Curiosity

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

Where does your state rank?

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 ensure you spend your money wisely.

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?

Existing Home Sales And Prices Hit Record High
Getty Images | Tim Boyle

Alabama

Salary needed to afford a home: $47,960

Median household income: $46,257

gulf shores alabama photo

Alaska

Salary needed to afford a home: $67,280

Median household income: $76,440

anchorage alaska photo
Getty Images | Streeter Lecka

Arizona

Salary needed to afford a home: $67,280

Median household income: $53,558

sedona photo
Getty Images | Bruce Bennett

Arkansas

Salary needed to afford a home: $41,040

Median household income: $44,334

little rock arkansas photo

California

Salary needed to afford a home: $120,120

Median household income: $67,739

golden gate bridge photo
Getty Images | Justin Sullivan

Colorado

Salary needed to afford a home: $100,200

Median household income: $65,685

downtown denver photo
Getty Images | Doug Pensinger

Connecticut

Salary needed to afford a home: $75,280

Median household income: $73,433

Connecticut photo

Delaware

Salary needed to afford a home: $67,960

Median household income: $61,757

delaware photo

District Of Columbia

Salary needed to afford a home: $138,440

Median household income: $75,506

washington dc photo

Florida

Salary needed to afford a home: $70,360

Median household income: $50,860

florida beach photo

Georgia

Salary needed to afford a home: $59,520

Median household income: $53,559

savannah georgia summer photo

Hawaii

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

Median household income: $74,511

hawaii photo

Idaho

Salary needed to afford a home: $70,360

Median household income: $51,807

idaho photo

Illinois

Salary needed to afford a home: $53,880

Median household income: $60,960

chicago photo

Indiana

Salary needed to afford a home: $42,560

Median household income: $52,314

Indianapolis photo
Getty Images | Chris Graythen

Iowa

Salary needed to afford a home: $44,360

Median household income: $56,247

iowa state fair photo

Kansas

Salary needed to afford a home: $43,160

Median household income: $54,935

downtown topeka photo

Kentucky

Salary needed to afford a home: $44,360

Median household income: $46,659

kentucky photo

Louisiana

Salary needed to afford a home: $50,320

Median household income: $45,146

new orleans photo

Maine

Salary needed to afford a home: $55,520

Median household income: $53,079

maine photo

Maryland

Salary needed to afford a home: $72,200

Median household income: $78,945

maryland photo

Massachusetts

Salary needed to afford a home: $101,320

Median household income: $75,297

boston photo
Getty Images | Maddie Meyer

Michigan

Salary needed to afford a home: $40,800

Median household income: $52,492

downtown detroit photo
Getty Images | Chip Somodevilla

Minnesota

Salary needed to afford a home: $64,720

Median household income: $65,599

minneapolis photo
Getty Images | Tom Dahlin

Mississippi

Salary needed to afford a home: $44,360

Median household income: $41,754

mississippi photo

Missouri

Salary needed to afford a home: $42,200

Median household income: $51,746

st louis arch photo
Getty Images | Todd Warshaw

Montana

Salary needed to afford a home: $75,520

Median household income: $50,027

glacier national park montana photo

Nebraska

Salary needed to afford a home: $51,520

Median household income: $56,927

omaha nebraska photo
Getty Images | Peter Aiken

Nevada

Salary needed to afford a home: $73,120

Median household income: $55,180

las vegas strip photo

New Hampshire

Salary needed to afford a home: $68,440

Median household income: $70,936

new hampshire photo

New Jersey

Salary needed to afford a home: $69,640

Median household income: $76,126

jersey shore photo

New Mexico

Salary needed to afford a home: $54,880

Median household income: $46,748

albuquerque photo

New York

Salary needed to afford a home: $91,720

Median household income: $62,909

new york city photo

North Carolina

Salary needed to afford a home: $63,840

Median household income: $50,584

outer banks beach photo

North Dakota

Salary needed to afford a home: $56,000

Median household income: $60,656

north dakota photo
Getty Images | Andrew Burton

Ohio

Salary needed to afford a home: $38,400

Median household income: $52,334

roebling bridge cincinnati photo

Oklahoma

Salary needed to afford a home: $45,320

Median household income: $49,176

oklahoma photo

Oregon

Salary needed to afford a home: $87,160

Median household income: $57,532

cannon beach photo
Getty Images | Brent Stirton

Pennsylvania

Salary needed to afford a home: $47,960

Median household income: $56,907

philadelphia photo

Rhode Island

Salary needed to afford a home: $69,640

Median household income: $60,596

providence photo

South Carolina

Salary needed to afford a home: $58,840

Median household income: $49,501

charleston rainbow row photo

South Dakota

Salary needed to afford a home: $55,360

Median household income: $54,467

south dakota photo

Tennessee

Salary needed to afford a home: $55,760

Median household income: $48,547

ryman auditorium photo

Texas

Salary needed to afford a home: $66,080

Median household income: $56,565

san antonio riverwalk photo

Utah

Salary needed to afford a home: $83,720

Median household income: $65,977

park city utah photo

Vermont

Salary needed to afford a home: $62,600

Median household income: $57,677

vermont photo

Virginia

Salary needed to afford a home: $71,960

Median household income: $68,114

virginia photo

Washington

Salary needed to afford a home: $87,040

Median household income: $67,106

space needle photo

West Virginia

Salary needed to afford a home: $38,320

Median household income: $43,385

new river gorge bridge photo

Wisconsin

Salary needed to afford a home: $50,080

Median household income: $56,811

madison wisconsin photo
Getty Images | Jamie Squire

Wyoming

Salary needed to afford a home: $58,000

Median household income: $59,882

jackson hole photo

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