Massachusetts was ranked as the No. 1 state where it would take the longest to save up for a house.
A study from SelfStorage.com analyzed the median home prices, median income, and median rent of each state to rank states by how many years it would take to save for a house if each household saved 20% toward a 10% deposit on a mortgage. In Massachusetts, it would take the median household 9.62 years, as the median house costs are $676,000 and the median income is $2,928 after rent, supposing the household is renting a median two-bedroom unit.
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Montana and Hawaii were close behind, both reporting a time frame of over nine years. In states like New York, Idaho, California, and Rhode Island, it would take over eight years. Rounding out the top 10 are Oregon, Colorado, and Florida, with estimates that it would take their residents over seven years.
“The time it takes to save for a house deposit in each U.S. state varies significantly, reflecting the diverse economic landscapes across the country," Self Storage content manager Al Harris said. "In states with higher living costs like Massachusetts, Montana, Hawaii or New York, the duration to save for a deposit can stretch to almost a decade, making homeownership a daunting prospect for many."
Meanwhile, Ohio was ranked at the bottom of the list, with an estimate it would take residents 3.79 years to buy a home. North Dakota and Kansas had estimates of 4.02 years, and Illinois had 4.25 years.
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As a result, Massachusetts saw a net migration of negative 57,292 in 2022, according to the National Association of Realtors, which reflected a 0.1% population decrease. Likewise, Hawaii, New York, California, Rhode Island, and Oregon reported negative migration numbers and decreases in population. California lost the most with a 0.9% decrease in population and also had the highest median house listing price at over $730,000.
Idaho, Montana, Colorado, and Florida saw an increase in move-ins despite being among the top 10 states on Self Storage's ranking.