(NewsNation) — This past August, Homebuyer.com released a study detailing the 15 cheapest and five most expensive places to buy a home in 2022.

Research on mortgage rates is especially important right now as the Federal Reserve tries to cool what has been the hottest U.S. inflation rate in four decades.

It’s an economic trickle-down felt hardest by consumers as 60% of the country now lives paycheck-to-paycheck, dealing with everything from escalating grocery bills and rent to surging utility costs.

Home ownership is no different: Used home sales slowed for the seventh consecutive month in August, while mortgage rates in the U.S reached their highest levels since 2008.

To determine which states are the most and least expensive to purchase a home, these lists factor in not only the state’s economic standing among other states, but also income data and home prices, then determines each state’s rank based on the average percentage of income it takes to cover monthly mortgage costs.

Here are the cheapest states to buy a home in 2022:

1. Iowa

  • Median Home Price: $147,800
  • Estimated Monthly Mortgage Payment: $702

Iowa came into the top spot among the cheapest states in which to purchase a home because in Iowa, it only requires 10.6% of the average median household income to do so.

The largest housing markets in Iowa include Des Moines, Iowa City, and Cedar Rapids.

See mortgage rates in Iowa.

2. Indiana

  • Median Home Price: $141,700
  • Estimated Monthly Mortgage Payment: $673.23

In second place is another Midwestern state, Indiana. Only requiring 11.03% of the average median income to buy a house, home buyers can pick between the state’s farmlands or cities including Indianapolis, Fort Wayne and Evansville.

See mortgage rates in Indiana.

3. Ohio

  • Median Home Price: $145,700
  • Estimated Monthly Mortgage Payment: $692.24

Making an even stronger case for the Midwest is the Buckeye State. Along with only requiring 11% of the average earners’ income to buy a house, home ownership hopefuls there can look forward to a lively football culture and the Rock and Roll Hall of Fame,

See mortgage rates in Ohio.

4. Nebraska

  • Median Home Price: $155,800
  • Estimated Monthly Mortgage Payment: $740.22

Mortgage slightly increases once we travel west of America’s Heartland to Nebraska. There, residents will spend 11.19% of their income on a median-priced home, as houses are just under $156,000.

See mortgage rates in Nebraska.

5. Kansas

  • Median Home Price: $151,900
  • Estimated Monthly Mortgage Payment: $721.70

Technically tied for fourth with Nebraska, Kansas homes also cost 11.9% of inhabitants’ income to purchase. The average home price, though, is more expensive, and mortgage payments come out slightly more expensive.

See mortgage rates in Kansas.

The top 5 most expensive states to buy a house in 2022

Although it may not be a category prospective homeowners seek out, knowledge of the five most expensive places to purchases a home in the U.S. could help them know where to avoid.

Some states on the the list come as no-brainers. California, for example, which is the third-largest state in the country and the most populous. Then you have others you wouldn’t expect, such as Oregon, where the typical home costs just over $312,000.

  1. Hawaii
  2. California
  3. Oregon
  4. Washington
  5. Colorado.