As the overall cost of living gets higher for Americans and wages don’t keep up with skyrocketing home prices, many would-be buyers may feel frustrated at having their homeownership dreams sidelined.
However, there is some good news — even if your income is under $100,000 annually, there are 42 states where you can buy a home.
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How did we find that out? GOBankingRates found each state’s average 2024 home value and average monthly mortgage assuming buyers would choose a 30-year fixed-rate mortgage and make a 20% down payment with a 6.82% interest rate. From there, assuming housing costs could not exceed 30% of gross income, GOBankingRates found the minimum salary needed to comfortably afford a home in each state.
Ranked in order of states where you’d need the highest to lowest salaries to afford a home, here’s the minimum salary you need to earn to buy a home.
50. Hawaii
2024 average home value: $967,270
20% down payment: $193,454
Loan amount: $773,816.01
Monthly mortgage: $5,055.01
Annual mortgage: $60,660.18
Minimum salary needed to comfortably afford a home: $202,200.59
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49. California
2024 average home value: $785,333
20% down payment: $157,066.65
Loan amount: $628,266.60
Monthly mortgage: $4,104.20
Annual mortgage: $49,250.42
Minimum salary needed to comfortably afford a home: $164,168.07
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48. Massachusetts
2024 average home value: $615,963
20% down payment: $123,192.52
Loan amount: $492,770.08
Monthly mortgage: $3,219.06
Annual mortgage: $38,628.72
Minimum salary needed to comfortably afford a home: $128,762.39
47. Washington
2024 average home value: $589,240
20% down payment: $117,847.99
Loan amount: $471,391.97
Monthly mortgage: $3,079.41
Annual mortgage: $36,952.87
Minimum salary needed to comfortably afford a home: $123,176.22
46. Colorado
2024 average home value: $550,945
20% down payment: $110,188.90
Loan amount: $440,755.61
Monthly mortgage: $2,879.27
Annual mortgage: $34,551.25
Minimum salary needed to comfortably afford a home: $115,170.84
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45. Utah
2024 average home value: $519,376
20% down payment: $103,875.13
Loan amount: $415,500.51
Monthly mortgage: $2,714.29
Annual mortgage: $32,571.48
Minimum salary needed to comfortably afford a home: $108,571.61
44. New Jersey
2024 average home value: $518,053
20% down payment: $103,610.60
Loan amount: $414,442.38
Monthly mortgage: $2,707.38
Annual mortgage: $32,488.53
Minimum salary needed to comfortably afford a home: $108,295.12
43. Oregon
2024 average home value: $494,672
20% down payment: $98,934.35
Loan amount: $395,737.41
Monthly mortgage: $2,585.19
Annual mortgage: $31,022.23
Minimum salary needed to comfortably afford a home: $103,407.45
42. New Hampshire
2024 average home value: $474,549
20% down payment: $94,909.87
Loan amount: $379,639.47
Monthly mortgage: $2,480.03
Annual mortgage: $29,760.30
Minimum salary needed to comfortably afford a home: $99,201
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41. Montana
2024 average home value: $449,576
20% down payment: $89,915.15
Loan amount: $359,660.62
Monthly mortgage: $2,349.51
Annual mortgage: $28,194.14
Minimum salary needed to comfortably afford a home: $93,980.47
40. Rhode Island
2024 average home value: $448,030
20% down payment: $89,605.95
Loan amount: $358,423.82
Monthly mortgage: $2,341.43
Annual mortgage: $28,097.19
Minimum salary needed to comfortably afford a home: $93,657.29
39. Idaho
2024 average home value: $443,343
20% down payment: $88,668.56
Loan amount: $354,674.23
Monthly mortgage: $2,316.94
Annual mortgage: $27,803.25
Minimum salary needed to comfortably afford a home: $92,677.51
38. Nevada
2024 average home value: $441,049
20% down payment: $88,209.81
Loan amount: $352,839.23
Monthly mortgage: $2,304.95
Annual mortgage: $27,659.40
Minimum salary needed to comfortably afford a home: $92,198.02
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37. Arizona
2024 average home value: $436,020
20% down payment: $87,204.04
Loan amount: $348,816.14
Monthly mortgage: $2,278.67
Annual mortgage: $27,344.03
Minimum salary needed to comfortably afford a home: $91,146.77
36. New York
2024 average home value: $427,542
20% down payment: $85,508.46
Loan amount: $342,033.83
Monthly mortgage: $2,234.36
Annual mortgage: $26,812.36
Minimum salary needed to comfortably afford a home: $89,374.53
