An August study from homebuyer.com used income data and home prices to determine the most expensive states to buy a house in 2022.
The list ranked each state based on the average percent of income it takes to cover monthly mortgage costs — from highest to lowest.
No. 1 most expensive state to buy a house in 2022: Hawaii
Median home price: $615,300
Median household income: $99,800
Estimated monthly mortgage payment: $2,923.36
Percentage income to PMT: 35.15%
Hawaii is the least affordable state to buy a house this year. The median household income is $99,800 and it takes 35.15% of that amount to afford a home.
According to the study, the island state is in high demand for both vacationers and residents.
The top 5 most expensive states to buy a house in 2022
California is in second place, which makes sense since it is the third-largest state in the country and the most populous. The median home price is $505,000, and the estimated monthly mortgage payment is $2,399.32.
The third most expensive state is Oregon, where the typical home costs just over $312,000.
According to homebuyer.com's study, it takes 21.92% of the median household income to buy a house there and it has an estimated monthly mortgage payment of $1,483.30.
Sign up now: Get smarter about your money and career with our weekly newsletter
Three of the top 10 happiest travel destinations in the world are in the U.S.—here’s what made the list
‘I love the sense of community’: Meet the 31-year-old living in a building of retirees in Naples, Florida
Correction: California is the third-largest state in the U.S. An earlier version misstated its ranking.