Massachusetts ranked 6th hardest state to own a home in the US, report says

New research by BetMassachusetts.com reveals Massachusetts is one of the most difficult states to buy a property in after reports show only 61% of residents currently own a home.

The average house price in Mass. has increased yearly, with an average property costing around $581,095- an 8.9% increase from 2021, according to Zillow.

BetMassachusetts researchers named Mass. as the 6th hardest state to buy a house in.

To determine how easy it is to buy property the research considered these four different factors for each US state:

• Income-house value ratio: The average household income divided by the average house value.
• House price growth: The percentage increase in the price of an average house over the past 5 years.
• Households per 1,000 people: Calculated by dividing the number of households by the population, and then multiplying by 1000.
• Homeownership rate: The percentage of homes in each state that is owner-occupied.

With the housing market being a hot topic amongst American first-time buyers right now, home movers might be better looking to other states for their next properties, with Mass. being one of the most difficult states to buy in, ranking 6th, just ahead of New Jersey and Alaska, and behind Texas and Nevada.

Here are the top 10 states of the US that have the hardest chances of owning a home, from worst to best:

1. Hawaii
2. California
3. New York
4. Alaska
5. New Jersey
6. Massachusetts
7. Texas
8. Nevada
9. Utah
10. Colorado

More detailed information can be found on-site at: https://www.betmassachusetts.com/odds-of-owning-home-in-massachusetts

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