If You Make $100K, You Can Afford the Average Home in These 37 States

Your household has reached the $100,000-a-year income level, and you’ve decided it’s time to think about changing your housing situation.

But just how much house can you afford on that increased salary? That’s a decision that depends on where you live, as well as how much your mortgage lender can prequalify you for after reviewing your entire financial picture.

For you to own a home, many financial experts recommend spending no more than 30% of your monthly income on housing costs. But how much does that translate into when it comes to the price range you can afford for a new house? A good place to start your calculation is by looking at what it takes in terms of the salary needed to afford an average home, as well as the property taxes you can expect to pay, in your state. As your salary and home prices go up, so do those costs.

Keep reading to see where you can buy the average home on a $100,000 salary.

• Salary needed to afford average home: $64,163
• 2023 average home value: $201,212
• 20% down payment: $40,242

• Primary loan amount: $160,970
• Monthly tax payment: $65
• Monthly mortgage payment: $1,059

• Salary needed to afford average home: $96,344
• 2023 average home value: $420,605
• 20% down payment: $84,121

• Primary loan amount: $336,484
• Monthly tax payment: $228
• Monthly mortgage payment: $2,304

• Salary needed to afford average home: $60,487
• 2023 average home value: $176,107
• 20% down payment: $35,221

• Primary loan amount: $140,886
• Monthly tax payment: $94
• Monthly mortgage payment: $963

• Salary needed to afford average home: $89,773
• 2023 average home value: $355,120
• 20% down payment: $71,024

• Primary loan amount: $284,096
• Monthly tax payment: $175
• Monthly mortgage payment: $1,928

• Salary needed to afford average home: $95,979
• 2023 average home value: $398,861
• 20% down payment: $79,772
  
• Primary loan amount: $319,089
• Monthly tax payment: $302
• Monthly mortgage payment: $2,271

• Salary needed to afford average home: $80,105
• 2023 average home value: $307,375
• 20% down payment: $61,475

• Primary loan amount: $245,900
• Monthly tax payment: $233
• Monthly mortgage payment: $1,750

• Salary needed to afford average home: $97,916
• 2023 average home value: $438,088
• 20% down payment: $87,618

• Primary loan amount: $350,470
• Monthly tax payment: $256
• Monthly mortgage payment: $2,418

• Salary needed to afford average home: $79,065
• 2023 average home value: $239,065
• 20% down payment: $47,813

• Primary loan amount: $191,252
• Monthly tax payment: $408
• Monthly mortgage payment: $1,588

• Salary needed to afford average home: $69,677
• 2023 average home value: $221,357
• 20% down payment: $44,271

• Primary loan amount: $177,086
• Monthly tax payment: $155
• Monthly mortgage payment: $1,248

• Salary needed to afford average home: $70,093
• 2023 average home value: $201,546
• 20% down payment: $40,309

• Primary loan amount: $161,237
• Monthly tax payment: $252
• Monthly mortgage payment: $1,247

• Salary needed to afford average home: $70,204
• 2023 average home value: $208,883
• 20% down payment: $41,777

• Primary loan amount: $167,106
• Monthly tax payment: $230
• Monthly mortgage payment: $1,261

• Salary needed to afford average home: $64,790
• 2023 average home value: $188,438
• 20% down payment: $37,688

• Primary loan amount: $150,750
• Monthly tax payment: $129
• Monthly mortgage payment: $1,059

• Salary needed to afford average home: $63,119
• 2023 average home value: $182,124
• 20% down payment: $36,425

• Primary loan amount: $145,699
• Monthly tax payment: $82
• Monthly mortgage payment: $981

• Salary needed to afford average home: $93,928
• 2023 average home value: $347,071
• 20% down payment: $69,414

• Primary loan amount: $277,657
• Monthly tax payment: $362
• Monthly mortgage payment: $2,075

• Salary needed to afford average home: $97,091
• 2023 average home value: $395,518
• 20% down payment: $79,104
  
• Primary loan amount: $316,414
• Monthly tax payment: $343
• Monthly mortgage payment: $2,295

• Salary needed to afford average home: $70,928
• 2023 average home value: $212,868
• 20% down payment: $42,574

• Primary loan amount: $170,295
• Monthly tax payment: $245
• Monthly mortgage payment: $1,296

• Salary needed to afford average home: $87,301
• 2023 average home value: $320,005
• 20% down payment: $64,001

• Primary loan amount: $256,004
• Monthly tax payment: $293
• Monthly mortgage payment: $1,873

• Salary needed to afford average home: $69,920
• 2023 average home value: $226,968
• 20% down payment: $45,394

• Primary loan amount: $181,575
• Monthly tax payment: $187
• Monthly mortgage payment: $1,308

• Salary needed to afford average home: $97,477
• 2023 average home value: $427,218
• 20% down payment: $85,444

• Primary loan amount: $341,775
• Monthly tax payment: $267
• Monthly mortgage payment: $2,376

