A new ranking indicates that Illinois is the cheapest state in the nation to buy a home, according to data compiled in 2022.
According to that data, compiled by Studio City relators using numbers from Zillow, Illinois homes had a median sale price of $133,750 in 2022, more than $15,000 cheaper than second-place Ohio.
The state’s household income-to-sale-price ratio was 1.69, also the best in the United States, with the average median household income in the state clocking in at $79,253.
Ohio, Oklahoma, Michigan and Missouri rounded out the top-five, according to officials.
Indiana narrowly missed out on the top five, with a median sale price of $188,713 and an income-to-sale ratio of 3.72.
The study was conducted by relators from Studio City, who analyzed data from Zillow on the median sale prices of homes in each U.S. state in 2022.
According to the U.S. Census Bureau, “median household income” measures the income of a householder and all individuals 15 years old and over in the household.
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Chicago was Illinois’ most expensive city to buy a home in, with the median sale price at $282,750. Galesburg was the cheapest, with the median home sale price of $90,000 in 2022, according to the ranking.
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