Topic overview
In brief
- A recent analysis by Newsweek shows that the Midwest has eight of the ten states with the highest housing access scores.
- The analysis indicates that homeownership remains more affordable in the Midwest compared to the East and West coasts.
- This affordability is attributed to lower demand and stable home prices, making homeownership attainable for average-income households.
Summary
In the United States, the dream of homeownership has become increasingly elusive for many Americans, particularly since the pandemic, which has seen housing costs soar. However, a recent analysis by Newsweek reveals that the Midwest stands out as a region where homeownership remains attainable. The analysis evaluated 33,772 U.S. ZIP codes based on six critical pillars of opportunity, including housing access, and found that eight of the ten states with the highest housing access scores are located in the Midwest. These states include Iowa, West Virginia, South Dakota, Indiana, Kansas, Michigan, Nebraska, Missouri, Maine, and Ohio.
The analysis utilized a scoring system that ranges from 0 to 100, assessing factors such as the median home value-to-income ratio, gross rent as a percentage of income, and owner-occupancy rates. States scoring 65 and above are considered thriving, while those below 35 are struggling. The Midwest states scored between 47.4 and 52.0, indicating that homeownership is relatively affordable compared to other regions, particularly the West and East coasts, where housing access scores are significantly lower.