10 states where homes are so cheap you barely need to work

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If you like the idea of working as little as possible to make your mortgage payments, consider buying a home in the Midwestern United States.

Residents of the region can work as few as 31 hours per month and still pay their mortgage, according to a recent study by GOBankingRates. Yes, that's as few as 31 hours per month — not per week.

There are only 10 states where you can work fewer than 40 hours per month and still be able to pay your mortgage, and nine are among the 12 states that the U.S. Census Bureau defines as constituting the Midwest region. The other state is Pennsylvania, which borders the Midwest.

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20 most expensive areas for renters in the U.S.

20. Franklin, Tennessee

Metro area: Nashville

Median household income: $94,458

Average rent: $2,534

Source: HomeUnion 

Photo credit: Getty

19. Baldwin Park, Florida

Metro area: Orlando

Median household income: $95,292

Average rent: $2,553

Source: HomeUnion

​​​​​​​Photo credit: Getty

18. Rice Military, Texas

Metro area: Houston

Median household income: $97,546

Average rent: $2,858

Source: HomeUnion 

Photo credit: Getty

17. Chicago Loop, Illinois

Metro area: Chicago

Median household income: $97,645

Average rent: $2,275

Source: HomeUnion 

Photo credit: Getty

16. Lone Tree, Colorado

Metro area: Denver

Median household income: $99,398

Average rent: $3,019

Source: HomeUnion 

Photo credit: Getty

15. Cary, North Carolina

Metro area: Raleigh

Median household income: $99,489

Average rent: $1,979

Source: HomeUnion 

Photo credit: Getty

14. Buckhead Heights, Georgia

Metro area: Atlanta

Median household income: $100,662

Average rent: $2,307

Source: HomeUnion 

Photo credit: Getty

13. Kirkland, Washington

Metro area: Seattle

Median household income: $103,962

Average rent: $2,793

Source: HomeUnion 

Photo credit: Getty​​​​​​​

12. Bryn Mawr, Pennsylvania

Metro area: Philadelphia

Median household income: $104,337

Average rent: $2,889

Source: HomeUnion 

Photo credit: Getty

11. Highland Park, Texas

Metro area: Dallas/Fort Worth

Median household income: $108,973

Average rent: $4,268

Source: HomeUnion 

Photo credit: Getty

10. Corona del Mar, California 

Metro area: Orange County

Median household income: $119,091

Average rent: $5,109

Source: HomeUnion

Photo credit: Getty

9. Rockridge, California 

Metro area: Oakland

Median household income: $120,236

Average rent: $4,670

Source: HomeUnion

Photo credit: Getty

8. Chestnut Hill, Massachusetts 

Metro area: Boston

Median household income: $120,993

Average rent: $4,070

Source: HomeUnion 

Photo credit: Getty

7. Carmel Valley, California 

Metro area: San Diego

Median household income: $126,841

Average rent: $3,988

Source: HomeUnion

Photo credit: Getty

6. Cupertino, California 

Metro area: San Jose, CA

Median household income: $129,371

Average rent: $4,384

Source: HomeUnion

Photo credit: Getty

5. Manhattan Beach, California 

Metro area: Los Angeles

Median household income: $139,898

Average rent: $6,323

Source: HomeUnion

Photo credit: Getty

4. Herndon, Virginia 

Metro area: Washington, DC

Median household income: $142,488

Average rent: $2,462

Source: HomeUnion 

Photo credit: Getty

3. Newport-Jersey City, New Jersey 

Metro area: Northern New Jersey

Median household income: $143,846

Average rent: $2,910

Source: HomeUnion

Photo credit: Getty

2. Financial District/Rincon Hill, California

Metro area: San Francisco

Median household income: $151,879

Average rent: $4,980

Source: HomeUnion

Photo credit: Getty

1. Tribeca, New York

Metro area: New York

Median household income: $204,822

Average rent: $8,762

Source: HomeUnion

Photo credit: Getty

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In the No. 1 ranked state, Ohio, you can work 30.76 hours a month and still afford a home, GOBankingRates found. Ohio and No. 3-ranked Indiana enjoy the lowest median home listing price in the country: $140,000.

At the other end of the spectrum is Hawaii, where you'll have to work nearly three times as much — 88.13 hours per month — to afford a home. The Aloha State has the highest median home listing price in the nation: $577,500.

Kristen Bonner, lead researcher for the analysis, notes:

"It's one thing to know an amount you must pay each month, but thinking of it in terms of working hours gives a whole new meaning."

GOBankingRates' analysis assumes you're taking out a 30-year fixed mortgage with a down payment of 20 percent. Mortgage payments were calculated based on each state's median home listing price.

The 10 states where you can work fewer than 40 hours a month and still make your mortgage are:

  1. Ohio: 30.76 hours a month
  2. Michigan: 32.44
  3. Indiana: 32.72
  4. Iowa: 33.81
  5. Missouri: 34.13
  6. Kansas: 34.16
  7. Nebraska: 36.04
  8. Wisconsin: 37.20
  9. Pennsylvania: 37.41
  10. Minnesota: 38.26

For the full analysis, visit GoBankingRates.com.

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