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Here's what salary you need to make in every state to afford its median-priced home, from $63,000 to $197,000, according to Bankrate

 


Housing affordability has plummeted over the last few years as national home prices have risen more than 40% and mortgage rates have more than doubled.

This means that across the board, the salary needed to afford a home has risen. According to a Bankrate analysis, the average salary required to be able to afford a median-priced home in the US has jumped by 45.5% since 2020, from $76,191 to $110,871.

Below, we've listed data for every state from the Bankrate analysis, including the income needed to buy a home as of January 2024, the percentage increase of that number since January 2020, and the median home sale price and monthly mortgage payment as of January 2024.

The income needed to buy a median-priced home jumped by at least 20% in 49 of the 50 states over the last four years, meaning a $100,000 annual income is needed in almost half of the states. Median home prices were over $300,000 in 32 states in January, and a monthly mortgage payment on a median-priced home is over $2,000 in 31 states.

All 50 states are listed in ascending order of annual income needed for a median-priced home.

50. Mississippi

Jackson, Mississippi, skyline over the Capitol Building.
Jackson, Mississippi. Sean Pavone/Shutterstock

Annual salary needed for median-priced home: $63,043

% change from 2020: 40.6%

Median home price: $228,500

Monthly mortgage payment: $1,471

Source: Bankrate

49. Ohio

Columbus, Ohio
joe daniel price/Getty Images

Annual salary needed for median-priced home: $64,071

% change from 2020: 41.1%

Median home price: $215,300

Monthly mortgage payment: $1,495

Source: Bankrate

48. Arkansas

Little Rock, Arkansas, skyline on the river at twilight.
Little Rock, Arkansas. Sean Pavone/Shutterstock

Annual salary needed for median-priced home: $64,714

% change from 2020: 52.7%

Median home price: $239,900

Monthly mortgage payment: $1,510

Source: Bankrate

47. Indiana

Fort Wayne, Indiana
Getty Images

Annual salary needed for median-priced home: $65,143

% change from 2020: 55.8%

Median home price: $237,700

Monthly mortgage payment: $1,520

Source: Bankrate

46. Kentucky

Kentucky
Sean Pavone/Shutterstock

Annual salary needed for median-priced home: $65,186

% change from 2020: 52.9%

Median home price: $243,100

Monthly mortgage payment: $1,521

Source: Bankrate

45. Iowa

Aerial View of the Des Moines, Iowa, Skyline at Sunset
Des Moines, Iowa. Jacob Boomsma/Shutterstock

Annual salary needed for median-priced home: $65,314

% change from 2020: 39.9%

Median home price: $223,500

Monthly mortgage payment: $1,524

Source: Bankrate

44. Oklahoma

Oklahoma City, Oklahoma, downtown skyline in the late afternoon.
Oklahoma City, Oklahoma. Sean Pavone/Shutterstock

Annual salary needed for median-priced home: $65,443

% change from 2020: 41%

Median home price: $226,400

Monthly mortgage payment: $1,527

Source: Bankrate

43. Michigan

Mackinac Island, Michigan
Mackinac Island, Michigan. Michael Deemer/Getty Images

Annual salary needed for median-priced home: $66,343

% change from 2020: 37%

Median home price: $228,100

Monthly mortgage payment: $1,548

Source: Bankrate

42. Missouri

Aerial view of Kansas City skyline at dusk, viewed from Penn Valley Park.
Kansas City, Missouri. Mihai_Andritoiu/Shutterstock

Annual salary needed for median-priced home: $66,986

% change from 2020: 42.9%

Median home price: $237,100

Monthly mortgage payment: $1,563

Source: Bankrate

41. Louisiana

New Orleans.
New Orleans elevates Louisiana. f11photo/Getty Images

Annual salary needed for median-priced home: $67,886

% change from 2020: 24.9%

Median home price: $244,100

Monthly mortgage payment: $1,584

Source: Bankrate

40. Alabama

Birmingham, Alabama, downtown city skyline.
Birmingham, Alabama. Sean Pavone/Shutterstock

