The Cost To Own a 3-Bedroom Home in Every State

The three-bedroom house is something of a standard for many American families. They’re a great fit for a family of four, but those bedrooms can just as easily become home offices, gyms, art studios or whatever else you can imagine should you live alone or choose not to have kids. If you want enough space for your family but don’t want to buy too much house, three bedrooms can be that simple compromise that splits the difference.

But a three-bedroom home is not the same everywhere you go. Depending on the state you call home, the typical three-bedroom house can list at anywhere from $91,000 to over $646,000. That’s why GOBankingRates compiled a study to track the affordability of the three-bedroom house across America. The states are ranked based on the average monthly mortgage payment for three-bedroom homes — from least to most expensive. For additional context, GOBankingRates included a variety of other important factors that affect overall affordability, like the average size of a 20% down payment and the average effective property tax rate.

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The end result is a clearer picture of which states offer a friendly market for those shopping for a modest family home and which will price most people out of the market before they start looking.

Last updated: Dec. 11, 2020

1. West Virginia

• Average 3-bedroom home value: $91,493
• 20% down payment: $18,299
• Monthly mortgage payment: $351

2. Arkansas

• Average 3-bedroom home value: $115,944
• 20% down payment: $23,189
• Monthly mortgage payment: $447

3. Kentucky

• Average 3-bedroom home value: $110,998
• 20% down payment: $22,200
• Monthly mortgage payment: $450

4. Oklahoma

• Average 3-bedroom home value: $111,147
• 20% down payment: $22,229
• Monthly mortgage payment: $451

5. Mississippi

• Average 3-bedroom home value: $117,966
• 20% down payment: $23,593
• Monthly mortgage payment: $473

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6. Alabama

• Average 3-bedroom home value: $131,943
• 20% down payment: $26,389
• Monthly mortgage payment: $488

7. Louisiana

• Average 3-bedroom home value: $151,303
• 20% down payment: $30,261
• Monthly mortgage payment: $570

8. Indiana

• Average 3-bedroom home value: $143,708
• 20% down payment: $28,742
• Monthly mortgage payment: $583

9. Iowa

• Average 3-bedroom home value: $129,293
• 20% down payment: $25,859
• Monthly mortgage payment: $593

10. Kansas

• Average 3-bedroom home value: $133,099
• 20% down payment: $26,620
• Monthly mortgage payment: $599

11. Missouri

• Average 3-bedroom home value: $153,298
• 20% down payment: $30,660
• Monthly mortgage payment: $643

12. South Carolina

• Average 3-bedroom home value: $171,142
• 20% down payment: $34,228
• Monthly mortgage payment: $653

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13. Ohio

• Average 3-bedroom home value: $142,618
• 20% down payment: $28,524
• Monthly mortgage payment: $661

14. North Dakota

• Average 3-bedroom home value: $160,399
• 20% down payment: $32,080
• Monthly mortgage payment: $685

15. Tennessee

• Average 3-bedroom home value: $173,188
• 20% down payment: $34,638
• Monthly mortgage payment: $687

16. Georgia

• Average 3-bedroom home value: $175,074
• 20% down payment: $35,015
• Monthly mortgage payment: $724

17. Nebraska

• Average 3-bedroom home value: $156,733
• 20% down payment: $31,347
• Monthly mortgage payment: $764

18. North Carolina

• Average 3-bedroom home value: $188,751
• 20% down payment: $37,750
• Monthly mortgage payment: $765

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19. Pennsylvania

• Average 3-bedroom home value: $172,837
• 20% down payment: $34,567
• Monthly mortgage payment: $800

20. New Mexico

• Average 3-bedroom home value: $202,648
• 20% down payment: $40,530
• Monthly mortgage payment: $801

21. South Dakota

• Average 3-bedroom home value: $181,515
• 20% down payment: $36,303
• Monthly mortgage payment: $806

22. Illinois

• Average 3-bedroom home value: $153,234
• 20% down payment: $30,647
• Monthly mortgage payment: $808

23. Michigan

• Average 3-bedroom home value: $168,009
• 20% down payment: $33,602
• Monthly mortgage payment: $811

24. Minnesota

• Average 3-bedroom home value: $200,240
• 20% down payment: $40,048
• Monthly mortgage payment: $868

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25. Wisconsin

• Average 3-bedroom home value: $190,096
• 20% down payment: $38,019
• Monthly mortgage payment: $946

