You are using an older browser version. Please use a supported version for the best MSN experience.

These are the top 5 most expensive states to buy a house in 2022

CNBC 9/20/2022 Celia Fernandez
According to a study by homebuyer.com, Hawaii is the most expensive state in the U.S. to buy a house in 2022. © Provided by CNBC According to a study by homebuyer.com, Hawaii is the most expensive state in the U.S. to buy a house in 2022.

An August study from homebuyer.com used income data and home prices to determine the most expensive states to buy a house in 2022.

The list ranked each state based on the average percent of income it takes to cover monthly mortgage costs — from highest to lowest.

No. 1 most expensive state to buy a house in 2022: Hawaii

Median home price: $615,300

Median household income: $99,800

Estimated monthly mortgage payment: $2,923.36

Percentage income to PMT: 35.15%

Hawaii is the least affordable state to buy a house this year. The median household income is $99,800 and it takes 35.15% of that amount to afford a home.

According to the study, the island state is in high demand for both vacationers and residents.

The top 5 most expensive states to buy a house in 2022

  1. Hawaii
  2. California
  3. Oregon
  4. Washington
  5. Colorado

California is in second place, which makes sense since it is the third-largest state in the country and the most populous. The median home price is $505,000, and the estimated monthly mortgage payment is $2,399.32.

The third most expensive state is Oregon, where the typical home costs just over $312,000.

According to homebuyer.com's study, it takes 21.92% of the median household income to buy a house there and it has an estimated monthly mortgage payment of $1,483.30.

Sign up now: Get smarter about your money and career with our weekly newsletter

Don't miss:

Three of the top 10 happiest travel destinations in the world are in the U.S.—here’s what made the list

‘I love the sense of community’: Meet the 31-year-old living in a building of retirees in Naples, Florida

Correction: California is the third-largest state in the U.S. An earlier version misstated its ranking.

AdChoices
AdChoices

More from CNBC

image beaconimage beaconimage beacon