West VA Boasts Lowest U.S. Mortgage Payments

West Virginians have the lowest mortgage payments in the U.S., driven by historically low house prices.

That’s according to the latest data from Realtor.com, which found that though rates are locked in near 7%, they vary widely by state.

The median monthly payment in West VA was $1,838, assuming a 6.96% rate.

Nationally, the median mortgage payment amounted to $2,971.

House prices may play the biggest role in determining average rates per state. West Virginia’s median home price was $249,000 in December, the lowest of any state.

“In today’s high-rate environment, housing payments are fairly high across the country. However, areas with lower-priced homes see lower monthly mortgage payments,” says Realtor.com senior economic research analyst Hannah Jones.

Following this trend, Ohio and Michigan came in second and third, respectively, with median monthly payments at $1,864 and $1,983. Ohio is the second cheapest state for house prices at $252,500.

The ten states with the lowest mortgage payments are all in the South and Midwest, where it’s historically cheaper to buy a house than the rest of the country. Louisiana, Iowa, Indiana, Kansas, Oklahoma, Missouri, and Arkansas round out the list.

“Though the country’s most affordable states offer buyers relatively inexpensive homeownership, housing demand for low-priced homes means that home prices are growing,” Jones noted.

“Climbing prices in affordable areas mean that even with improving mortgage rates, housing payments could continue to get more expensive shortly.”