26. Virginia

• Average 3-bedroom home value: $237,273
• 20% down payment: $47,455
• Monthly mortgage payment: $947

27. Maine

• Average 3-bedroom home value: $217,664
• 20% down payment: $43,533
• Monthly mortgage payment: $960

28. Texas

• Average 3-bedroom home value: $201,516
• 20% down payment: $40,303
• Monthly mortgage payment: $993

29. Delaware

• Average 3-bedroom home value: $271,947
• 20% down payment: $54,389
• Monthly mortgage payment: $1,034

30. Idaho

• Average 3-bedroom home value: $266,272
• 20% down payment: $53,254
• Monthly mortgage payment: $1,057

31. Wyoming

• Average 3-bedroom home value: $281,331
• 20% down payment: $56,266
• Monthly mortgage payment: $1,083

32. Arizona

• Average 3-bedroom home value: $275,915
• 20% down payment: $55,183
• Monthly mortgage payment: $1,106

33. Vermont

• Average 3-bedroom home value: $233,213
• 20% down payment: $46,643
• Monthly mortgage payment: $1,112

34. Montana

• Average 3-bedroom home value: $288,415
• 20% down payment: $57,683
• Monthly mortgage payment: $1,171

35. Alaska

• Average 3-bedroom home value: $277,866
• 20% down payment: $55,573
• Monthly mortgage payment: $1,202

36. Florida

• Average 3-bedroom home value: $289,705
• 20% down payment: $57,941
• Monthly mortgage payment: $1,224

Read More: In Less Than a Decade, You Won’t Be Able To Afford a Home in These Cities

37. Utah

• Average 3-bedroom home value: $314,276
• 20% down payment: $62,855
• Monthly mortgage payment: $1,229

38. Maryland

• Average 3-bedroom home value: $304,589
• 20% down payment: $60,918
• Monthly mortgage payment: $1,297

39. Nevada

• Average 3-bedroom home value: $334,362
• 20% down payment: $66,872
• Monthly mortgage payment: $1,357

40. Oregon

• Average 3-bedroom home value: $330,135
• 20% down payment: $66,027
• Monthly mortgage payment: $1,403

41. Colorado

• Average 3-bedroom home value: $379,189
• 20% down payment: $75,838
• Monthly mortgage payment: $1,460

42. Connecticut

• Average 3-bedroom home value: $303,411
• 20% down payment: $60,682
• Monthly mortgage payment: $1,515

43. New Hampshire

• Average 3-bedroom home value: $304,689
• 20% down payment: $60,938
• Monthly mortgage payment: $1,564

44. New York

• Average 3-bedroom home value: $340,864
• 20% down payment: $68,173
• Monthly mortgage payment: $1,605

45. Rhode Island

• Average 3-bedroom home value: $343,789
• 20% down payment: $68,758
• Monthly mortgage payment: $1,628

46. Washington

• Average 3-bedroom home value: $397,122
• 20% down payment: $79,424
• Monthly mortgage payment: $1,688

47. New Jersey

• Average 3-bedroom home value: $366,884
• 20% down payment: $73,377
• Monthly mortgage payment: $1,954

48. Massachusetts

• Average 3-bedroom home value: $504,018
• 20% down payment: $100,804
• Monthly mortgage payment: $2,193

49. Hawaii

• Average 3-bedroom home value: $631,151
• 20% down payment: $126,230
• Monthly mortgage payment: $2,257

50. California

• Average 3-bedroom home value: $646,279
• 20% down payment: $129,256
• Monthly mortgage payment: $2,597

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Methodology: GOBankingRates determined the cost to own a three-bedroom home in every state by analyzing all 50 U.S. states along the following criteria: (1) average home value for a three-bedroom home, sourced from Zillow’s July 2020 index; (2) monthly mortgage payment, using Zillow’s mortgage calculator and based on the July 2020 average home value for a three-bedroom home, 20% down payment, the average state effective property tax sourced from the Tax Foundation and a 2.93% 30-year fixed mortgage, which is the current national average mortgage rate as of Sept. 3, 2020, sourced from the Federal Reserve Bank of St. Louis; and (3) annual mortgage payment calculated by multiplying factor (2) by twelve. States were ranked by factor (2) with the lowest payment being best. All data compiled on Sept. 9, 2020.

About the Author

John Csiszar

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

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