IL Will Be Most Affordable State To Buy A House In 2030: Study

ILLINOIS — Illinois is projected to be the most affordable state to buy a house in 2030, according to a recent study.

The study, conducted by SmartSurvey, analyzed Zillow house prices for 2012 to 2022 alongside income data from the U.S. Bureau of Labor Statistics to predict the home-cost-to-income ratio for each state.

Illinois was ranked most affordable, with a house-price-to-income ratio of 2.9, an average home projected to cost $171,361 and a typical salary predicted at $59,929.

The Prairie State was followed by Ohio at second most affordable, with a ratio of 4.3, a typical house price of $242,336 and an average salary of $56,618, and Pennsylvania at third, with a ratio of 5, a house price of $283,998 and an income of $56,902.

Ranked least affordable on the list was Hawaii, with a projected home price of $1.42 million and an annual income of $61,221, meaning a typical house would cost 23.3 times more than the average income.

“The fast-growing trend observed over the last ten years in the housing market shows a worrying perspective, as it looks like the already struggling younger generation will be less and less able to afford to buy a house by 2030 and beyond,” a SmartSurvey spokesperson said in a news release.

“However, this data might also be a good starting point for people looking to relocate in the future, as it allows them to anticipate potential shifts in affordability and plan accordingly.”