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

Do you feel this is accurate where you live?

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.

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

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.

HowMuch.net

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

Salary needed to afford a home: $47,960

Median household income: $46,257

gulf shores alabama photo

Flickr | chocmonk

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

Flickr | Sean Davis

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

Flickr | jjbers

Delaware

Salary needed to afford a home: $67,960

Median household income: $61,757

delaware photo

Flickr | -Jeffrey-

District Of Columbia

Salary needed to afford a home: $138,440

Median household income: $75,506

washington dc photo

Flickr | szeke

Florida

Salary needed to afford a home: $70,360

Median household income: $50,860

florida beach photo

Flickr | apasciuto

Georgia

Salary needed to afford a home: $59,520

Median household income: $53,559

savannah georgia summer photo

Flickr | Ken Lund

Hawaii

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

Median household income: $74,511

hawaii photo

Flickr | Anthony Quintano

Idaho

Salary needed to afford a home: $70,360

Median household income: $51,807

idaho photo

Flickr | treegrow

Illinois

Salary needed to afford a home: $53,880

Median household income: $60,960

chicago photo

Flickr | szeke

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

Flickr | SchwhatNow

Kansas

Salary needed to afford a home: $43,160

Median household income: $54,935

downtown topeka photo

Flickr | Dougtone

Kentucky

Salary needed to afford a home: $44,360

Median household income: $46,659

kentucky photo

Flickr | nickirp

Louisiana

Salary needed to afford a home: $50,320

Median household income: $45,146

new orleans photo

Flickr | faungg’s photos

Maine

Salary needed to afford a home: $55,520

Median household income: $53,079

maine photo

Flickr | Ken Lund

Maryland

Salary needed to afford a home: $72,200

Median household income: $78,945

maryland photo

Flickr | Dougtone

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

Flickr | Ken Lund

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

Flickr | dconvertini

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

Flickr | holidaypointau

New Hampshire

Salary needed to afford a home: $68,440

Median household income: $70,936

new hampshire photo

Flickr | kla4067

New Jersey

Salary needed to afford a home: $69,640

Median household income: $76,126

jersey shore photo

Flickr | milst1

New Mexico

Salary needed to afford a home: $54,880

Median household income: $46,748

albuquerque photo

Flickr | Corvair Owner

New York

Salary needed to afford a home: $91,720

Median household income: $62,909

new york city photo

Flickr | Zeeyolq Photography

North Carolina

Salary needed to afford a home: $63,840

Median household income: $50,584

outer banks beach photo

Flickr | smkybear

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

Flickr | string_bass_dave

Oklahoma

Salary needed to afford a home: $45,320

Median household income: $49,176

oklahoma photo

Flickr | Larry Smith2010

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

Flickr | Jamesy Peña

Rhode Island

Salary needed to afford a home: $69,640

Median household income: $60,596

providence photo

Flickr | spablab

South Carolina

Salary needed to afford a home: $58,840

Median household income: $49,501

charleston rainbow row photo

Flickr | AJ Photographic Art

South Dakota

Salary needed to afford a home: $55,360

Median household income: $54,467

south dakota photo

Flickr | Ladycliff

Tennessee

Salary needed to afford a home: $55,760

Median household income: $48,547

ryman auditorium photo

Flickr | Picster Jimster

Texas

Salary needed to afford a home: $66,080

Median household income: $56,565

san antonio riverwalk photo

Flickr | J.R.Ramos

Utah

Salary needed to afford a home: $83,720

Median household income: $65,977

park city utah photo

Flickr | Ken Lund

Vermont

Salary needed to afford a home: $62,600

Median household income: $57,677

vermont photo

Flickr | denisbin

Virginia

Salary needed to afford a home: $71,960

Median household income: $68,114

virginia photo

Flickr | lukas schlagenhauf

Washington

Salary needed to afford a home: $87,040

Median household income: $67,106

space needle photo

Flickr | Maëlick

West Virginia

Salary needed to afford a home: $38,320

Median household income: $43,385

new river gorge bridge photo

Flickr | jalexartis

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

Flickr | Larry Johnson

This story originally appeared on Simplemost. Checkout Simplemost for other great tips and ideas to make the most out of life.


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