UPDATE: New Jersey is Named the Least Affordable U.S. State to Buy a House

UPDATE: New Jersey is Named the Least Affordable U.S. State to Buy a House

We know it is expensive to live in New Jersey and now it appears we are the toughest state in America to buy a home, even less affordable than places like California. "Pro Tool Reviews has revealed the states that are most affordable and in demand when buying a home by analyzing house price data and average salaries in the U.S." Unfortunately for New Jersey we finished on the bad end of the survey being the least affordable state to buy a house.

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Here are two key findings from the survey by Pro Tool Reviews:

• New Jersey is the least affordable state to buy a house in the US. New Jersey has the ninth-highest average house price and with an average salary of $62.3K, it would take an average of just over 6 years to save for a down payment.

• Around 56% of homes in New Jersey are currently sold above list price, the second-highest rate in the US contributing to the low affordability score. New Jersey also has the third-lowest number of houses dropping in price before going off the market at 13.7%.

The least affordable states to buy a home:

1. New Jersey
2. New Hampshire
3. California
4. Rhode Island
5. Maine
6. Nevada
7. New York
8. Virginia
9. Vermont
10. Hawaii

Click here to see the complete survey findings.

How do you feel about the housing market here in New Jersey? Post your comments below and share your thoughts.