In the US, the real estate market has become so explosive in 2024. In this situation buying a new house is not affordable for low-income families or individuals who want to build a new house, or purchase an already-built home. Families are struggling to get new houses and homes that can fulfill their basic living requirements. There are multiple reasons for the increasing prices of houses and apartments.
Multiple factors are effective in reducing the ability to purchase a new house such as increasing cost of living, the unbalancing situation of demand & supply, increasing foreign investors, and low salaries
There are several contributing factors to the lack of ability to purchase a home, high cost of living, little supply with a lot of demand, foreign buyers presenting cash offers, investors buying all the affordable options, and stable salaries that are not increasing with the market.
However, no need to be hopeless! There are many options to purchase a house. You should save money for a big downpayment and if your present location can fulfill your needs it is better to relocate to a new location.
If your income is a minimum of $100,000 yearly, in these 42 states you can buy a home affordably with these salaries.
Minimum salary you require to buy a house
Here is the full list of average home values along with the minimum salary required for each state of the US.
| State | Average Home Value(Appx.) | Loan Amount after 20% Downpayment | Monthly Morgage(Appx.) | Total Annual Payable amount | Minimum Salary Needed |
| Hawaii’s | $967,270 | $773,816 | $5,055 | $60,660 | $202,201 |
| California’s | $785,333 | $628,267 | $4,104 | $49,251 | $164,168 |
| Washington’s | $589,240 | $471,391 | $3,080 | $36,953 | $123,176 |
| Massachusetts | $615,963 | $492,770 | $3,219 | $38,629 | $128,762 |
| District of Columbia | $718,017 | $574,413 | $3,752 | $45,029 | $150,096 |
| Utah | $519,376 | $415,500 | $2,714 | $32,571 | $108,571 |
| New Jersey | $518,053 | $414,442 | $2,707 | $32,488 | $108,295 |
| New Hampshire | $474,549 | $379,639 | $2,480 | $29,760 | $99,201 |
| Oregon | $494,672 | $395,737 | $2,585 | $31,022 | $103,407 |
| Colorado | $550,945 | $440,755 | $2,880 | $34,551 | $115,170 |
Minimum Salary You Need to Buy A House in New York
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| State | Average Home Value(Appx.) | Loan Amount after 20% Downpayment | Monthly Morgage(Appx.) | Total Annual Payable amount | Minimum Salary Needed |
| Rhode Island | $448,030 | $358,423 | $2,341 | $28,097 | $93,657 |
| Maryland | $417,676 | $334,141 | $2,182 | $26,193 | $87,312 |
| Idaho | $443,343 | $354,674 | $2,316 | $27,803 | $92,677 |
| Arizona | $436,020 | $348,816 | $2,278 | $27,344 | $91,146 |
| Nevada | $441,049 | $352,839 | $2,305 | $27,659 | $92,198 |
| New York | $427,542 | $342,033 | $2,234 | $26,812 | $89,374 |
| Florida | $409,179 | $327,343 | $2,138 | $25,661 | $85,535 |
| Connecticut | $408,726 | $326,980 | $2,136 | $25,632 | $85,441 |
| Virginia | $382,770 | $306,215 | $2,000 | $24,004 | $80,015 |
| Maine | $378,605 | $302,884 | $1,978 | $23,743 | $79,144 |
Minimum Salary You Need to Buy a House in Texas
| State | Average Home Value(Appx.) | Loan Amount after 20% Downpayment | Monthly Morgage(Appx.) | Total Annual Payable amount | Minimum Salary Needed |
| Vermont | $301,080 | $1,967 | $23,601 | $376,350 | $78,673 |
| Delaware | $371,809 | $297,447 | $1,943 | $23,317 | $77,724 |
| Alaska | $362,178 | $289,742 | $1,893 | $22,713 | $75,711 |
| Wyoming | $333,617 | $266,894 | $1,744 | $20,922 | $69,740 |
| Minnesota | $328,582 | $262,865 | $1,717 | $20,606 | $68,688 |
| North Carolina | $323,913 | $259,130 | $1,692 | $20,313 | $67,711 |
| Georgia | $323,033 | $258,426 | $1,688 | $20,258 | $67,527 |
| Tennessee | $310,011 | $248,009 | $1,620 | $19,441 | $64,805 |
| Texas | $299,337 | $239,469 | $1,564 | $18,772 | $62,574 |
| New Mexico | $293,497 | $234,797 | $1,533 | $18,405 | $61,353 |
Minimum Salary You Need to Buy a House in Michigan
| State | Average Home Value(Appx.) | Loan Amount after 20% Downpayment | Monthly Morgage(Appx.) | Total Annual Payable amount | Minimum Salary Needed |
| South Dakota | $310,011 | $248,008 | $1,620 | $19,441 | $64,805 |
| South Carolina | $288,972 | $231,177 | $1,510 | $18,122 | $60,407 |
| Wisconsin | $288,799 | $231,039 | $1,509 | $18,111 | $60,371 |
| Pennsylvania | $256,401 | $205,121 | $1,339 | $16,079 | $53,598 |
| Illinois | $254,709 | $203,766 | $1,331 | $15,973 | $53,244 |
| North Dakota | $252,382 | $201,905 | $1,318 | $15,827 | $52,758 |
| Nebraska | $251,535 | $201,227 | $1,314 | $15,774 | $52,581 |
| Missouri | $238,808 | $191,046 | $1,248 | $14,976 | $49,920 |
| Indiana | $231,278 | $185,022 | $1,208 | $14,504 | $48,346 |
| Michigan | $230,125 | $184,100 | $1,202 | $14,431 | $48,105 |
| Ohio | $218,535 | $174,828 | $1,142 | $13,704 | $45,683 |
| Alabama | $218,004 | $174,402 | $1,139 | $13,671 | $45,572 |
Minimum Salary You Need to Buy a House in Kansas
| State | Average Home Value(Appx.) | Loan Amount after 20% Downpayment | Monthly Morgage(Appx.) | Total Annual Payable amount | Minimum Salary Needed |
| Kansas | $217,817 | $174,253 | $1,138 | $13,659 | $45,532 |
| Iowa | $212,367 | $169,893 | $1,109 | $13,318 | $44,393 |
| Oklahoma | $200,153 | $160,122 | $1,046 | $12,552 | $41,840 |
| Arkansas | $198,364 | $158,691 | $1,036 | $12,439 | $41,466 |
| Kentucky | $196,412 | $157,129 | $1,026 | $12,317 | $41,058 |
| Louisiana | $195,240 | $156,191 | $1,020 | $12,244 | $40,813 |
| Mississippi | $170,653 | $136,522 | $891 | $10,702 | $35,673 |
| West Virginia | $155,080 | $124,064 | $810 | $9,725 | $32,418 |
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Riya Claire is the Editor-in-Chief of the East Hampton Chamber Portal. She holds a degree in Mass Communication, an MBA in Finance, and a diploma in HR, making her a versatile professional for an online portal