(GO Banking Rates) As the overall cost of living becomes more pricey 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.
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, this is the minimum salary you need to earn to buy a home in 2024.
51. Hawaii
- 2024 average home value: $967,270
- 20% down payment: $193,454.00
- 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
50. 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
49. District of Columbia (DC)
- 2024 average home value: $718,017
- 20% down payment: $143,603.38
- Loan amount: $574,413.51
- Monthly mortgage: $3,752.40
- Annual mortgage: $45,028.82
- Minimum salary needed to comfortably afford a home: $150,096.08
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
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