Mortgage rates in the United States remain around 7%, but monthly payments for homeowners vary significantly across different states. West Virginia is noted for having the lowest mortgage payments nationwide, with a median payment of $1,838 based on data from Realtor.com. This is calculated using a 30-year fixed mortgage rate of 6.96%.
Realtor.com senior economic research analyst Hannah Jones explains, “In today’s high-rate environment, housing payments are fairly high across the country. However, areas with lower-priced homes see lower monthly mortgage payments.” The median home price in West Virginia was $249,000 as of December, making it the lowest among all states.
Ohio ranks second with a median monthly payment of $1,864 and Michigan follows at $1,983. According to Jones, “Ohio was the second-least-expensive state in the U.S. in December with a median home price of $252,500.”
The top ten states with the lowest mortgage payments are primarily located in the South and Midwest regions where home prices are generally lower. In Louisiana, Iowa, Indiana, and Kansas, median monthly payments range from $2,000 to just under $2,100.
Oklahoma and Missouri both hold ninth place on this list with an average payment of $2,140 per month while Arkansas rounds out the top ten at $2,148.
Nationally, homeowners face a median mortgage payment of approximately $2,971. Comparatively higher figures are seen in Hawaii ($5,904), Massachusetts ($5,406), and California ($5,277) due to elevated home prices exceeding the national median of $402,500.
Jones comments further: “Though the country’s most affordable states offer buyers relatively inexpensive homeownership,” she notes that rising demand for low-priced homes may lead to increasing costs even if mortgage rates improve.
