[Music] did you know that in order to afford a median-priced home in the United States on average an American needs to earn close to $100,000 a year however there are some states where you can buy a home on a salary over 40% less than that today on across the globe we're going to be looking at the salary you need to afford an average home in every state as a quick reminder our numbers are based on each state as a whole naturally every state is going to have varying salaries is needed depending on where you look but the following numbers will help you get a holistic look at every state so let's get started number 50 Hawaii Hawaii has long been regarded as one of the most expensive places to live the cost of living in this state is significantly higher compared to the mainland due to factors such as high housing costs expensive utilities and the high cost of Transportation in February 2024 go banking rates included Hawaii in the list of the eight most expensive states to live in further highlighting the financial challenges that residents face in the state they also stated that the average home value here is $971,000 number 49 California much like Hawaii California has long been considered an expensive state to live in in August 2023 Fortune reported that only 16% of households could qualify to purchase a median-priced single family home in the second quarter of the Year according to go banking rates the average home value is $748,000 number 48 Massachusetts in 2023 the Boston Globe reported that a massive shortage of homes in Massachusetts has rigorously slanted the market driving prices and rents far beyond the reach of many individuals and families according to go banking rates the average home value in Massachusetts is $576,000 and people looking to buy a home here will need to be earning a minimum of $131,500 Washington Washington is a state renowned for its higher cost of living compared to the rest of the United States the state's economic Prosperity booming tech industry and desirable cities like Seattle and Bellevue have contributed to the increasing cost of living in Washington in February 2024 hoio reported that the Nationwide trend of high demand and low Supply is reflected in the current figures for the Washington real estate market home sales plummeted in Sp spite of the robust demand for housing despite this Washington's real estate values have risen according to go banking rates those looking to buy a home in the state will need a salary of at least $123,600 prices are mostly driven by the state's proximity to New York City and its population density which is the highest in the country with a population density of 1,259 people per square mile they also noted how the Garden State has two of America's wealthiest counties hunteran and Somerset according to go banking rates the average home value in New Jersey is $460,500 $35 number 45 New Hampshire New Hampshire is a state that is widely recognized for its higher cost of living compared to the rest of the United States home to stunning natural beauty great culture and relatively low crime rates New Hampshire attracts residents seeking a high quality of life however according to hoio home prices in New Hampshire are rising and are expected to continue to increase until the supply demand Dynamic changes the state's tight housing market has driven prices up making it challenging for residents to find affordable housing according to go banking rates the average home value in New Hampshire is $442,900 to that they noted how home buyers in the state will need a salary of at least $16,988 to be able to afford such a home number 44 Oregon in July 2023 Oregon public broadcasting stated that the state has an extreme housing shortage and as a result this makes the development of houses more expensive which is then passed on to the buyers according to go banking rates the average home value in Oregon is $491,500 potential buyers will need to be earning a salary of at least $14,260 number 43 Colorado Colorado known for its breathtaking Landscapes and out outdoor recreational opportunities is a state that offers a high quality of life to its residents with diverse ecosystems ranging from the Rocky Mountains to the Great Plains Colorado is a Haven for outdoor enthusiasts and nature lovers however the state is also known for its expensive housing market according to go banking rates the average home value in Colorado is $52,750 and to afford a home here you will need a salary of $1,199 number 42 Utah according to Davis Journal Utah has a few issues that make housing a commodity in addition to the state's desirable living environment new builds are one of these variables the cost of making new builds is higher when expensive materials are used and this expense is passed on to the buyer in 2023 the average cost of a home in Utah was $515 $ 1,621 to afford such a home Utah home buyers require a salary of at least $7,795 number 41 Rhode Island Rhode Island otherwise known as the ocean state is the smallest state in the United States packing a punch with its ample history Charming coastal towns and vibrant cultural scene according to hoio the average median home price in Rhode Island was 46 $9,300 by the final quarter of 2023 and according to go banking rates the average home value is $21,700 in order to afford a home in this state home buyers will need a salary of $6,6 number 40 Alaska according to unbiased the cost of living in Alaska is higher than the national average and property prices are also slightly higher than in the rest of the US in 2023 go banking rates reported that the average home value in the Last Frontier state is $357,500 greater than the US average they also noted how utilities are 30% higher and housing is 24% higher than the national average according to go banking rates the average home value in this state is $379,800 and home buyers need a salary of at least $13,999 to purchase a home here number 38 New York New York particularly New York City is notorious for having a higher cost of living compared to other states in the United States the Allure of New York City with its iconic landmarks unique culture and endless opportunities draws in residents from all over the world contributing to the high demand for housing and leading to inflated prices in 2023 the average home value in New York was $396,500 more expensive than the US average go banking rates stated that in in order to buy a home in New York you will need a salary of at least $1,847 Nevada Nevada known as the Silver State is a unique and diverse state in the southwestern United States home to the iconic city of Las Vegas Nevada is famous for its vibrant entertainment scene world-class cinos and bustling nighlife here the average value of a home is 429,000 $767 and those looking to buy a property need a salary of $98,000 number 36 Idaho Idaho also known as The Gem State is a Hidden Gem in the Pacific Northwest that offers a unique blend of outdoor adventure thriving Agriculture and small town charm according to Gold banking rates the average home value in Idaho is $438,900 looking to buy a home here you'll need a salary of $97,900 residents the average home value in the Green Mountain State is $327,900 and home buyers require a salary of at least $ 97,7 31 $1 to buy a property here number 34 Montana as reported by ramsy Solutions in 20124 the cost of living in Montana is 2.2% higher than the US average with the state's most costly City being Boseman they also noted how the majority of Montana cities have housing costs which are greater than the state average according to go banking rates the average home value in Montana is 427,000 $28 