Study finds Ohio to be one of the best states for first-time homebuyers on a tight budget

CLEVELAND, Ohio — A recent study found that Ohio is among the best states for first-time homebuyers to save up for a deposit on a house.

A recent study by Agent Advice, a digital real estate resource company, analyzed median household incomes and median home prices from across the country. It used this data to determine an income-to-price ratio to come up with the most affordable states for potential homebuyers.

Ohio ranked fifth on the list. This was based on Ohio’s median home income of $65,720, below the national average of $74,580, and the typical home price of $213,149, well below the national average of $342,685.

Coming in at No. 1 was West Virginia with a median income of $54,329 and a typical home value of $154,371, which is about 55% below the national average, the lowest in the country.

Iowa came in second with a median income of $69,588 and the median home price of $205,375. Kansas was third with the median income of $68,925 and the home price at $212,995. Illinois was fourth, with income of $76,708 and median home price of $247,948.

Rounding out the top 10 were Oklahoma, Mississippi, Kentucky tying for sixth place; and North Dakota and Indiana tying for ninth.

The study also noted the least affordable states to save for a home with Hawaii taking the top spot: No. 1 for median income at $92,458 for for the typical home price at $831,808.

California came in second, followed by Montana at third, Oregon at fourth and Massachusetts at fifth.

Washington ranked sixth, and then Idaho, Colorado, Nevada and New York.