How Much the Salary Needed To Afford a Home Has Increased in Every State

February 6, 2025

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House prices have been steadily on the rise, with parts of the country pricing out the average American homebuyer.

For You:

In 2024, the same approximate salary buys you a lot less house than it did 10 years ago, making it harder for Americans to find affordable places to live.

To take a closer look at how much the salary needed to afford a home in the U.S. has changed in a decade, GOBankingRates found each state’s August 2014 home value for single-family residences, as well as the average loan amount and mortgage payments (assuming a 4.1% fixed rate and a 20% down payment), and compared that with the same data for 2024 (assuming a 6.35% fixed mortgage rate).

Find out which states are more affordable in terms of affording a home.

Key Findings

The salary needed to afford a home increased more than 150% in 20 states — and more than 100% in 47 states.
The salary needed to afford a home increased by more than $50,000 in 17 states.
The highest salary needed to afford a home 10 years ago was $85,000 in Hawaii. Today, the highest salary needed to afford a home is nearly $200,000.

1. Idaho

10-year percentage change in salary needed to own a home: 229.69%
10-year dollar change in salary needed to own a home: $63,149
2014 salary needed to own a home: $27,493
2024 salary needed to own a home: $90,642
2014 average home value: $177,805
2024 average home value: $455,223

2. Florida

10-year percentage change in salary needed to own a home: 203.75%
10-year dollar change in salary needed to own a home: $55,478
2014 salary needed to own a home: $27,228
2024 salary needed to own a home: $82,706
2014 average home value: $176,095
2024 average home value: $415,367

3. Washington

10-year percentage change in salary needed to own a home: 196.66%
10-year dollar change in salary needed to own a home: $79,987
2014 salary needed to own a home: $40,673
2024 salary needed to own a home: $120,660
2014 average home value: $263,047
2024 average home value: $605,982

4. Utah

10-year percentage change in salary needed to own a home: 194.09%
10-year dollar change in salary needed to own a home: $69,205
2014 salary needed to own a home: $35,656
2024 salary needed to own a home: $104,861
2014 average home value: $230,597
2024 average home value: $526,632

5. Georgia

10-year percentage change in salary needed to own a home: 193.35%
10-year dollar change in salary needed to own a home: $43,534
2014 salary needed to own a home: $22,515
2024 salary needed to own a home: $66,049
2014 average home value: $145,614
2024 average home value: $331,715

6. Tennessee

10-year percentage change in salary needed to own a home: 188.54%
10-year dollar change in salary needed to own a home: $41,784
2014 salary needed to own a home: $22,162
2024 salary needed to own a home: $63,947
2014 average home value: $143,330
2024 average home value: $321,153

7. Arizona

10-year percentage change in salary needed to own a home: 187.44%
10-year dollar change in salary needed to own a home: $57,153
2014 salary needed to own a home: $30,492
2024 salary needed to own a home: $87,645
2014 average home value: $197,202
2024 average home value: $440,173

8. Nevada

10-year percentage change in salary needed to own a home: 186.63%
10-year dollar change in salary needed to own a home: $59,602
2014 salary needed to own a home: $31,936
2024 salary needed to own a home: $91,538
2014 average home value: $206,541
2024 average home value: $459,721

9. Montana

10-year percentage change in salary needed to own a home: 184.00%
10-year dollar change in salary needed to own a home: $60,541
2014 salary needed to own a home: $32,903
2024 salary needed to own a home: $93,444
2014 average home value: $212,792
2024 average home value: $469,293

10. New Hampshire

10-year percentage change in salary needed to own a home: 181.79%
10-year dollar change in salary needed to own a home: $65,036
2014 salary needed to own a home: $35,776
2024 salary needed to own a home: $100,813
2014 average home value: $231,376
2024 average home value: $506,302

11. Maine

10-year percentage change in salary needed to own a home: 180.51%
10-year dollar change in salary needed to own a home: $51,895
2014 salary needed to own a home: $28,750
2024 salary needed to own a home: $80,644
2014 average home value: $185,933
2024 average home value: $405,012

