Study: Ohio residents spend relatively low percentage of incoming on housing

COLUMBUS, Ohio (WCMH) – Ohio homeowners spend a relatively low percentage of their income on housing compared with residents of other American states, a recent study found. 

WalletHub, a personal finance company, analyzed the costs of mortgages and home energy in all 50 states, along with median monthly income, to find out where residents spend the highest percentage of their earnings on housing. 

The study, released in April, sourced data from entities such as the Council for Community and Economic Research, United States Census Bureau and Zillow.

The study found that Ohio households spend the fifth-lowest percentage of their monthly income on housing, at an average of 20.38%. The average household in the Buckeye state spends an average of $1,183.60 per month on mortgage and energy payments, according to the analysis.

"Ohio residents spend barely above 20% of their income on housing, far below the national high of more than 50%," said WalletHub analyst Chip Lupo. "Overall, Ohio offers affordability, which is much-needed in a housing market that financially, has grown increasingly out of reach in many states."

The state where residents are the least burdened by housing costs was Iowa, which saw an average of 18.84% of household income going toward housing. The Hawkeye state was followed by West Virginia (19.94%), Kansas (20.12%) and Nebraska (20.37%).

Homeowners spend the highest percentage of their income on housing in Hawaii (53.47%), followed by California (45.99%), Oregon (36.27%), Nevada (35.29%) and Washington (34.82%).