• Salary needed to afford average home: $76,661
• 2023 average home value: $242,560
• 20% down payment: $48,512

• Primary loan amount: $194,048
• Monthly tax payment: $325
• Monthly mortgage payment: $1,523

• Salary needed to afford average home: $98,623
• 2023 average home value: $429,767
• 20% down payment: $85,953

• Primary loan amount: $343,814
• Monthly tax payment: $215
• Monthly mortgage payment: $2,336

• Salary needed to afford average home: $77,014
• 2023 average home value: $280,010
• 20% down payment: $56,002

• Primary loan amount: $224,008
• Monthly tax payment: $154
• Monthly mortgage payment: $1,536

• Salary needed to afford average home: $82,358
• 2023 average home value: $309,902
• 20% down payment: $61,980

• Primary loan amount: $247,921
• Monthly tax payment: $212
• Monthly mortgage payment: $1,741

• Salary needed to afford average home: $76,476
• 2023 average home value: $245,226
• 20% down payment: $49,045

• Primary loan amount: $196,181
• Monthly tax payment: $194
• Monthly mortgage payment: $1,405

• Salary needed to afford average home: $70,976
• 2023 average home value: $206,508
• 20% down payment: $41,302

• Primary loan amount: $165,206
• Monthly tax payment: $272
• Monthly mortgage payment: $1,291

• Salary needed to afford average home: $63,890
• 2023 average home value: $189,085
• 20% down payment: $37,817

• Primary loan amount: $151,268
• Monthly tax payment: $139
• Monthly mortgage payment: $1,072

• Salary needed to afford average home: $78,695
• 2023 average home value: $243,386
• 20% down payment: $48,677

• Primary loan amount: $194,709
• Monthly tax payment: $302
• Monthly mortgage payment: $1,504

• Salary needed to afford average home: $75,950
• 2023 average home value: $272,103
• 20% down payment: $54,421

• Primary loan amount: $217,682
• Monthly tax payment: $127
• Monthly mortgage payment: $1,470

• Salary needed to afford average home: $79,649
• 2023 average home value: $283,596
• 20% down payment: $56,719

• Primary loan amount: $226,877
• Monthly tax payment: $279
• Monthly mortgage payment: $1,679

• Salary needed to afford average home: $75,947
• 2023 average home value: $287,793
• 20% down payment: $57,559

• Primary loan amount: $230,234
• Monthly tax payment: $163
• Monthly mortgage payment: $1,584

• Salary needed to afford average home: $83,946
• 2023 average home value: $296,285
• 20% down payment: $59,257

• Primary loan amount: $237,028
• Monthly tax payment: $410
• Monthly mortgage payment: $1,872

• Salary needed to afford average home: $97,731
• 2023 average home value: $327,908
• 20% down payment: $65,582

• Primary loan amount: $262,327
• Monthly tax payment: $497
• Monthly mortgage payment: $2,116

• Salary needed to afford average home: $90,084
• 2023 average home value: $363,186
• 20% down payment: $72,637

• Primary loan amount: $290,549
• Monthly tax payment: $263
• Monthly mortgage payment: $2,056

• Salary needed to afford average home: $60,980
• 2023 average home value: $145,893
• 20% down payment: $29,179

• Primary loan amount: $116,715
• Monthly tax payment: $67
• Monthly mortgage payment: $787

• Salary needed to afford average home: $82,208
• 2023 average home value: $262,566
• 20% down payment: $52,513

• Primary loan amount: $210,052
• Monthly tax payment: $357
• Monthly mortgage payment: $1,653

• Salary needed to afford average home: $81,223
• 2023 average home value: $322,509
• 20% down payment: $64,502

• Primary loan amount: $258,008
• Monthly tax payment: $151
• Monthly mortgage payment: $1,742

Methodology:For this piece, GOBankingRates first surveyed monthly living expenses in all 50 states. The cost-of-living comparison included the following factors: (1) yearly mortgage by assuming 20% down payment, 30-year fixed loan, current interest rate as sourced from St. Louis Federal Reserve (6.27%) for every state and multiplying that by 12 (for months), sourced from Zillow’s home value index and determined using CNET Mortgage Calculator formula; (2) annual necessities cost (grocery, utilities, healthcare and transportation) by taking the 2021 Bureau of Labor Statistics consumer expenditure survey and factored out by the Missouri Economic Research and Information Center’s cost of living index for all of 2022. Necessity costs were totaled the annual dollar cost of necessities in each state. This dollar amount for necessities was then doubled to find the (3) actual annual income needed to live comfortably in the state, assuming a person is following the 50-30-20 budgeting guideline, which requires an income double the cost of necessities. The amount of money specified for savings is equal to 20% of the total income needed, and the amount specified for discretionary spending is equal to 30% of the total income needed. All data was collected and is up to date as of April 18, 2023.