Ideal Salary You Need to Own a Home Each State

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How much salary does someone need in order to afford the average-price home in each state?  A new study from GOBankingRates reveals that the minimum salary in one state can be vastly different than that of another.  To arrive at their conclusions, GOBankingRates looked at the average monthly mortgage payment for each state along with the average APR on a 30-year fixed-rate mortgage and then assumed no more than 30% of monthly income was devoted to housing.

“Before you buy a home, it’s important to find out if you can afford the monthly mortgage payment.  To do this, some financial experts recommend your housing costs — primarily your mortgage payments — shouldn’t consume more than 30 percent of your monthly income.”

Here’s the entire list:

Alabama — $36,760

Alaska — $51,320

Arizona — $50,880

Arkansas — $31,320

California — $89,280

Colorado — $73,600

Connecticut — $55,360

Delaware — $51,040

District of Columbia — $97,280

Florida — $52,640

Georgia — $44,760

Hawaii — $110,520

Idaho — $51,560

Illinois — $37,840

Indiana — $31,320

Iowa — $32,400

Kansas — $31,760

Kentucky — $32,600

Louisiana — $38,080

Maine — $42,320

Maryland — $54,920

Massachusetts — $75,360

Michigan — $30,680

Minnesota — $46,720

Mississippi — $33,120

Missouri — $31,800

Montana — $55,640

Nebraska — $37,040

Nevada — $55,680

New Hampshire — $51,720

New Jersey — $51,720

New Mexico — $40,960

New York — $64,360

North Carolina — $46,600

North Dakota — $54,480

Ohio — $28,800

Oklahoma — $33,640

Oregon — $64,040

Pennsylvania — $35,760

Rhode Island — $51,960

South Carolina — $44,800

South Dakota — $40,880

Tennessee — $42,280

Texas — $49,840

Utah — $61,840

Vermont — $46,960

Virginia — $53,400

Washington — $64,200

West Virginia — $29,240

Wisconsin — $36,040

Wyoming — $44,600

Click here to read the full report on GOBankingRates.com.

4/3/18 UPDATE:  Not to be outdone, howmuch.net recently posted their list of needed salaries….it differs slightly and worth a look.

About Author

Director of Education & Outreach, National Real Estate Investors Association

140 Comments

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