12. North Carolina

10-year percentage change in salary needed to own a home: 171.71%
10-year dollar change in salary needed to own a home: $41,895
2014 salary needed to own a home: $24,399
2024 salary needed to own a home: $66,294
2014 average home value: $157,793
2024 average home value: $332,942

13. Colorado

10-year percentage change in salary needed to own a home: 171.47%
10-year dollar change in salary needed to own a home: $69,911
2014 salary needed to own a home: $40,770
2024 salary needed to own a home: $110,681
2014 average home value: $263,675
2024 average home value: $555,864

14. Rhode Island

10-year percentage change in salary needed to own a home: 166.58%
10-year dollar change in salary needed to own a home: $59,795
2014 salary needed to own a home: $35,896
2024 salary needed to own a home: $95,692
2014 average home value: $232,154
2024 average home value: $480,584

15. Oregon

10-year percentage change in salary needed to own a home: 165.28%
10-year dollar change in salary needed to own a home: $62,578
2014 salary needed to own a home: $37,863
2024 salary needed to own a home: $100,440
2014 average home value: $244,869
2024 average home value: $504,433

16. Michigan

10-year percentage change in salary needed to own a home: 162.76%
10-year dollar change in salary needed to own a home: $30,292
2014 salary needed to own a home: $18,612
2024 salary needed to own a home: $48,903
2014 average home value: $120,367
2024 average home value: $245,602

17. Indiana

10-year percentage change in salary needed to own a home: 160.01%
10-year dollar change in salary needed to own a home: $30,048
2014 salary needed to own a home: $18,779
2024 salary needed to own a home: $48,827
2014 average home value: $121,447
2024 average home value: $245,220

18. California

10-year percentage change in salary needed to own a home: 159.20%
10-year dollar change in salary needed to own a home: $96,963
2014 salary needed to own a home: $60,905
2024 salary needed to own a home: $157,868
2014 average home value: $393,891
2024 average home value: $792,847

19. South Carolina

10-year percentage change in salary needed to own a home: 157.50%
10-year dollar change in salary needed to own a home: $36,487
2014 salary needed to own a home: $23,167
2024 salary needed to own a home: $59,655
2014 average home value: $149,830
2024 average home value: $299,599

20. Texas

10-year percentage change in salary needed to own a home: 152.56%
10-year dollar change in salary needed to own a home: $36,519
2014 salary needed to own a home: $23,937
2024 salary needed to own a home: $60,456
2014 average home value: $154,808
2024 average home value: $303,621

21. Massachusetts

10-year percentage change in salary needed to own a home: 149.96%
10-year dollar change in salary needed to own a home: $77,584
2014 salary needed to own a home: $51,736
2024 salary needed to own a home: $129,320
2014 average home value: $334,592
2024 average home value: $649,471

22. Ohio

10-year percentage change in salary needed to own a home: 149.81%
10-year dollar change in salary needed to own a home: $27,945
2014 salary needed to own a home: $18,654
2024 salary needed to own a home: $46,599
2014 average home value: $120,641
2024 average home value: $234,030

23. Missouri

10-year percentage change in salary needed to own a home: 147.62%
10-year dollar change in salary needed to own a home: $29,497
2014 salary needed to own a home: $19,981
2024 salary needed to own a home: $49,478
2014 average home value: $129,225
2024 average home value: $248,489

24. Wisconsin

10-year percentage change in salary needed to own a home: 147.17%
10-year dollar change in salary needed to own a home: $36,670
2014 salary needed to own a home: $24,917
2024 salary needed to own a home: $61,588
2014 average home value: $161,148
2024 average home value: $309,306

25. Nebraska

10-year percentage change in salary needed to own a home: 145.32%
10-year dollar change in salary needed to own a home: $30,951
2014 salary needed to own a home: $21,299
2024 salary needed to own a home: $52,250
2014 average home value: $137,747
2024 average home value: $262,412

