Minimum Salary Required to Afford a Home in the United States in 2024
Ranking by States with Highest Salaries Required
| State | Minimum Salary Required |
|---|---|
| Hawaii | $202,200.59 |
| California | $164,168.07 |
| Massachusetts | $128,762.39 |
| Washington | $123,176.22 |
| Colorado | $115,170.84 |
| Utah | $108,571.61 |
| New Jersey | $108,295.12 |
| Oregon | $103,407.45 |
| New Hampshire | $99,201 |
| Montana | $93,980.47 |
| Rhode Island | $93,657.29 |
| Idaho | $92,198.02 |
| Nevada | $91,146.77 |
| New York | $89,374.53 |
| Maryland | $87,312.13 |
| Florida | $85,535.76 |
| Connecticut | $85,441.04 |
| Virginia | $80,015.16 |
| Maine | $79,144.66 |
| Vermont | $78,673.06 |
| Delaware | $77,723.87 |
| Alaska | $75,710.51 |
| Wyoming | $69,740.18 |
| Minnesota | $68,687.63 |
| North Carolina | $67,711.68 |
| Georgia | $67,527.68 |
| Tennessee | $64,805.53 |
| Texas | $62,574.09 |
| New Mexico | $61,353.28 |
| South Dakota | $64,805.53 |
| South Carolina | $60,407.34 |
| Wisconsin | $60,371.25 |
| Pennsylvania | $53,598.80 |
| Illinois | $53,244.93 |
| North Dakota | $52,758.47 |
| Nebraska | $52,581.41 |
| Missouri | $49,920.98 |
| Indiana | $48,346.93 |
| Michigan | $48,105.95 |
| Ohio | $45,683.18 |
| Alabama | $45,572.06 |
| Kansas | $45,532.96 |
| Iowa | $44,393.74 |
| Oklahoma | $41,840.46 |
| Arkansas | $41,466.52 |
| Kentucky | $41,058.48 |
| Louisiana | $40,813.45 |
| Mississippi | $35,673.80 |
| West Virginia | $32,418.39 |
Methodology:
* 2024 home values sourced from GOBankingRates analysis
* 30-year fixed-rate mortgage with 20% down payment
* Interest rate of 6.82%
* Monthly mortgage does not include P&I, HOA fees, or property tax
* Minimum salary calculated assuming housing costs do not exceed 30% of gross income
Disclaimer: This information is for general informational purposes only and should not be construed as financial advice.