The Minimum Salary You Need To Buy a Home in All 50 States

As the overall cost of living gets higher for Americans 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, here’s the minimum salary you need to earn to buy a home.

• 2024 average home value: $967,270
• 20% down payment: $193,454
• 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

• 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

• 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

• 2024 average home value: $589,240
• 20% down payment: $117,847.99
• Loan amount: $471,391.97
• Monthly mortgage: $3,079.41
• Annual mortgage: $36,952.87
• Minimum salary needed to comfortably afford a home: $123,176.22

• 2024 average home value: $550,945
• 20% down payment: $110,188.90
• Loan amount: $440,755.61
• Monthly mortgage: $2,879.27
• Annual mortgage: $34,551.25
• Minimum salary needed to comfortably afford a home: $115,170.84

• 2024 average home value: $519,376
• 20% down payment: $103,875.13
• Loan amount: $415,500.51
• Monthly mortgage: $2,714.29
• Annual mortgage: $32,571.48
• Minimum salary needed to comfortably afford a home: $108,571.61

• 2024 average home value: $518,053
• 20% down payment: $103,610.60
• Loan amount: $414,442.38
• Monthly mortgage: $2,707.38
• Annual mortgage: $32,488.53
• Minimum salary needed to comfortably afford a home: $108,295.12

• 2024 average home value: $494,672
• 20% down payment: $98,934.35
• Loan amount: $395,737.41
• Monthly mortgage: $2,585.19
• Annual mortgage: $31,022.23
• Minimum salary needed to comfortably afford a home: $103,407.45

• 2024 average home value: $474,549
• 20% down payment: $94,909.87
• Loan amount: $379,639.47
• Monthly mortgage: $2,480.03
• Annual mortgage: $29,760.30
• Minimum salary needed to comfortably afford a home: $99,201

• 2024 average home value: $449,576
• 20% down payment: $89,915.15
• Loan amount: $359,660.62
• Monthly mortgage: $2,349.51
• Annual mortgage: $28,194.14
• Minimum salary needed to comfortably afford a home: $93,980.47

• 2024 average home value: $448,030
• 20% down payment: $89,605.95
• Loan amount: $358,423.82
• Monthly mortgage: $2,341.43
• Annual mortgage: $28,097.19
• Minimum salary needed to comfortably afford a home: $93,657.29

• 2024 average home value: $441,049
• 20% down payment: $88,209.81
• Loan amount: $352,839.23
• Monthly mortgage: $2,304.95
• Annual mortgage: $27,659.40
• Minimum salary needed to comfortably afford a home: $92,198.02

• 2024 average home value: $436,020
• 20% down payment: $87,204.04
• Loan amount: $348,816.14
• Monthly mortgage: $2,278.67
• Annual mortgage: $27,344.03
• Minimum salary needed to comfortably afford a home: $91,146.77

• 2024 average home value: $427,542
• 20% down payment: $85,508.46
• Loan amount: $342,033.83
• Monthly mortgage: $2,234.36
• Annual mortgage: $26,812.36
• Minimum salary needed to comfortably afford a home: $89,374.53

• 2024 average home value: $417,676
• 20% down payment: $83,535.27
• Loan amount: $334,141.09
• Monthly mortgage: $2,182.80
• Annual mortgage: $26,193.64
• Minimum salary needed to comfortably afford a home: $87,312.13

• 2024 average home value: $409,179
• 20% down payment: $81,835.74
• Loan amount: $327,342.96
• Monthly mortgage: $2,138.39
• Annual mortgage: $25,660.73
• Minimum salary needed to comfortably afford a home: $85,535.76

• 2024 average home value: $408,726
• 20% down payment: $81,745.12
• Loan amount: $326,980.48
• Monthly mortgage: $2,136.03
• Annual mortgage: $25,632.31
• Minimum salary needed to comfortably afford a home: $85,441.04

• 2024 average home value: $382,770
• 20% down payment: $76,553.94
• Loan amount: $306,215.77
• Monthly mortgage: $2,000.38
• Annual mortgage: $24,004.55
• Minimum salary needed to comfortably afford a home: $80,015.16