Annual salary needed for median-priced home: $69,514

% change from 2020: 47.8%

Median home price: $263,900

Monthly mortgage payment: $1,622

Source: Bankrate

39. Kansas

Witchita, Kansas.
Some people don't know Kansas City is actually in Missouri. Sean Pavone/Getty Images

Annual salary needed for median-priced home: $72,343

% change from 2020: 29.3%

Median home price: $243,600

Monthly mortgage payment: $1,688

Source: Bankrate

38. North Dakota

Aerial View of Sioux Falls, South Dakota, at Sunset.
Sioux Falls, South Dakota. Jacob Boomsma/Shutterstock

Annual salary needed for median-priced home: $73,414

% change from 2020: 9.2%

Median home price: $259,200

Monthly mortgage payment: $1,713

Source: Bankrate

37. West Virginia

Charleston, West Virginia, USA skyline on the Kanawha River
Charleston, West Virginia, USA skyline on the Kanawha River Sean Pavone/Shutterstock

Annual salary needed for median-priced home: $74,957

% change from 2020: 61.8%

Median home price: $297,400

Monthly mortgage payment: $1,749

Source: Bankrate

36. Pennsylvania

Reading, Pennsylvania.
Reading, Pennsylvania. DenisTangneyJr

Annual salary needed for median-priced home: $78,343

% change from 2020: 35.2%

Median home price: $264,500

Monthly mortgage payment: $1,828

Source: Bankrate

35. Wisconsin

Wisconsin
Sean Pavone/Shutterstock

Annual salary needed for median-priced home: $78,814

% change from 2020: 45.3%

Median home price: $274,700

Monthly mortgage payment: $1,839

Source: Bankrate

34. Nebraska

Aerial View of Lincoln, Nebraska, in Autumn.
Lincoln, Nebraska. Jacob Boomsma/Shutterstock

Annual salary needed for median-priced home: $82,157

% change from 2020: 45.8%

Median home price: $1,917

Monthly mortgage payment: $273,000

Source: Bankrate

33. Delaware

delaware
View of buildings along 11th Street at sunset in downtown Wilmington, Delaware, from the City Center Parking Garage Jon Bilous/Shutterstock

Annual salary needed for median-priced home: $82,500

% change from 2020: 50.2%

Median home price: $316,200

Monthly mortgage payment: $1,925

Source: Bankrate

32. Illinois

Chicago river and skyline
Chicago is known for its riverwalk, architecture, cold winters, and deep dish pizza. Mlenny/Getty Images

Annual salary needed for median-priced home: $82,586

% change from 2020: 27.2%

Median home price: $258,000

Monthly mortgage payment: $1,927

Source: Bankrate

31. South Dakota

South Dakota
peeterv/ Getty Images

Annual salary needed for median-priced home: $87,686

% change from 2020: 56%

Median home price: $313,700

Monthly mortgage payment: $2,046

Source: Bankrate

30. Minnesota

Downtown Minneapolis, Minnesota.
Minneapolis, Minnesota Dan Anderson/ Getty Images.

Annual salary needed for median-priced home: $91,886

% change from 2020: 35.3%

Median home price: $323,900

Monthly mortgage payment: $2,144

Source: Bankrate

29. New Mexico

Albuquerque, New Mexico, USA downtown cityscape at twilight.
Albuquerque, New Mexico. Sean Pavone/Shutterstock

Annual salary needed for median-priced home: $92,443

% change from 2020: 41.4%

Median home price: $352,300

Monthly mortgage payment: $2,157

Source: Bankrate

28. North Carolina

Asheville, North Carolina.
Walter Bibikow/Getty Images

Annual salary needed for median-priced home: $92,657

% change from 2020: 61.2%

Median home price: $354,100

Monthly mortgage payment: $2,162

Source: Bankrate

27. Tennessee

Aerial view of Knoxville, Tennessee, skyline.
Knoxville, Tennessee. Kevin Ruck/Shutterstock

