What is the most affordable state?

[Philippe Schulligen]

Hello fellow investors!

I am looking at investing not necessarily in my home state.

Based on the cost of taxes and insurance here are the top 10 most affordable states and worst 5 based on a quick research on the Internet.

State	State Median Home Value	$ for State Median Home Value
West Virginia	$100,200	$1,355
Arkansas	$108,700	$1,733
Alabama	$123,800	$1,736
Idaho	$160,500	$1,771
Indiana	$122,700	$1,877
Kentucky	$121,600	$1,882
South Carolina	$137,600	$1,914
New Mexico	$159,300	$1,971
Wyoming	$189,300	$1,972
Tennessee	$139,900	$1,988
...	...	...
Rhode Island	$241,200	$5,056
New York	$283,700	$5,608
New Hampshire	$237,400	$5,831
Connecticut	$274,500	$6,373
New Jersey	$319,900	$8,277

Methodology: 

Disclaimer: I am not a statistician.

This ranking looks at taxes and insurance only. 

Sources (not vetted or cross-referenced):

https://www.valuepenguin. com/average-cost-of-homeowners-insurance

https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585/

Assumptions:

1. The average state taxes information are applicable to median state property prices (I think average may be better).

2. The median home price is a relevant factor to compare affordability.

Excel file is available for download here to look at more details.

Please give me a lot of feedback and suggestions.

Please vote for me if you like it this approach!

Philippe

[Nick Redding]

It looks like the tax rate used for SC is at the owner occupant rate. Rule of thumb is that you can triple the tax bill for an investment property.