• 2024 average home value: $378,605
• 20% down payment: $75,721.10
• Loan amount: $302,884.39
• Monthly mortgage: $1,978.62
• Annual mortgage: $23,743.40
• Minimum salary needed to comfortably afford a home: $79,144.66

• 2024 average home value: $376,350
• 20% down payment: $75,269.90
• Loan amount: $301,079.61
• Monthly mortgage: $1,966.83
• Annual mortgage: $23,601.92
• Minimum salary needed to comfortably afford a home: $78,673.06

• 2024 average home value: $371,809
• 20% down payment: $74,361.77
• Loan amount: $297,447.07
• Monthly mortgage: $1,943.10
• Annual mortgage: $23,317.16
• Minimum salary needed to comfortably afford a home: $77,723.87

• 2024 average home value: $362,178
• 20% down payment: $72,435.50
• Loan amount: $289,742.01
• Monthly mortgage: $1,892.76
• Annual mortgage: $22,713.15
• Minimum salary needed to comfortably afford a home: $75,710.51

• 2024 average home value: $333,617
• 20% down payment: $66,723.43
• Loan amount: $266,893.71
• Monthly mortgage: $1,743.50
• Annual mortgage: $20,922.05
• Minimum salary needed to comfortably afford a home: $69,740.18

• 2024 average home value: $328,582
• 20% down payment: $65,716.41
• Loan amount: $262,865.66
• Monthly mortgage: $1,717.19
• Annual mortgage: $20,606.29
• Minimum salary needed to comfortably afford a home: $68,687.63

• 2024 average home value: $323,913
• 20% down payment: $64,782.67
• Loan amount: $259,130.69
• Monthly mortgage: $1,692.79
• Annual mortgage: $20,313.50
• Minimum salary needed to comfortably afford a home: $67,711.68

• 2024 average home value: $323,033
• 20% down payment: $64,606.64
• Loan amount: $258,426.54
• Monthly mortgage: $1,688.19
• Annual mortgage: $20,258.30
• Minimum salary needed to comfortably afford a home: $67,527.68

• 2024 average home value: $310,011
• 20% down payment: $62,002.24
• Loan amount: $248,008.95
• Monthly mortgage: $1,620.14
• Annual mortgage: $19,441.66
• Minimum salary needed to comfortably afford a home: $64,805.53

• 2024 average home value: $299,337
• 20% down payment: $59,867.32
• Loan amount: $239,469.29
• Monthly mortgage: $1,564.35
• Annual mortgage: $18,772.23
• Minimum salary needed to comfortably afford a home: $62,574.09

• 2024 average home value: $293,497
• 20% down payment: $58,699.33
• Loan amount: $234,797.31
• Monthly mortgage: $1,533.83
• Annual mortgage: $18,405.99
• Minimum salary needed to comfortably afford a home: $61,353.28

• 2024 average home value: $310,011
• 20% down payment: $62,002.24
• Loan amount: $248,008.95
• Monthly mortgage: $1,620.14
• Annual mortgage: $19,441.66
• Minimum salary needed to comfortably afford a home: $64,805.53

• 2024 average home value: $288,972
• 20% down payment: $57,794.31
• Loan amount: $231,177.22
• Monthly mortgage: $1,510.18
• Annual mortgage: $18,122.20
• Minimum salary needed to comfortably afford a home: $60,407.34

• 2024 average home value: $288,799
• 20% down payment: $57,759.78
• Loan amount: $231,039.10
• Monthly mortgage: $1,509.28
• Annual mortgage: $18,111.38
• Minimum salary needed to comfortably afford a home: $60,371.25

• 2024 average home value: $256,401
• 20% down payment: $51,280.28
• Loan amount: $205,121.11
• Monthly mortgage: $1,339.97
• Annual mortgage: $16,079.64
• Minimum salary needed to comfortably afford a home: $53,598.80

• 2024 average home value: $254,709
• 20% down payment: $50,941.71
• Loan amount: $203,766.85
• Monthly mortgage: $1,331.12
• Annual mortgage: $15,973.48
• Minimum salary needed to comfortably afford a home: $53,244.93

• 2024 average home value: $252,382
• 20% down payment: $50,476.30
• Loan amount: $201,905.21
• Monthly mortgage: $1,318.96
• Annual mortgage: $15,827.54
• Minimum salary needed to comfortably afford a home: $52,758.47

