The Cost To Own a 3-Bedroom Home in Every State
Three bedrooms will cost you much more in some states.View Gallery
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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.
Things You Know: 40 Things Every 40+ Should Know About Buying a Home
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
Find Out: 50 Cities With the Most Overpriced Homes
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
Good To Know: Where Is the Best Neighborhood To Buy a Home in Your State?
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
Check Out: 45 Great Cities With Shockingly Cheap Real Estate
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
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
More From GOBankingRates
- Discover® Personal Loans: You Could Save Money on Interest While Paying Down Debt
- Are You Spending More Than the Average American on 25 Everyday Items?
- Investors Bank’s Checking Accounts: Helping You Do More With Your Money
- Guns and 32 Other Things You Definitely Do NOT Need To Buy During the Coronavirus Pandemic
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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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.
Things You Know: 40 Things Every 40+ Should Know About Buying a Home
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
Find Out: 50 Cities With the Most Overpriced Homes
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
Good To Know: Where Is the Best Neighborhood To Buy a Home in Your State?
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
Check Out: 45 Great Cities With Shockingly Cheap Real Estate
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
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
More From GOBankingRates
- Discover® Personal Loans: You Could Save Money on Interest While Paying Down Debt
- Are You Spending More Than the Average American on 25 Everyday Items?
- Investors Bank’s Checking Accounts: Helping You Do More With Your Money
- Guns and 32 Other Things You Definitely Do NOT Need To Buy During the Coronavirus Pandemic
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.