Here’s how much you need to make in every state to buy a home

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Chances are you’ve considered how much money you would need to earn in order to buy a home. The answer, of course, depends largely on where you live. To give you an idea, finance website HowMuch.net recently crunched the housing affordability numbers for each state to ensure you spend your money wisely.

To arrive at its estimates, the website layered in several factors. The team collected average home prices in every state from Zillow, then plugged those figures into a mortgage calculator to determine monthly payments. HowMuch.net considered an interest rate that varied between 4 and 5 percent in each state. Also, it was assumed buyers were contributing a 10-percent down payment.

Given that many financial advisors recommend the total cost of housing take up no more than 30 percent of gross income (i.e. the amount before taxes, retirement savings, etc.), the data team used that rule as a benchmark to calculate the minimum salary needed to afford the average home in each state. The figures are based on 30-year mortgages.

Next, we took HowMuch.net’s findings a step further by including the latest U.S. Census Bureau data on median household income to help illustrate how affordable a home purchase may actually be for the average person living in that state.

Ready to see how your state fares when it comes to affordability and home prices?

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Alabama

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $47,960

Median household income: $46,257

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Alaska

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $67,280

Median household income: $76,440

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Arizona

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $67,280

Median household income: $53,558

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Arkansas

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $41,040

Median household income: $44,334

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California

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $120,120

Median household income: $67,739

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Colorado

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $100,200

Median household income: $65,685

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Connecticut

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $75,280

Median household income: $73,433

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Delaware

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $67,960

Median household income: $61,757

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Washington, DC

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $138,440

Median household income: $75,506

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Florida

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $70,360

Median household income: $50,860

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Georgia

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $59,520

Median household income: $53,559

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Hawaii

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $153,520

Median household income: $74,511

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Idaho

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $70,360

Median household income: $51,807

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Illinois

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $53,880

Median household income: $60,960

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Indiana

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $42,560

Median household income: $52,314

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Iowa

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $44,360

Median household income: $56,247

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Kansas

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $43,160

Median household income: $54,935

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Kentucky

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $44,360

Median household income: $46,659

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Louisiana

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $50,320

Median household income: $45,146

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Maine

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $55,520

Median household income: $53,079

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Maryland

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $72,200

Median household income: $78,945

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Massachusetts

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $101,320

Median household income: $75,297

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Michigan

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $40,800

Median household income: $52,492

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Minnesota

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $64,720

Median household income: $65,599

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Mississippi

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $44,360

Median household income: $41,754

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Missouri

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $42,200

Median household income: $51,746

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Montana

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $75,520

Median household income: $50,027

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Nebraska

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $51,520

Median household income: $56,927

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Nevada

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $73,120

Median household income: $55,180

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New Hampshire

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $68,440

Median household income: $70,936

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New Jersey

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $69,640

Median household income: $76,126

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New Mexico

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $54,880

Median household income: $46,748

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New York

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $91,720

Median household income: $62,909

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North Carolina

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $63,840

Median household income: $50,584

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North Dakota

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $56,000

Median household income: $60,656

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Ohio

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $38,400

Median household income: $52,334

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Oklahoma

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $45,320

Median household income: $49,176

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Oregon

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $87,160

Median household income: $57,532

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Pennsylvania

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $47,960

Median household income: $56,907

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Rhode Island

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $69,640

Median household income: $60,596

Image Credit: DepositPhotos.com.

South Carolina

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $58,840

Median household income: $49,501

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South Dakota

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $55,360

Median household income: $54,467

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Tennessee

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $55,760

Median household income: $48,547

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Texas

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $66,080

Median household income: $56,565

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Utah

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $83,720

Median household income: $65,977

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Vermont

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $62,600

Median household income: $57,677

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Virginia

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $71,960

Median household income: $68,114

Image Credit: DepositPhotos.com.

Washington

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $87,040

Median household income: $67,106

Image Credit: DepositPhotos.com.

West Virginia

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $38,320

Median household income: $43,385

Image Credit: DepositPhotos.com.

Wisconsin

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $50,080

Median household income: $56,811

Image Credit: DepositPhotos.com.

Wyoming

Here's how much you need to make in every state to buy a home

Salary needed to afford a home: $58,000

Median household income: $59,882

This article originally appeared on SimpleMost.com and was syndicated by MediaFeed.org

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