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M R EP O RT | 7 MDWELL Where Does Affordability Reign Supreme? A survey broke down the most expensive and the cheapest average mortgage payments across the nation. Source: LendingTree, "National Average Monthly Mortgage Payment and Loan Affordability in Each State, Ranked" https://www.lendingtree.com/home/mortgage/national-average-monthly-mortgage-payment-and-loan-affordability-in-each-state-ranked/ 10 States with the Most Affordable Mortgage Payments State Iowa $970 14.6% Indiana $980 15.4% Arkansas $984 17.8% West Virginia $989 18.7% Mississippi $990 18.7% Kentucky $1,003 17.3% Oklahoma $1,005 16.8% Nebraska $1,014 15.0% Missouri $1,020 15.8% Ohio $1,023 15.8% 10 States with the Least Affordable Mortgage Payments State Hawaii $1,780 19.6% California $1,696 18.5% New York $1,575 18.6% Washington $1,459 17.2% Massachusetts $1,442 15.0% New Jersey $1,367 13.9% Maryland $1,351 14.0% Colorado $1,342 16.5% Virginia $1,334 15.2% Utah $1,261 16.2% A study by LendingTree revealed that Iowa and Indiana were found to have the most affordable mortgage payments at $970 and $980, respectively. A mortgage payment in Iowa makes up 14.6% of a homeowners' monthly income, which amounts to $6,622. The states of Hawaii, California, and New York have the most ex- pensive mortgage payments, far surpassing the national average of $1,159. The average mortgage payment in these three states is $1,684. Hawaii, however, has the most expensive average payment at $1,780. The average homeowners' income is $9,084 and the mortgage payment represents 19.6% of a homeowners' income. Although Mississippi has an average mortgage payment of $990, it represents 18.7% of a homeowners' monthly income. The average monthly income for a homeowner in Mississippi is $5,283. Average Mortgage Payment Average Mortgage Payment Percent of Monthly Income Percent of Monthly Income