Home Affordability

Median home value divided by median household income after state income tax, local income tax, and FICA. This is the number of years of take-home income needed to buy the median home.

The traditional price-to-income ratio using gross (pre-tax) income. Commonly cited in housing research; understates the true burden in high-tax states.

How much worse affordability looks once taxes are accounted for. Higher values indicate states where taxes meaningfully erode housing purchasing power.