Annual salary needed for median-priced home: $94,371

% change from 2020: 70.1%

Median home price: $365,600

Monthly mortgage payment: $2,202

Source: Bankrate

26. Georgia

Atlanta, Georgia
Kevin Ruck/Shutterstock

Annual salary needed for median-priced home: $95,529

% change from 2020: 61%

Median home price: $352,400

Monthly mortgage payment: $2,229

Source: Bankrate

25. South Carolina

South Carolina
Sean Pavone/Shutterstock

Annual salary needed for median-priced home: $96,600

% change from 2020: 67.3%

Median home price: $372,800

Monthly mortgage payment: $2,254

Source: Bankrate

24. Alaska

Whittier, Alaska.
Whittier, Alaska annhfhung

Annual salary needed for median-priced home: $97,800

% change from 2020: 33.9%

Median home price: $349,400

Monthly mortgage payment: $2,282

Source: Bankrate

23. Wyoming

Aerial View of Cheyenne, Wyoming.
Cheyenne, Wyoming. Jacob Boomsma/Shutterstock

Annual salary needed for median-priced home: $98,486

% change from 2020: 37.1%

Median home price: $369,300

Monthly mortgage payment: $2,298

Source: Bankrate

22. Texas

Texas
Ryan Kyte/Getty Images

Annual salary needed for median-priced home: $100,629

% change from 2020: 30.1%

Median home price: $332,600

Monthly mortgage payment: $2,348

Source: Bankrate

21. Maine

Maine
cdrin/Shutterstock

Annual salary needed for median-priced home: $102,557

% change from 2020: 64.6%

Median home price: $374,800

Monthly mortgage payment: $2,393

Source: Bankrate

20. Virginia

Richmond, Virginia.
Richmond, Virginia. Bill Dickinson/Getty Images

Annual salary needed for median-priced home: $106,971

% change from 2020: 43.7%

Median home price: $397,600

Monthly mortgage payment: $2,496

Source: Bankrate

19. Maryland

Baltimore, Maryland, downtown cityscape at dusk.
Baltimore, Maryland. Sean Pavone/Shutterstock

Annual salary needed for median-priced home: $108,257

% change from 2020: 42.2%

Median home price: $387,800

Monthly mortgage payment: $2,526

Source: Bankrate

18. Arizona

An aerial view of a city at sunset.
Phoenix, Arizona. Kevin Ruck/Shutterstock

Annual salary needed for median-priced home: $110,271

% change from 2020: 65.3%

Median home price: $433,000

Monthly mortgage payment: $2,573

Source: Bankrate

17. Nevada

Downtown Reno skyline, Nevada, with hotels, casinos, and the surrounding High Eastern Sierra foothills
Reno, Nevada. Nick Fox/Shutterstock