35. Maryland
2024 average home value: $417,676
20% down payment: $83,535.27
Loan amount: $334,141.09
Monthly mortgage: $2,182.80
Annual mortgage: $26,193.64
Minimum salary needed to comfortably afford a home: $87,312.13
34. Florida
2024 average home value: $409,179
20% down payment: $81,835.74
Loan amount: $327,342.96
Monthly mortgage: $2,138.39
Annual mortgage: $25,660.73
Minimum salary needed to comfortably afford a home: $85,535.76
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33. Connecticut
2024 average home value: $408,726
20% down payment: $81,745.12
Loan amount: $326,980.48
Monthly mortgage: $2,136.03
Annual mortgage: $25,632.31
Minimum salary needed to comfortably afford a home: $85,441.04
32. Virginia
2024 average home value: $382,770
20% down payment: $76,553.94
Loan amount: $306,215.77
Monthly mortgage: $2,000.38
Annual mortgage: $24,004.55
Minimum salary needed to comfortably afford a home: $80,015.16
31. Maine
2024 average home value: $378,605
20% down payment: $75,721.10
Loan amount: $302,884.39
Monthly mortgage: $1,978.62
Annual mortgage: $23,743.40
Minimum salary needed to comfortably afford a home: $79,144.66
30. Vermont
2024 average home value: $376,350
20% down payment: $75,269.90
Loan amount: $301,079.61
Monthly mortgage: $1,966.83
Annual mortgage: $23,601.92
Minimum salary needed to comfortably afford a home: $78,673.06
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29. Delaware
2024 average home value: $371,809
20% down payment: $74,361.77
Loan amount: $297,447.07
Monthly mortgage: $1,943.10
Annual mortgage: $23,317.16
Minimum salary needed to comfortably afford a home: $77,723.87
28. Alaska
2024 average home value: $362,178
20% down payment: $72,435.50
Loan amount: $289,742.01
Monthly mortgage: $1,892.76
Annual mortgage: $22,713.15
Minimum salary needed to comfortably afford a home: $75,710.51
27. Wyoming
2024 average home value: $333,617
20% down payment: $66,723.43
Loan amount: $266,893.71
Monthly mortgage: $1,743.50
Annual mortgage: $20,922.05
Minimum salary needed to comfortably afford a home: $69,740.18
26. Minnesota
2024 average home value: $328,582
20% down payment: $65,716.41
Loan amount: $262,865.66
Monthly mortgage: $1,717.19
Annual mortgage: $20,606.29
Minimum salary needed to comfortably afford a home: $68,687.63
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25. North Carolina
2024 average home value: $323,913
20% down payment: $64,782.67
Loan amount: $259,130.69
Monthly mortgage: $1,692.79
Annual mortgage: $20,313.50
Minimum salary needed to comfortably afford a home: $67,711.68
24. Georgia
2024 average home value: $323,033
20% down payment: $64,606.64
Loan amount: $258,426.54
Monthly mortgage: $1,688.19
Annual mortgage: $20,258.30
Minimum salary needed to comfortably afford a home: $67,527.68
23. Tennessee
2024 average home value: $310,011
20% down payment: $62,002.24
Loan amount: $248,008.95
Monthly mortgage: $1,620.14
Annual mortgage: $19,441.66
Minimum salary needed to comfortably afford a home: $64,805.53
22. Texas
2024 average home value: $299,337
20% down payment: $59,867.32
Loan amount: $239,469.29
Monthly mortgage: $1,564.35
Annual mortgage: $18,772.23
Minimum salary needed to comfortably afford a home: $62,574.09
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21. New Mexico
2024 average home value: $293,497
20% down payment: $58,699.33
Loan amount: $234,797.31
Monthly mortgage: $1,533.83
Annual mortgage: $18,405.99
Minimum salary needed to comfortably afford a home: $61,353.28
20. South Dakota
2024 average home value: $310,011
20% down payment: $62,002.24
Loan amount: $248,008.95
Monthly mortgage: $1,620.14
Annual mortgage: $19,441.66
Minimum salary needed to comfortably afford a home: $64,805.53
19. South Carolina
2024 average home value: $288,972
20% down payment: $57,794.31
Loan amount: $231,177.22
Monthly mortgage: $1,510.18
Annual mortgage: $18,122.20
Minimum salary needed to comfortably afford a home: $60,407.34
18. Wisconsin
2024 average home value: $288,799
20% down payment: $57,759.78
Loan amount: $231,039.10
Monthly mortgage: $1,509.28
Annual mortgage: $18,111.38
Minimum salary needed to comfortably afford a home: $60,371.25
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17. Pennsylvania
2024 average home value: $256,401
20% down payment: $51,280.28
Loan amount: $205,121.11
Monthly mortgage: $1,339.97
Annual mortgage: $16,079.64
Minimum salary needed to comfortably afford a home: $53,598.80
16. Illinois
