Due to the very unstable real estate market, many people—not only first-time buyers—feel that buying a home in 2024 is out of their price range. This includes those who want to move, downsize, or simply find a property that better suits their needs.
Lack of capacity to buy a property is caused by a number of causes, including the high cost of living, a shortage of supply compared to demand, cash offers from overseas purchasers, investors purchasing all the affordable options, stagnating income, and not keeping up with the market. The important thing is to consider all of your choices and avoid giving up.
If your neighborhood does not provide you the kind of life you want, moving might not be the worst option. Instead, saving hard for a larger down payment can assist in the long term.
If you’re considering that last option, GOBankingRates has found the minimum salary required to comfortably afford a home in each state by analyzing the average 2024 home value and average monthly mortgage for each state (assuming a 30-year fixed-rate mortgage and a 20% down payment).
This study has produced a lot of positive news, including the fact that you may purchase a home in 42 states even if your yearly salary is less than $100,000.
Perhaps you will discover an alternative in the list below that you would not have otherwise thought about.
The state’s minimum Salary requirement
| State | Average Home Value | Down Payment (20%) | Loan Amount | Monthly Mortgage | Annual Payment | Minimum Salary Needed |
| Hawaii | $967,270 | $193,454 | $773,816.01 | $5,055.01 | $60,660.18 | $202,200.59 |
| California | $785,333 | $157,066.60 | $628,266.60 | $4,104.20 | $49,250.42 | $164,168.07 |
| District of Columbia | $718,017 | $143,603.40 | $574,413.51 | $3,752.40 | $45,028.82 | $150,096.08 |
| Massachusetts | $615,963 | $123,192.60 | $492,770.08 | $3,219.06 | $38,628.72 | $128,762.39 |
| Washington | $589,240 | $117,848 | $471,391.97 | $3,079.41 | $36,952.87 | $123,176.22 |
| Colorado | $550,945 | $110,189 | $440,755.61 | $2,879.27 | $34,551.25 | $115,170.84 |
| Utah | $519,376 | $103,875.20 | $415,500.51 | $2,714.29 | $32,571.48 | $108,571.61 |
| New Jersey | $518,053 | $103,610.60 | $414,442.38 | $2,707.38 | $32,488.53 | $108,295.12 |
| Oregon | $494,672 | $98,934.40 | $395,737.41 | $2,585.19 | $31,022.23 | $103,407.45 |
| New Hampshire | $474,549 | $94,909.80 | $379,639.47 | $2,480.03 | $29,760.30 | $99,201.00 |
| Montana | $449,576 | $89,915.20 | $359,660.62 | $2,349.51 | $28,194.14 | $93,980.47 |
| Rhode Island | $448,030 | $89,606.00 | $358,423.82 | $2,341.43 | $28,097.19 | $93,657.29 |
| Idaho | $443,343 | $88,668.60 | $354,674.23 | $2,316.94 | $27,803.25 | $92,677.51 |
| Nevada | $441,049 | $88,209.80 | $352,839.23 | $2,304.95 | $27,659.40 | $92,198.02 |
| Arizona | $436,020 | $87,204.00 | $348,816.14 | $2,278.67 | $27,344.03 | $91,146.77 |
| New York | $427,542 | $85,508.40 | $342,033.83 | $2,234.36 | $26,812.36 | $89,374.53 |
| Maryland | $417,676 | $83,535.20 | $334,141.09 | $2,182.80 | $26,193.64 | $87,312.13 |
| Florida | $409,179 | $81,835.80 | $327,342.96 | $2,138.39 | $25,660.73 | $85,535.76 |
| Connecticut | $408,726 | $81,745.20 | $326,980.48 | $2,136.03 | $25,632.31 | $85,441.04 |
| Virginia | $382,770 | $76,554 | $306,215.77 | $2,000.38 | $24,004.55 | $80,015.16 |
| Maine | $378,605 | $75,721 | $302,884.39 | $1,978.62 | $23,743.40 | $79,144.66 |
| Vermont | $376,350 | $75,270 | $301,079.61 | $1,966.83 | $23,601.92 | $78,673.06 |
| Delaware | $371,809 | $74,361.80 | $297,447.07 | $1,943.10 | $23,317.16 | $77,723.87 |
| Alaska | $362,178 | $72,435.60 | $289,742.01 | $1,892.76 | $22,713.15 | $75,710.51 |
| Wyoming | $333,617 | $66,723.40 | $266,893.71 | $1,743.50 | $20,922.05 | $69,740.18 |
| Minnesota | $328,582 | $65,716.40 | $262,865.66 | $1,717.19 | $20,606.29 | $68,687.63 |
| North Carolina | $323,913 | $64,782.60 | $259,130.69 | $1,692.79 | $20,313.50 | $67,711.68 |
| Georgia | $323,033 | $64,606.60 | $258,426.54 | $1,688.19 | $20,258.30 | $67,527.68 |
| Tennessee | $310,011 | $62,002.20 | $248,008.95 | $1,620.14 | $19,441.66 | $64,805.53 |
| Texas | $299,337 | $59,867.40 | $239,469.29 | $1,564.35 | $18,772.23 | $62,574.09 |
| New Mexico | $293,497 | $58,699.40 | $234,797.31 | $1,533.83 | $18,405.99 | $61,353.28 |
| South Dakota | $310,011 | $62,002.20 | $248,008.95 | $1,620.14 | $19,441.66 | $64,805.53 |
| South Carolina | $288,972 | $57,794.40 | $231,177.22 | $1,510.18 | $18,122.20 | $60,407.34 |
| Wisconsin | $288,799 | $57,759.80 | $231,039.10 | $1,509.28 | $18,111.38 | $60,371.25 |
| Pennsylvania | $256,401 | $51,280.20 | $205,121.11 | $1,339.97 | $16,079.64 | $53,598.80 |
| Illinois | $254,709 | $50,941.80 | $203,766.85 | $1,331.12 | $15,973.48 | $53,244.93 |
| North Dakota | $252,382 | $50,476.40 | $201,905.21 | $1,318.96 | $15,827.54 | $52,758.47 |
| Nebraska | $251,535 | $50,307 | $201,227.60 | $1,314.54 | $15,774.42 | $52,581.41 |
| Missouri | $238,808 | $47,761.60 | $191,046.19 | $1,248.02 | $14,976.29 | $49,920.98 |
| Indiana | $231,278 | $46,255.60 | $184,022.70 | $1,207.16 | $14,485.97 | $48,186.56 |
| Ohio | $223,153 | $44,630.60 | $178,522.40 | $1,156.71 | $13,880.55 | $46,935.38 |
| Michigan | $222,263 | $44,452.60 | $177,810.63 | $1,150.06 | $13,800.66 | $46,002.35 |
| Louisiana | $220,623 | $44,124.60 | $176,498.78 | $1,141.68 | $13,300.12 | $44,334.04 |
| Arkansas | $215,035 | $43,007 | $172,028.14 | $1,126.66 | $13,519.97 | $45,066.56 |
| Mississippi | $185,292 | $37,058.40 | $148,233.43 | $974.45 | $11,693.36 | $39,044.53 |
| West Virginia | $184,489 | $36,897.80 | $147,591.60 | $970.58 | $11,646.87 | $38,828.92 |
| Kentucky | $166,701 | $33,340.20 | $133,360.79 | $871.29 | $10,455.57 | $34,852.52 |
| Alabama | $163,515 | $32,703 | $130,812.00 | $860.41 | $10,325.03 | $34,416.77 |
| South Carolina | $288,972 | $57,794.40 | $231,177.22 | $1,510.18 | $18,122.20 | $60,407.34 |
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