricia, Sonny Styles and Ohio State’s defensive prep for Miami?: Buckeye Talk podcast

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What’s up with Matt Patricia, Sonny Styles and Ohio State’s defensive prep for Miami?: Buckeye Talk podcast


COLUMBUS, Ohio — Ohio State starts its postseason run against Miami in the Cotton Bowl.

The lead-up to the Dec. 31 game continues the bowl game schedule of having numerous players on offense and defense discuss the matchup. The defense was represented by Matt Patricia, Kenyatta Jackson, Sonny Styles and Lorenzo Styles.

On this episode of Buckeye Talk, Stephen Means, Stefan Krajisnik and Andrew Gillis discuss what they heard.

Thanks for listening to Buckeye Talk and sign up to get text messages from experts Stephen Means, Stefan Krajisnik and Andrew Gillis at 614-350-3315. Get the insider analysis, have your voice heard on the Buckeye Talk podcast and connect with the best Buckeye community out there.

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Sieh Bangura runs for 149 yards and a score, helps Ohio beat UNLV 17-10 in Frisco Bowl

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Sieh Bangura runs for 149 yards and a score, helps Ohio beat UNLV 17-10 in Frisco Bowl


FRISCO, Texas (AP) — Sieh Bangura rushed for 149 yards and a touchdown and Ohio beat UNLV 17-10 on Tuesday night to win the Frisco Bowl.

The Bobcats (9-4) have won their last seven bowl games — dating to 2017 — after losing eight of their first 10.

Defensive coordinator and interim head coach John Hauser led Ohio to this victory after head coach Brian Smith was fired earlier in the month for having an affair with an undergraduate student.

Ohio’s Parker Navarro had a 5-yard touchdown run on a quarterback keeper five minutes into the second quarter for the only score of the first half. The lead was 6-0 after David Dellenbach’s extra-point kick hit the right upright.

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UNLV (10-4) had a first down on the Bobcats’ 33-yard line with 32 second left, but DJ Walker picked off an Anthony Colandrea pass in the end zone to keep it 6-0.

Bangura scored on a 23-yard run less than four minutes into the third quarter, and Navarro passed to Chase Hendricks for the two-point conversion and a 14-0 lead.

Hendricks muffed a punt at the end of UNLV’s first possession and Kayden McGee recovered at the Ohio 30. The Rebels settled for a career-long 50-yard field goal by Ramon Villela to cut it to 14-3.

Dellenbach kicked a 45-yard field goal early in the fourth quarter, but Colandrea scored on a fourth-and-goal run from the 2 to get the Rebels within 17-10 with 4:45 remaining. UNLV never got the ball back in falling to 4-4 all time in bowl games.

Navarro completed 11 of 15 passes for 143 yards with an interception. Bangura did his damage on 19 carries.

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Colandrea totaled 184 yards on 19-for-30 passing.

UNLV had the nation’s longest run of scoring at least 20 points end at 35 games.

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Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here. AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football

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Ohio AG on human trafficking: It’s not rich and poor, it’s literally all around us

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Ohio AG on human trafficking: It’s not rich and poor, it’s literally all around us


For the second time in two years, the Mahoning Valley Human Trafficking Task Force and the Steubenville Police Department have joined forces to combat human trafficking crimes.

In October, the operation led to the arrest of eight individuals for sex trafficking offenses, including men from Follansbee and St. Clairsville.

Earlier, in July 2024, 10 men from Pennsylvania, Ohio, and West Virginia were apprehended and charged with solicitation and possession of criminal tools.

“It just goes to show that human trafficking happens everywhere,” Ohio Attorney General Dave Yost said. “This isn’t a big city thing, it happens in small towns, it happens out in the country. It’s not rich and poor, it’s literally all around us.

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“I am hopeful that the message is going out around Ohio and Steubenville and the Mahoning Valley — Don’t Buy Sex in Ohio!”

He also highlighted the support provided to survivors during these operations.

“We always have social service providers that partner with us that are on site. So, whether it’s something simple like a meal or a shower or something as necessary as an addiction treatment bed — we’re there to try and help provide the resource,” Yost added.

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For those affected by human trafficking, a victim services directory is available here.



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