26. New York

10-year percentage change in salary needed to own a home: 145.12%
10-year dollar change in salary needed to own a home: $54,602
2014 salary needed to own a home: $37,626
2024 salary needed to own a home: $92,228
2014 average home value: $243,341
2024 average home value: $463,190

27. Kansas

10-year percentage change in salary needed to own a home: 142.18%
10-year dollar change in salary needed to own a home: $26,976
2014 salary needed to own a home: $18,973
2024 salary needed to own a home: $45,949
2014 average home value: $122,707
2024 average home value: $230,767

28. Kentucky

10-year percentage change in salary needed to own a home: 142.10%
10-year dollar change in salary needed to own a home: $24,387
2014 salary needed to own a home: $17,161
2024 salary needed to own a home: $41,548
2014 average home value: $110,989
2024 average home value: $208,663

29. South Dakota

10-year percentage change in salary needed to own a home: 136.86%
10-year dollar change in salary needed to own a home: $35,389
2014 salary needed to own a home: $25,859
2024 salary needed to own a home: $61,248
2014 average home value: $167,236
2024 average home value: $307,598

30. New Mexico

10-year percentage change in salary needed to own a home: 134.29%
10-year dollar change in salary needed to own a home: $34,711
2014 salary needed to own a home: $25,848
2024 salary needed to own a home: $60,559
2014 average home value: $167,170
2024 average home value: $304,142

31. New Jersey

10-year percentage change in salary needed to own a home: 133.27%
10-year dollar change in salary needed to own a home: $63,067
2014 salary needed to own a home: $47,321
2024 salary needed to own a home: $110,389
2014 average home value: $306,043
2024 average home value: $554,396

32. Hawaii

10-year percentage change in salary needed to own a home: 129.37%
10-year dollar change in salary needed to own a home: $110,146
2014 salary needed to own a home: $85,143
2024 salary needed to own a home: $195,289
2014 average home value: $550,648
2024 average home value: $980,781

33. Oklahoma

10-year percentage change in salary needed to own a home: 129.23%
10-year dollar change in salary needed to own a home: $23,365
2014 salary needed to own a home: $18,080
2024 salary needed to own a home: $41,444
2014 average home value: $116,929
2024 average home value: $208,143

34. Minnesota

10-year percentage change in salary needed to own a home: 127.96%
10-year dollar change in salary needed to own a home: $38,256
2014 salary needed to own a home: $29,896
2024 salary needed to own a home: $68,152
2014 average home value: $193,349
2024 average home value: $342,276

35. Vermont

10-year percentage change in salary needed to own a home: 123.50%
10-year dollar change in salary needed to own a home: $44,528
2014 salary needed to own a home: $36,056
2024 salary needed to own a home: $80,584
2014 average home value: $233,184
2024 average home value: $404,710

36. Alabama

10-year percentage change in salary needed to own a home: 119.74%
10-year dollar change in salary needed to own a home: $24,489
2014 salary needed to own a home: $20,452
2024 salary needed to own a home: $44,940
2014 average home value: $132,268
2024 average home value: $225,700

37. Connecticut

10-year percentage change in salary needed to own a home: 119.31%
10-year dollar change in salary needed to own a home: $47,260
2014 salary needed to own a home: $39,611
2024 salary needed to own a home: $86,871
2014 average home value: $256,177
2024 average home value: $436,287

38. Arkansas

10-year percentage change in salary needed to own a home: 119.25%
10-year dollar change in salary needed to own a home: $22,615
2014 salary needed to own a home: $18,964
2024 salary needed to own a home: $41,579
2014 average home value: $122,648
2024 average home value: $208,821

39. Illinois

10-year percentage change in salary needed to own a home: 119.17%
10-year dollar change in salary needed to own a home: $29,538
2014 salary needed to own a home: $24,786
2024 salary needed to own a home: $54,324
2014 average home value: $160,299
2024 average home value: $272,826

