If you live in New York and are living paycheck to paycheck - your home may be to blame.

The cost of living in the Empire State continues to grow, but salaries are struggling to catch up, which is draining residents' savings.

Joe Raedle, Getty Images
Joe Raedle, Getty Images

A new study from home warranty experts from Cinch Home Services conducted a national survey to see which states are the biggest drain on homeowners. The study relied on data on average property taxes, mortgage payments, and maintenance fees for a median-priced home.

Hawaii was named the worst state for homeowners. Residents of the tropical state earn roughly $86,000 on average - but the cost of owning an average home costs about $65,000 annually. The number includes maintenance fees, mortgage, and property tax. That means residents are shelling out over 75 percent on their hard-earned income on their house alone.

California came in second, with residents coughing up about 71.8% of their annual salary on their house. Rounding out the top 3 was Massachusetts, with residents paying roughly 51.9% of their salary to own a home.

This Is Where Homes Are Selling the Fastest Right Now
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New York bowed in the top 10, in 10th place. The study found maintenance fees in the Empire State average around $2,458 a year and property taxes cost about $6,180.  Meanwhile, annual mortgage payments run about $31,656 a year - meaning New Yorkers pay about $40,294 a year to own a home in the state.

Here's who made the top 10:

  1. Hawaii
  2. California
  3. Massachusetts
  4. Washington
  5. New Jersey
  6. Colorado
  7. New Hampshire
  8. Oregon
  9. Utah
  10. New York

Conversely, the best state for home ownership was West Virginia, where residents get to keep 76.6% of their annual salary after taking care of home-related expenses.

Photo Credit: Jeff J. Mitchell, Getty Images
Photo Credit: Jeff J. Mitchell, Getty Images

This study pulled data from Go Banking Rates, World Population Review, Salary After Tax, Rocket Mortgage, Forbes, Angi, and Bankrate.

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