Annual salary needed for median-priced home: $111,557

% change from 2020: 56.6%

Median home price: $434,400

Monthly mortgage payment: $2,603

Source: Bankrate

16. Idaho

Boise, Idaho.
Boise, Idaho. Charles Knowles/Shutterstock

Annual salary needed for median-priced home: $114,386

% change from 2020: 65%

Median home price: $447,100

Monthly mortgage payment: $2,669

Source: Bankrate

15. Vermont

vermont
Sean Pavone/Shutterstock

Annual salary needed for median-priced home: $114,471

% change from 2020: 55.7%

Median home price: $388,500

Monthly mortgage payment: $2,671

Source: Bankrate

14. Florida

Jacksonville, Florida
joe daniel price/Getty Images

Annual salary needed for median-priced home: $114,771

% change from 2020: 57.3%

Median home price: $403,500

Monthly mortgage payment: $2,678

Source: Bankrate

13. Connecticut

Hartford, Connecticut.
Hartford, Connecticut. Sean Pavone/Shutterstock

Annual salary needed for median-priced home: $119,614

% change from 2020: 37.6%

Median home price: $377,600

Monthly mortgage payment: $2,791

Source: Bankrate

12. Oregon

portland oregon
Sean Pavone/Shutterstock

Annual salary needed for median-priced home: $129,129

% change from 2020: 46.2%

Median home price: $482,800

Monthly mortgage payment: $3,013

Source: Bankrate

11. New Hampshire

Historic downtown aerial view at Market Square with historic buildings and North Church on Congress Street in city of Portsmouth, New Hampshire
Portsmouth, New Hampshire. Wangkun Jia/Shutterstock

Annual salary needed for median-priced home: $130,329

% change from 2020: 54.4%

Median home price: $445,400

Monthly mortgage payment: $3,041

Source: Bankrate

10. Montana

Aerial view of downtown Bozeman with mountains in the distance.
Jacob Boomsma/Getty Images

Annual salary needed for median-priced home: $131,357

% change from 2020: 77.7%

Median home price: $507,100

Monthly mortgage payment: $3,065

Source: Bankrate

9. Rhode Island

Aerial panorama of Providence skyline on a late afternoon.
Providence, Rhode Island. Mihai_Andritoiu/Shutterstock

Annual salary needed for median-priced home: $132,343

% change from 2020: 50.8%

Median home price: $460,800

Monthly mortgage payment: $3,088

Source: Bankrate

8. Utah

A city with railway tracks in the foreground at large mountains in the background.
Salt Lake City, Utah. f11photo/Getty Images

Annual salary needed for median-priced home: $133,886

% change from 2020: 70.3%

Median home price: $525,500

Monthly mortgage payment: $3,124

Source: Bankrate

7. New York

Syracuse, New York skyline
Syracuse, New York. Wirestock

Annual salary needed for median-priced home: $148,286

% change from 2020: 32.9%

Median home price: $521,800

Monthly mortgage payment: $3,460

Source: Bankrate

6. New Jersey

Exchange Place, Jersey City, New Jersey skyline.
Jersey City, New Jersey. Sean Pavone/Shutterstock

Annual salary needed for median-priced home: $152,186

% change from 2020: 45%

Median home price: $495,600

Monthly mortgage payment: $3,551

Source: Bankrate

5. Colorado

Telluride, Colorado.
Telluride, Colorado. Deb Snelson/Getty Images

Annual salary needed for median-priced home: $152,229

% change from 2020: 54.5%

Median home price: $591,400

Monthly mortgage payment: $3,552

Source: Bankrate

4. Washington

View of the skyline and waterfront harbor tourist area including the Great Wheel from a cruise ship in the Puget Sound in Seattle, Washington.
Seattle, Washington. Kirk Fisher/Shutterstock

Annual salary needed for median-priced home: $156,814

% change from 2020: 52.9%

Median home price: $587,200

Monthly mortgage payment: $3,659

Source: Bankrate

3. Massachusetts

Downtown Boston.
Downtown Boston. Toby Harriman/Getty Images

Annual salary needed for median-priced home: $162,471

% change from 2020: 40.3%

Median home price: $572,900

Monthly mortgage payment: $3,791

Source: Bankrate

2. Hawaii

Waikiki beach and Honolulu's skyline.
Honolulu, Hawaii. SCStock/Shutterstock

Annual salary needed for median-priced home: $185,829

% change from 2020: 46.1%

Median home price: $735,900

Monthly mortgage payment: $4,336

Source: Bankrate

1. California

Napa, California
Napa, California. DenisTangneyJr/Getty Images

Annual salary needed for median-priced home: $197,057

% change from 2020: 48%

Median home price: $739,200

Monthly mortgage payment: $4,598

Source: Bankrate

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