40. Delaware

10-year percentage change in salary needed to own a home: 119.12%
10-year dollar change in salary needed to own a home: $41,998
2014 salary needed to own a home: $35,257
2024 salary needed to own a home: $77,255
2014 average home value: $228,016
2024 average home value: $387,989

41. Virginia

10-year percentage change in salary needed to own a home: 118.95%
10-year dollar change in salary needed to own a home: $43,275
2014 salary needed to own a home: $36,381
2024 salary needed to own a home: $79,655
2014 average home value: $235,287
2024 average home value: $400,046

42. Pennsylvania

10-year percentage change in salary needed to own a home: 118.04%
10-year dollar change in salary needed to own a home: $29,209
2014 salary needed to own a home: $24,744
2024 salary needed to own a home: $53,953
2014 average home value: $160,030
2024 average home value: $270,966

43. Iowa

10-year percentage change in salary needed to own a home: 117.34%
10-year dollar change in salary needed to own a home: $24,242
2014 salary needed to own a home: $20,659
2024 salary needed to own a home: $44,901
2014 average home value: $133,609
2024 average home value: $225,501

44. West Virginia

10-year percentage change in salary needed to own a home: 112.03%
10-year dollar change in salary needed to own a home: $17,590
2014 salary needed to own a home: $15,701
2024 salary needed to own a home: $33,291
2014 average home value: $101,543
2024 average home value: $167,196

45. Wyoming

10-year percentage change in salary needed to own a home: 107.38%
10-year dollar change in salary needed to own a home: $36,467
2014 salary needed to own a home: $33,961
2024 salary needed to own a home: $70,428
2014 average home value: $219,637
2024 average home value: $353,702

46. Maryland

10-year percentage change in salary needed to own a home: 100.62%
10-year dollar change in salary needed to own a home: $43,094
2014 salary needed to own a home: $42,829
2024 salary needed to own a home: $85,923
2014 average home value: $276,987
2024 average home value: $431,523

47. Mississippi

10-year percentage change in salary needed to own a home: 100.29%
10-year dollar change in salary needed to own a home: $17,746
2014 salary needed to own a home: $17,694
2024 salary needed to own a home: $35,440
2014 average home value: $114,434
2024 average home value: $177,985

48. Alaska

10-year percentage change in salary needed to own a home: 79.92%
10-year dollar change in salary needed to own a home: $33,404
2014 salary needed to own a home: $41,796
2024 salary needed to own a home: $75,200
2014 average home value: $270,306
2024 average home value: $377,670

49. North Dakota

10-year percentage change in salary needed to own a home: 64.79%
10-year dollar change in salary needed to own a home: $20,845
2014 salary needed to own a home: $32,174
2024 salary needed to own a home: $53,019
2014 average home value: $208,082
2024 average home value: $266,272

50. Louisiana

10-year percentage change in salary needed to own a home: 62.21%
10-year dollar change in salary needed to own a home: $15,326
2014 salary needed to own a home: $24,636
2024 salary needed to own a home: $39,962
2014 average home value: $159,330
2024 average home value: $200,699

Methodology: For this piece, GOBankingRates first found each state’s (1) August 2014 home value for single-family residences. With this figure isolated, GOBankingRates was able to find (2) 20% down payment on a 2014 home; (3) loan amount for a 2014 home; and (4) monthly and annual mortgage payments assuming a 4.10% fixed mortgage rate as sourced from FreddieMac for Aug. 28, 2014, with no P&I, no HOA fees and no property taxes. GOBankingRates then found each state’s (5) August 2024 home value for single-family residences; (6) 20% down payment on a 2024 home; (7) loan amount for a 2024 home; and (8) monthly and annual mortgage payments assuming a 6.35% fixed mortgage rate as sourced from FreddieMac for Aug. 29, 2024, with no P&I, no HOA fees and no property taxes. GOBankingRates then calculated the (9) 2014 and 2024 salary needed to own a home assuming no more than 30% of one’s pretax income should go toward housing. All data was calculated and up to date as of Sept. 16, 2024.

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