This Is How Much You Need to Make to Own a Home in Every State
Millennials, put down the avocado toast.
Ever dream of owning a home on the coast of sunny California? How about in the rolling foothills of Vermont? Now you can find out exactly how much those dreams will cost you. HowMuch.net determined the cost of an average home in each state by pulling the medium home prices from Zillow, calculating monthly payments with a 4-5% market interest and a 10% down payment.
Given that many financial advisors say you should invest a maximum of 30% of your gross income into a home, the website used this benchmark to calculate the minimum salary needed to afford a state's average home. It's not a perfect science, but the rankings do offer a bit of context. Keep reading to find out where your state falls on the list.
Hawaii
Looks like that dream beach house is going to stay a dream for most of us. You need to make $153,520 for a house worth $610,000 in Hawaii.
Washington, D.C.
If you want to live near The White House, you need to make $138,440 for a home worth $549,000.
California
Everyone wants to live in California, and the demand keeps driving up the rising prices. The state is dotted with cities more expensive than the next, and you need to make $120,120 for a house worth $499,900.
Massachusetts
For a house worth $419,900 in Massachusetts, you need to make $101,320—and you'll need more than that if you want to send your kid to Harvard.
Colorado
The housing market around Denver drives up Colorado's costs, which is why you need to make $100,200 for a home worth $415,000.
West Virginia
Before belting out, "Take Me Home, Country Roads" you better be ready to earn $38,320 a year for a house worth $149,500 in West Virginia.
Ohio
If you have your eyes set on settling in the Buckeye state, you'll need to make $38,400 to buy a home worth $149,900. This is one of the lowest costs on average in the country.
Michigan
A yearly paycheck of $40,800 could get you a home worth $165,900 overlooking one of Michigan's Great Lakes.
Arkansas
If you're keen on the outdoors, the Natural State is the place for you. And according to average home prices, you can own a home worth $161,000 with an income of $41,040.
Missouri
To buy a house worth $165,900 in the Show Me State, you'll need an average income of $42,200.
Maine
Get ready for some lobster, because you only need to make $55,520 to buy a home in the Pine Tree state.
Vermont
From enjoying the fall foliage to skiing on winter weekends, you can enjoy a home in the mountains of Vermont if you have an income of $62,600 a year.
New Hampshire
New Hampshire is quintessential New England, but if you want to live in the Granite State, you'll have to make at least $68,440 a year.
Rhode Island
It may be the smallest state in America, but it will still take a decent sized paycheck to buy a home in Rhode Island—$69,640 a year to be exact.
Connecticut
Connecticut's proximity to New York City makes its property values higher, but you still can snag a home in this state if you make $75,280 a year.
New Jersey
Another popular state for New Yorkers looking for the suburban life is the Garden State. You'll need an annual salary of $69,640 to buy a home here.
New York
If you're looking for a place to rest your head in the city that never sleeps, or one of the many other cities in this large state, you'll need an average income of $91,720.
Pennsylvania
From Lancaster to Philadelphia, there are plenty of places to settle down in Pennsylvania. On average, an annual income to afford a home in the state is $47,960.
Delaware
To settle into a home in this coastal state, you'll need to make an annual salary of $67,960.
Maryland
Between a beautiful coastline and fresh local seafood, why wouldn't you want to settle down in Maryland? The homes in this state are mid-range priced compared to the rest of the country, requiring an average income of $72,200.
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