What is the most affordable state?
Hello fellow investors!
I am looking at investing not necessarily in my home state.
Based on the cost of taxes and insurance here are the top 10 most affordable states and worst 5 based on a quick research on the Internet.
| State | State Median Home Value | $ for State Median Home Value |
| West Virginia | $100,200 | $1,355 |
| Arkansas | $108,700 | $1,733 |
| Alabama | $123,800 | $1,736 |
| Idaho | $160,500 | $1,771 |
| Indiana | $122,700 | $1,877 |
| Kentucky | $121,600 | $1,882 |
| South Carolina | $137,600 | $1,914 |
| New Mexico | $159,300 | $1,971 |
| Wyoming | $189,300 | $1,972 |
| Tennessee | $139,900 | $1,988 |
| ... | ... | ... |
| Rhode Island | $241,200 | $5,056 |
| New York | $283,700 | $5,608 |
| New Hampshire | $237,400 | $5,831 |
| Connecticut | $274,500 | $6,373 |
| New Jersey | $319,900 | $8,277 |
Methodology:
Disclaimer: I am not a statistician.
This ranking looks at taxes and insurance only.
Sources (not vetted or cross-referenced):
https://www.valuepenguin. com/average-cost-of-homeowners-insurance
https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585/
Assumptions:
1. The average state taxes information are applicable to median state property prices (I think average may be better).
2. The median home price is a relevant factor to compare affordability.
Excel file is available for download here to look at more details.
Please give me a lot of feedback and suggestions.
Please vote for me if you like it this approach!
Philippe
