Texas And Oklahoma Are Two Of The Most Affordable States For Housing
Everyone seems to be moving to Texas. Whenever I’m driving around town, I see cars with license plates from other states. While I can think of several reasons why people want to move here, many people are relocating to our great state, because of the affordable housing.
In a new study released by Rocket Mortgage, Texas in the fifth cheapest state in the entire country to buy a home. In order to rank housing prices in each state, the study measured every state’s cost of living index, median household income, and the house price index per state in the fourth quarter of 2021.
Since Texas is such a large state, it has numerous cities and towns where a family can purchase a home. According to the study, the state had a cost-of-living index of 92.1, and a median household income of $75,000. Texas also has no state income tax makes it an attractive option to those who are first time home buyers.
Oklahoma did even better than Texas when it comes to affordable housing. Rocket Mortgage also stated that the sooner state was the third cheapest state in the country where you can purchase a home. The state’s cost of living index is at 87.9, which is way lower than the national average of 100. This makes Oklahoma a great choice for young families.
Tennessee came in first as the cheapest state for housing, while Oregon was the most expensive state to buy a house in. The study also stated that the average price for a house in the fourth quarter of 2021 was $514,568.