With soaring home prices and limited inventory, it’s not surprising that Massachusetts ranks sixth among states where homeowners spend the most on housing, according to a report released by Wallethub.

The personal-finance company analyzed the prices of rent, mortgage and home energy across the nation and found that Massachusetts homeowners spend an average of 34.6% of their median monthly household income on their homes. That figure is outpaced only by the cost of homeownership in Hawaii, California, Oregon, Nevada and Washington.

For those who don’t own their homes, the situation is even more dire. According to the study, Massachusetts ranked third in the United States for rental outlays. Bay Staters shell out an average of 48.8% of their median monthly income on housing.

“Homeowners and home buyers have faced whiplash over the past few years, with housing prices soaring and interest rates fluctuating from historic lows back up to the highest rates in more than a decade,” WalletHub Analyst Chip Lupo said. “In order to manage expensive mortgage payments and other key housing costs, it’s important for homeowners to budget effectively.”