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The amount that homeowners pay each month can vary by state, despite mortgage rates lingering at around 7%. A study from Realtor.com revealed the ten states with the lowest mortgage payments.
West Virginia has the lowest monthly mortgage payments, with a median monthly payment $1,838 and a monthly list price of $249,000. Other states with the lowest monthly mortgage payments are Ohio and Michigan, with monthly mortgage payments of $1,864 and $1,983.
Read more: Mortgage applicants still won't cross the 7% barrier
"Though the country's most affordable states offer buyers relatively inexpensive homeownership, housing demand for low-priced homes means that home prices are growing," Realtor.com senior economic research analyst Hannah Jones said in a release. "Climbing prices in affordable areas mean that even with improving mortgage rates, housing payments could continue to get more expensive shortly."
Read more about the states with the lowest monthly mortgage payments.
States with the lowest monthly mortgage payments
Rank | State | Mortgage payment | Monthly list price |
10 | Arkansas | $2,148 | $291,000 |
9 (tie) | Missouri | $2,140 | $289,900 |
9 (tie) | Oklahoma | $2,140 | $290,000 |
8 | Mississippi | $2,136 | $289,450 |
7 | Kansas | $2,094 | $283,712 |
6 | Indiana | $2,066 | $279,900 |
5 | Iowa | $2,058 | $278,850 |
4 | Louisiana | $2,029 | $274,950 |
3 | Michigan | $1,983 | $268,700 |
2 | Ohio | $1,864 | $252,500 |
1 | West Virginia | $1,838 | $249,000 |