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New York Lands Among States Where Homes Drain Paychecks Most
If you live in New York and are living paycheck to paycheck - your home may be to blame.
The cost of living in the Empire State continues to grow, but salaries are struggling to catch up, which is draining residents' savings.
A new study from home warranty experts from Cinch Home Services conducted a national survey to see which states are the biggest drain on homeowners. The study relied on data on average property taxes, mortgage payments, and maintenance fees for a median-priced home.
Hawaii was named the worst state for homeowners. Residents of the tropical state earn roughly $86,000 on average - but the cost of owning an average home costs about $65,000 annually. The number includes maintenance fees, mortgage, and property tax. That means residents are shelling out over 75 percent on their hard-earned income on their house alone.
California came in second, with residents coughing up about 71.8% of their annual salary on their house. Rounding out the top 3 was Massachusetts, with residents paying roughly 51.9% of their salary to own a home.
New York bowed in the top 10, in 10th place. The study found maintenance fees in the Empire State average around $2,458 a year and property taxes cost about $6,180. Meanwhile, annual mortgage payments run about $31,656 a year - meaning New Yorkers pay about $40,294 a year to own a home in the state.
Here's who made the top 10:
- Hawaii
- California
- Massachusetts
- Washington
- New Jersey
- Colorado
- New Hampshire
- Oregon
- Utah
- New York
Conversely, the best state for home ownership was West Virginia, where residents get to keep 76.6% of their annual salary after taking care of home-related expenses.
This study pulled data from Go Banking Rates, World Population Review, Salary After Tax, Rocket Mortgage, Forbes, Angi, and Bankrate.
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