The 10 states where homeownership will most be out of reach in 5 years
These 10 states are projected to have the largest gaps between income and homeowners in five years
More than 85% of current renters want to own a home one day. But some states make that dream harder to achieve than others.
HireAHelper, an online site that helps people hire moving companies, set out to find the states where homeownership will be most out of reach by 2030.
It created a 5-year projection that considered the progression of house prices and household income for each state in the U.S. By comparing a state's estimated median home price in 2030 to the estimated minimum household income needed to afford that home, it identified the projected gap between wages and house prices.
In the process, it found the current median house price in the U.S. is $431,000 but is predicted to rise to $615,103 by 2030. "If an American buyer put down 20%, the down payment would be $123,020, with annual property costs of $37,323," HireAHelper said.
Continue reading to see the 10 states that it predicts will be most unaffordable for homebuyers in 2030.
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#10: Washington
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Washington has the tenth largest affordability gap, with wages needing to rise 78.8% by 2030 to keep up with home prices.
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#9: Wyoming
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Wyoming has the ninth largest affordability gap, with wages needing to rise 81.4% by 2030 to keep up with home prices.
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#8: Idaho
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Idaho has the eighth largest affordability gap, with wages needing to rise 82.1% by 2030 to keep up with home prices.
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#7: Utah
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Utah has the seventh largest affordability gap, with wages needing to rise 82.4% by 2030 to keep up with home prices.
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#6: New Hampshire
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New Hampshire has the sixth largest affordability gap, with wages needing to rise 82.5% by 2030 to keep up with home prices.
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#5: New Jersey
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New Jersey has the fifth largest affordability gap, with wages needing to rise 94.6% by 2030 to keep up with home prices.
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#4: Rhode Island
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Rhode Island has the fourth largest affordability gap, with wages needing to rise 99.5% by 2030 to keep up with home prices.
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#3: New York
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New York has the third largest affordability gap, with wages needing to rise 102.8% by 2030 to keep up with home prices.
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#2: California
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California has the second largest affordability gap, with wages needing to rise 139.8% by 2030 to keep up with home prices.
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#1: Montana
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Montana has the largest affordability gap, with wages needing to rise 144.1% by 2030 to keep up with home prices.