Map Shows The Salary You Need To Afford A Home In Every State

Map Shows The Salary You Need To Afford A Home In Every State

Chances are you’ve considered how much money you would need to earn in order to buy a home. The answer, of course, depends largely on where you live. To give you an idea, finance website HowMuch.net recently crunched the housing affordability numbers for each state.

To arrive at its estimates, the website layered in several factors. The team collected average home prices in every state from Zillow, then plugged those figures into a mortgage calculator to determine monthly payments. HowMuch.net considered an interest rate that varied between 4 and 5 percent in each state. Also, it was assumed buyers were contributing a 10-percent down payment.

Given that many financial advisors recommend the total cost of housing take up no more than 30 percent of gross income (i.e. the amount before taxes, retirement savings, etc.), the data team used that rule as a benchmark to calculate the minimum salary needed to afford the average home in each state. The figures are based on 30-year mortgages.

 

Next, we took HowMuch.net’s findings a step further by including the latest U.S. Census Bureau data on median household income to help illustrate how affordable a home purchase may actually be for the average person living in that state.

Ready to see how your state fares when it comes to affordability and home prices?

Alabama

Alabama

Salary needed to afford a home: $47,960

Median household income: $46,257

Alaska

Alaska

Salary needed to afford a home: $67,280

Median household income: $76,440

Arizona

Arizona

Salary needed to afford a home: $67,280

Median household income: $53,558

Arkansas

Arkansas

Salary needed to afford a home: $41,040

Median household income: $44,334

California

California

Salary needed to afford a home: $120,120

Median household income: $67,739

Colorado

Colorado

Salary needed to afford a home: $100,200

Median household income: $65,685

Connecticut

Connecticut

Salary needed to afford a home: $75,280

Median household income: $73,433

Delaware

Delaware

Salary needed to afford a home: $67,960

Median household income: $61,757

District Of Columbia

District Of Columbia

Salary needed to afford a home: $138,440

Median household income: $75,506

Florida

Florida

Salary needed to afford a home: $70,360

Median household income: $50,860

Georgia

Georgia

Salary needed to afford a home: $59,520

Median household income: $53,559

Hawaii

Hawaii

Salary needed to afford a home: $153,52o

Median household income: $74,511

Idaho

Idaho

Salary needed to afford a home: $70,360

Median household income: $51,807

Illinois

Illinois

Salary needed to afford a home: $53,880

Median household income: $60,960

Indiana

Indiana

Salary needed to afford a home: $42,560

Median household income: $52,314

Iowa

Iowa

Salary needed to afford a home: $44,360

Median household income: $56,247

Kansas

Kansas

Salary needed to afford a home: $43,160

Median household income: $54,935

Kentucky

Kentucky

Salary needed to afford a home: $44,360

Median household income: $46,659

Louisiana

Louisiana

Salary needed to afford a home: $50,320

Median household income: $45,146

Maine

Maine

Salary needed to afford a home: $55,520

Median household income: $53,079

Maryland

Maryland

Salary needed to afford a home: $72,200

Median household income: $78,945

Massachusetts

Massachusetts

Salary needed to afford a home: $101,320

Median household income: $75,297

Michigan

Michigan

Salary needed to afford a home: $40,800

Median household income: $52,492

Minnesota

Minnesota

Salary needed to afford a home: $64,720

Median household income: $65,599

Mississippi

Mississippi

Salary needed to afford a home: $44,360

Median household income: $41,754

Missouri

Missouri

Salary needed to afford a home: $42,200

Median household income: $51,746

 

Montana

Montana

Salary needed to afford a home: $75,520

Median household income: $50,027

Nebraska

Nebraska

Salary needed to afford a home: $51,520

Median household income: $56,927

Nevada

Nevada

Salary needed to afford a home: $73,120

Median household income: $55,180

New Hampshire

New Hampshire

Salary needed to afford a home: $68,440

Median household income: $70,936

New Jersey

New Jersey

Salary needed to afford a home: $69,640

Median household income: $76,126

New Mexico

New Mexico

Salary needed to afford a home: $54,880

Median household income: $46,748

New York

New York

Salary needed to afford a home: $91,720

Median household income: $62,909

North Carolina

North Carolina

Salary needed to afford a home: $63,840

Median household income: $50,584

North Dakota

North Dakota

Salary needed to afford a home: $56,000

Median household income: $60,656

 

Ohio

Ohio

Salary needed to afford a home: $38,400

Median household income: $52,334

Oklahoma

Oklahoma

Salary needed to afford a home: $45,320

Median household income: $49,176

Oregon

Oregon

Salary needed to afford a home: $87,160

Median household income: $57,532

Pennsylvania

Pennsylvania

Salary needed to afford a home: $47,960

Median household income: $56,907

Rhode Island

Rhode Island

Salary needed to afford a home: $69,640

Median household income: $60,596

South Carolina

South Carolina

Salary needed to afford a home: $58,840

Median household income: $49,501

South Dakota

South Dakota

Salary needed to afford a home: $55,360

Median household income: $54,467

Tennessee

Tennessee

Salary needed to afford a home: $55,760

Median household income: $48,547

Texas

Texas

Salary needed to afford a home: $66,080

Median household income: $56,565

Utah

Utah

Salary needed to afford a home: $83,720

Median household income: $65,977

Vermont

Vermont

Salary needed to afford a home: $62,600

Median household income: $57,677

Virginia

Virginia

Salary needed to afford a home: $71,960

Median household income: $68,114

Washington

Washington

Salary needed to afford a home: $87,040

Median household income: $67,106

West Virginia

West Virginia

Salary needed to afford a home: $38,320

Median household income: $43,385

Wisconsin

Wisconsin

Salary needed to afford a home: $50,080

Median household income: $56,811

Wyoming

Wyoming

Salary needed to afford a home: $58,000

Median household income: $59,882