Financial planners say the general rule is that households should not spend more than one-third of income on housing costs 鈥� and homeowners in Maryland and Virginia appear to be staying below that threshold.
Census Bureau data, analyzed by a , ranks states for homeowner expenses based on median incomes and average annual costs to determine annual owner costs as a percentage of median income. For its report, housing costs include mortgage payments, insurance, property taxes, utility bills and condo or homeowners鈥� association fees.
Among the 50 states, Maryland has the highest median household income, at $91,431, but also among the highest annual homeowner costs, at an average of $20,268. That means Maryland homeowners have an annual housing cost of 22.17% of median income, ranking Maryland 12th highest.
Virginia ranks No. 13, with average annual housing costs of $17,748 and median household income of $80,615, for an annual owner cost as a percentage of median income of 22.02%.
The analysis does not include data for D.C.
California tops the list for homeowner costs as a percentage of median income, at 28.84%. West Virginia ranks as most affordable, at 13.75%.
Below is estimated homeownership costs for all 50 states, based on the Census Bureau’s 2021 American Community Survey, .
