Mortgage payments vary significantly across the U.S., with West Virginia having the lowest at $1,838. Ohio and Michigan follow with payments of $1,864 and $1,983, respectively. The cheapest payments are found in the South and Midwest, attributed to generally lower home prices. Conversely, states like Hawaii and Massachusetts face high costs due to their elevated median home prices. As demand for affordable housing rises, prices may increase, leading to higher payments despite recent improvements in mortgage rates.
Climbing prices in affordable areas mean that even with improving mortgage rates, housing payments could continue to get more expensive shortly.
Ohio was the second-least-expensive state in the U.S. in December with a median home price of $252,500, which is reflected in a relatively low estimated housing payment.
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