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

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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.

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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.

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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

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Alaska
Salary needed to afford a home: $67,280

Median household income: $76,440

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Arizona
Salary needed to afford a home: $67,280

Median household income: $53,558

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Arkansas
Salary needed to afford a home: $41,040

Median household income: $44,334

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California
Salary needed to afford a home: $120,120

Median household income: $67,739

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Colorado
Salary needed to afford a home: $100,200

Median household income: $65,685

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Connecticut
Salary needed to afford a home: $75,280

Median household income: $73,433

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Delaware
Salary needed to afford a home: $67,960

Median household income: $61,757

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District Of Columbia
Salary needed to afford a home: $138,440

Median household income: $75,506

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Florida
Salary needed to afford a home: $70,360

Median household income: $50,860

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Georgia
Salary needed to afford a home: $59,520

Median household income: $53,559

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

Median household income: $74,511

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Idaho
Salary needed to afford a home: $70,360

Median household income: $51,807

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Illinois
Salary needed to afford a home: $53,880

Median household income: $60,960

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Indiana
Salary needed to afford a home: $42,560

Median household income: $52,314

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Iowa
Salary needed to afford a home: $44,360

Median household income: $56,247

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Kansas
Salary needed to afford a home: $43,160

Median household income: $54,935

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Kentucky
Salary needed to afford a home: $44,360

Median household income: $46,659

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Louisiana
Salary needed to afford a home: $50,320

Median household income: $45,146

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Maine
Salary needed to afford a home: $55,520

Median household income: $53,079

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Maryland
Salary needed to afford a home: $72,200

Median household income: $78,945

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Massachusetts
Salary needed to afford a home: $101,320

Median household income: $75,297

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Michigan
Salary needed to afford a home: $40,800

Median household income: $52,492

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Minnesota
Salary needed to afford a home: $64,720

Median household income: $65,599

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Mississippi
Salary needed to afford a home: $44,360

Median household income: $41,754

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Missouri
Salary needed to afford a home: $42,200

Median household income: $51,746

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Montana
Salary needed to afford a home: $75,520

Median household income: $50,027

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Nebraska
Salary needed to afford a home: $51,520

Median household income: $56,927

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Nevada
Salary needed to afford a home: $73,120

Median household income: $55,180

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New Hampshire
Salary needed to afford a home: $68,440

Median household income: $70,936

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New Jersey
Salary needed to afford a home: $69,640

Median household income: $76,126

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New Mexico
Salary needed to afford a home: $54,880

Median household income: $46,748

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New York
Salary needed to afford a home: $91,720

Median household income: $62,909

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North Carolina
Salary needed to afford a home: $63,840

Median household income: $50,584

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North Dakota
Salary needed to afford a home: $56,000

Median household income: $60,656

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Ohio
Salary needed to afford a home: $38,400

Median household income: $52,334

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Oklahoma
Salary needed to afford a home: $45,320

Median household income: $49,176

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Oregon
Salary needed to afford a home: $87,160

Median household income: $57,532

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Pennsylvania
Salary needed to afford a home: $47,960

Median household income: $56,907

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Rhode Island
Salary needed to afford a home: $69,640

Median household income: $60,596

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