These States Hit Homeowners Ages 35-44 the Hardest for Being House-Rich but Cash-Poor

Core Insights - More than 20% of homeowners aged 35-44 with a mortgage are considered cost-burdened, spending at least 30% of their income on housing costs [1][7] - Coastal states experience a higher burden, with 41% of homeowners in Hawaii and about 33% in California and Florida being cost-burdened [1][7] - Nationally, 22% of homeowners in this age group are cost-burdened, while nearly half (48%) of renters face the same issue [6][7] State Comparisons - The analysis highlights significant state-by-state variations in cost-burden rates, with North Dakota showing only an 8 percentage point difference between owners and renters, while Florida shows a 32-point gap [8] - Homeowners in lower-cost states have average home values that are two to three times their household income, while in higher-cost states like Hawaii, the average home value is 5.6 times the average income [9][10] Housing Costs - In West Virginia, average monthly housing costs are $1,576, which is a smaller share of income compared to California's average of $3,904 per month [11] - The affordability of housing is not solely determined by price but also by the percentage of income that housing consumes [10]