This Is the Salary You Need to Afford the Average Home in Your State

Both reports peg the Midwest as especially affordable, though HSH says you’ll need a slightly higher salary to afford a home than Unison concluded below, no matter where you go. Unison’s number-crunching yielded data on the average home prices in each city and the annual salary needed to purchase a home with both 10 and 20 percent down.

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.

Study Finds the Ideal Salary You Need to Own a Home in Your State. At the upper end, Hawaii would require an annual income of $110,520 to afford the staggering $2,763 mortgage payment that would be typical for the state. On the other end of the spectrum, homeowners in Ohio can expect to secure an average mortgage for a little over $700 a month,

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The rent is too damn high, and so are the mortgages. howmuch put together this graphic showing the salary you’d need to afford the average home price in every state, and it’s a good argument for not moving to perpetually-short-on-affordable-housing Hawaii ($153,520, average home price of $610,000) or California ($120,120, average home price of $499,900):

California lawmakers have tried for 50 years to fix the state's housing crisis.. would have to spend 33% of his or her salary to afford a median-priced home in. “We recognize that the housing shortage leads to displacement,

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There is nowhere in the United States where someone working a minimum wage job full time can afford to rent a “decent” – read, up to code and not infested with mold and vermin – two-bedroom apartment..

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To afford an average house there, which goes for $610,000, you need to bring home an annual income of at least $153,520. Washington D.C., where you need to make $138,440 or more, is the second most expensive location for homeowners, followed by California with a minimum salary of $120,120.

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