Pennsylvania named one of the most affordable states to buy a home

Pennsylvania was recently ranked the ninth most affordable state to buy a home, according to a GOBankingRates’ report.

The website considered median home list prices, mortgage rates, median household income and the number of working hours in a year to determine how many hours a month a household would have to work to afford a home. A Pennsylvania resident would need to work an average of 37.41 hours a month to afford the median home with a 30-year mortgage.

In the commonwealth, the median home listing price is $179,00, with a 30-year fixed-mortgage rate of 3.58 percent, according to the report. For homeowners, the monthly mortgage payment is an average of $952. The average household income is $53,115.

“It’s one thing to know an amount you must pay each month, but thinking of it in terms of working hours gives a whole new meaning,” said Kristen Bonner, research lead on the study.

Pennsylvania was the only state on the East Coast to make the top ten, and the only state on the East Coast where a homebuyer would have to work less than 40 hours to afford a property. The report cited low home prices and a salary comparable to the national average as reasons why the commonwealth is so affordable.

Ohio, Michigan, Indiana, Iowa and Missouri were ranked the most affordable states, with residents needing to work 30.76 to 34.13 hours a month to afford  their mortgage.

On the other hand, Hawaii, Washington, D.C., California, Colorado and Oregon are the least affordable. Residents would need to work 66.67 to 88.13 hours a month to afford the average mortgage.