• 2024 average home value: $251,535
• 20% down payment: $50,306.90
• Loan amount: $201,227.60
• Monthly mortgage: $1,314.54
• Annual mortgage: $15,774.42
• Minimum salary needed to comfortably afford a home: $52,581.41

• 2024 average home value: $238,808
• 20% down payment: $47,761.55
• Loan amount: $191,046.19
• Monthly mortgage: $1,248.02
• Annual mortgage: $14,976.29
• Minimum salary needed to comfortably afford a home: $49,920.98

• 2024 average home value: $231,278
• 20% down payment: $46,255.59
• Loan amount: $185,022.36
• Monthly mortgage: $1,208.67
• Annual mortgage: $14,504.08
• Minimum salary needed to comfortably afford a home: $48,346.93

• 2024 average home value: $230,125
• 20% down payment: $46,025.03
• Loan amount: $184,100.13
• Monthly mortgage: $1,202.65
• Annual mortgage: $14,431.79
• Minimum salary needed to comfortably afford a home: $48,105.95

• 2024 average home value: $218,535
• 20% down payment: $43,707.07
• Loan amount: $174,828.27
• Monthly mortgage: $1,142.08
• Annual mortgage: $13,704.95
• Minimum salary needed to comfortably afford a home: $45,683.18

• 2024 average home value: $218,004
• 20% down payment: $43,600.75
• Loan amount: $174,402.99
• Monthly mortgage: $1,139.30
• Annual mortgage: $13,671.62
• Minimum salary needed to comfortably afford a home: $45,572.06

• 2024 average home value: $217,817
• 20% down payment: $43,563.35
• Loan amount: $174,253.38
• Monthly mortgage: $1,138.32
• Annual mortgage: $13,659.89
• Minimum salary needed to comfortably afford a home: $45,532.96

• 2024 average home value: $212,367
• 20% down payment: $42,473.40
• Loan amount: $169,893.59
• Monthly mortgage: $1,109.84
• Annual mortgage: $13,318.12
• Minimum salary needed to comfortably afford a home: $44,393.74

• 2024 average home value: $200,153
• 20% down payment: $40,030.57
• Loan amount: $160,122.28
• Monthly mortgage: $1,046.01
• Annual mortgage: $12,552.14
• Minimum salary needed to comfortably afford a home: $41,840.46

• 2024 average home value: $198,364
• 20% down payment: $39,672.80
• Loan amount: $158,691.21
• Monthly mortgage: $1,036.66
• Annual mortgage: $12,439.96
• Minimum salary needed to comfortably afford a home: $41,466.52

• 2024 average home value: $196,412
• 20% down payment: $39,282.42
• Loan amount: $157,129.67
• Monthly mortgage: $1,026.46
• Annual mortgage: $12,317.55
• Minimum salary needed to comfortably afford a home: $41,058.48

• 2024 average home value: $195,240
• 20% down payment: $39,047.98
• Loan amount: $156,191.93
• Monthly mortgage: $1,020.34
• Annual mortgage: $12,244.03
• Minimum salary needed to comfortably afford a home: $40,813.45

• 2024 average home value: $170,653
• 20% down payment: $34,130.66
• Loan amount: $136,522.65
• Monthly mortgage: $891.85
• Annual mortgage: $10,702.14
• Minimum salary needed to comfortably afford a home: $35,673.80

• 2024 average home value: $155,080
• 20% down payment: $31,016.07
• Loan amount: $124,064.28
• Monthly mortgage: $810.46
• Annual mortgage: $9,725.52
• Minimum salary needed to comfortably afford a home: $32,418.39

Methodology: For this piece, GOBankingRates first found the average 2024 home value for each state. GOBankingRates then found the average monthly mortgage by using the following assumptions: a 30-year fixed-rate mortgage with a 20% down payment with a rate of 6.82% as sourced from Freddie Mac for Apr. 4, 2024, and there was no P&I, HOA fees, or property tax included. With the monthly mortgage rate found, GOBankingRates was able to find the minimum salary needed to comfortably afford the home by assuming housing costs could not exceed 30% of gross income. All data was collected and is up to date as of June 13, 2024.