2024 average home value: $254,709
20% down payment: $50,941.71
Loan amount: $203,766.85
Monthly mortgage: $1,331.12
Annual mortgage: $15,973.48
Minimum salary needed to comfortably afford a home: $53,244.93
15. North Dakota
2024 average home value: $252,382
20% down payment: $50,476.30
Loan amount: $201,905.21
Monthly mortgage: $1,318.96
Annual mortgage: $15,827.54
Minimum salary needed to comfortably afford a home: $52,758.47
14. Nebraska
2024 average home value: $251,535
20% down payment: $50,306.90
Loan amount: $201,227.60
Monthly mortgage: $1,314.54
Annual mortgage: $15,774.42
Minimum salary needed to comfortably afford a home: $52,581.41
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13. Missouri
2024 average home value: $238,808
20% down payment: $47,761.55
Loan amount: $191,046.19
Monthly mortgage: $1,248.02
Annual mortgage: $14,976.29
Minimum salary needed to comfortably afford a home: $49,920.98
12. Indiana
2024 average home value: $231,278
20% down payment: $46,255.59
Loan amount: $185,022.36
Monthly mortgage: $1,208.67
Annual mortgage: $14,504.08
Minimum salary needed to comfortably afford a home: $48,346.93
11. Michigan
2024 average home value: $230,125
20% down payment: $46,025.03
Loan amount: $184,100.13
Monthly mortgage: $1,202.65
Annual mortgage: $14,431.79
Minimum salary needed to comfortably afford a home: $48,105.95
10. Ohio
2024 average home value: $218,535
20% down payment: $43,707.07
Loan amount: $174,828.27
Monthly mortgage: $1,142.08
Annual mortgage: $13,704.95
Minimum salary needed to comfortably afford a home: $45,683.18
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9. Alabama
2024 average home value: $218,004
20% down payment: $43,600.75
Loan amount: $174,402.99
Monthly mortgage: $1,139.30
Annual mortgage: $13,671.62
Minimum salary needed to comfortably afford a home: $45,572.06
8. Kansas
2024 average home value: $217,817
20% down payment: $43,563.35
Loan amount: $174,253.38
Monthly mortgage: $1,138.32
Annual mortgage: $13,659.89
Minimum salary needed to comfortably afford a home: $45,532.96
7. Iowa
2024 average home value: $212,367
20% down payment: $42,473.40
Loan amount: $169,893.59
Monthly mortgage: $1,109.84
Annual mortgage: $13,318.12
Minimum salary needed to comfortably afford a home: $44,393.74
6. Oklahoma
2024 average home value: $200,153
20% down payment: $40,030.57
Loan amount: $160,122.28
Monthly mortgage: $1,046.01
Annual mortgage: $12,552.14
Minimum salary needed to comfortably afford a home: $41,840.46
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5. Arkansas
2024 average home value: $198,364
20% down payment: $39,672.80
Loan amount: $158,691.21
Monthly mortgage: $1,036.66
Annual mortgage: $12,439.96
Minimum salary needed to comfortably afford a home: $41,466.52
4. Kentucky
2024 average home value: $196,412
20% down payment: $39,282.42
Loan amount: $157,129.67
Monthly mortgage: $1,026.46
Annual mortgage: $12,317.55
Minimum salary needed to comfortably afford a home: $41,058.48
3. Louisiana
2024 average home value: $195,240
20% down payment: $39,047.98
Loan amount: $156,191.93
Monthly mortgage: $1,020.34
Annual mortgage: $12,244.03
Minimum salary needed to comfortably afford a home: $40,813.45
2. Mississippi
2024 average home value: $170,653
20% down payment: $34,130.66
Loan amount: $136,522.65
Monthly mortgage: $891.85
Annual mortgage: $10,702.14
Minimum salary needed to comfortably afford a home: $35,673.80
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1. West Virginia
2024 average home value: $155,080
20% down payment: $31,016.07
Loan amount: $124,064.28
Monthly mortgage: $810.46
Annual mortgage: $9,725.52
Minimum salary needed to comfortably afford a home: $32,418.39
Methodology: For this piece, GOBankingRates first found the average 2024 home value for each state. GOBankingRates then found the average monthly mortgage by using the following assumptions: a 30-year fixed-rate mortgage with a 20% down payment with a rate of 6.82% as sourced from Freddie Mac for Apr. 4, 2024, and there was no P&I, HOA fees, or property tax included. With the monthly mortgage rate found, GOBankingRates was able to find the minimum salary needed to comfortably afford the home by assuming housing costs could not exceed 30% of gross income. All data was collected and is up to date as of June 13, 2024.
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This article originally appeared on GOBankingRates.com: The Minimum Salary You Need To Buy a Home in All 50 States