and home buyers need a salary of at least $97,400 higher than the national average and housing is 45% higher than the national average the average home value in Maryland is $395,500 and those looking to buy a home here need a salary of $97,900 higher than the national average and housing is 18% higher than the national average according to go banking rates the average home value in the Grand Canyon State is $420,500 $61 and home buyers need a salary of at least $95,900 you will need a salary of $93,900 higher than the national average the average home value here is $ 363,462 184 number 28 Delaware Delaware known for its tax-friendly environment and business-friendly policies is a small But Mighty State on the East Coast with a strong emphasis on Commerce and finance Delaware is home to many large corporations and boasts the distinction of having more businesses registered within its borders than residents in January 2024 unbiased reported that Delaware's cost of living tends to be higher than the national average with studies putting it 6% above the national average the average home value in the state is $355,100 and those looking to buy Here need a salary of at least $89,700 number 27 Minnesota Minnesota known for its picturesque Landscapes vibrant cities and strong sense of community has become a great place to buy a home thank to its lower cost of living compared to other states according to rent Cafe Minnesota has a 5% cheaper cost of living than the US average utilities are 5% less than the national average and housing is 15% less the average home value in the state is $320,500 number 26 Texas Texas is is another state that has become known for its relatively low cost of living with housing here being 177% lower than the national average according to go banking rates the average home value in the Lone Star State is $296,200 46 to buy a property here number 25 North Carolina North Carolina often referred to as the Tarheel state is a diverse and vibrant state with a rich history and strong sense of community according to Sofi whether you're a young professional a family or an elderly person there are many reasonably priced areas to live in North Carolina the cost of living in the state is generally 4% lower than the national average and there are even more reasonably priced places near the Smoky Mountains and its stunning beaches the average home value in North Carolina is $399,999 to buy a home here you'll need a yearly salary of at least $882,500 number 24 Wisconsin Wisconsin also known as America's Dairyland is a state with a rich agricultural history and a strong sense of community as of 2024 housing in this state is 11% lower than the national average making it an affordable place to live for many residents according to go banking rates the average home value in Wisconsin is $ 262,525 if you're looking to buy a home here you'll need a salary of $82,400 number 23 Wyoming Wyoming despite its large size and small population is a state known for its relatively low cost of living with vast expanses of untouched natural beauty including Yellowstone National Park and Grand Teton National Park Wyoming offers residents a high quality of life surrounded by stunning Landscapes here the average home value is $322,500 n and those looking to buy a home in this state need a salary of $81,300 than its neighboring states South Carolina and Florida here in the peach state the average home value is $ 37,325 and buyers will need a salary of $8,155 Cheaper cost of living than the us as a whole utilities are 133% cheaper than the national average and housing is is 12% cheaper the average home value in the Mount Rushmore state is $283,500 lower than the national average residents of Illinois benefit from lower expenses in various aspects of daily life in particular housing costs are notably affordable in Illinois with prices being 22% lower than the national average according to Gold banking rates the average home value in Illinois is $239,955 number 19 pen psylvia according to hoio Pennsylvania is home to some of the most expensive cities in America however they also noted that if you want to buy a home in the state you can find affordable housing in cities like Sharon Oil City and Johnstown the average value of a home in Pennsylvania is $243,800 to become a homeowner here number 18 New Mexico New Mexico also known as The Land of Enchantment is a state rich in history culture and natural beauty and according to Sofi New Mexico is one of the more affordable states to live in on average here in the land of enchantment the average home value is $280,100 and in order to buy a home here you will need a salary of at least $7 $ 7,14 number 17 Nebraska Nebraska often referred to as the Corn Husker State boasts a lower cost of living compared to the national average with the cost of living being approximately 9% lower known for its vast agricultural Landscapes and friendly communities Nebraska offers residents a more affordable way of life while still providing access to a variety of amenities and opportunities according to go banking rates the average home value in Nebraska is $242,500 lower than the national average and housing is 16% lower than the national average the average home value in the Peace Garden State is $245,200 average with prices being 21% lower than in other parts of the country according to go banking rates the average home value in South Carolina is $272,100 and those looking to buy will need a salary of $75,900 number 14 Tennessee Tennessee often referred to as the volunteer state is a diverse and vibrant state with a rich history and culture known for its iconic music scene in cities like Nashville and Memphis Tennessee is a hub for Country blues and rock androll enthusiasts alike in 2024 Sofi listed Tennessee as the 10th most affordable state in the nation according to go banking rates the average home value in Tennessee is $287,700 in order to be able to afford a home here you will need a salary of $75,900 $7 number 13 Ohio Ohio a state in the Midwest region of the United States offers a cost of living 11% lower than the national average making it an attractive option for residents seeking affordability without compromising on quality of life according to Sofi Ohio has some of the best areas for affordable housing such as akan Niles and sanduski the average value of a home in Ohio is $226,500 in order to afford this kind of home buyers will need a salary of $7,995 number 12 Michigan Michigan located in the Great Lakes region of the United States is known for its Rich Automotive History picturesque Landscapes and vibrant City life according to Sofi housing costs in Michigan tend to fall significantly below national average averages making it an attractive place to live for individuals and families looking for affordable housing options the average home value in the Great Lake state is $212,800 lower than the the national average and housing is 32% lower than the national average the average home value here is $8,885 and the salary required to become a homeowner in this state is $70,200 number 10 Iowa Iowa known for its Rich agricultural Heritage and friendly communities is a state that offers a more affordable cost of living compared to the national average housing prices in Iowa are notably 177% lower than the national average making it an attractive option for those looking to purchase a home or settle down in a more affordable area according to go banking rates the average home value in Iowa is $1,546 and the salary required to purchase a home here is $70,900 number nine Missouri according to unbiased Missouri is the the sixth cheapest state to live in the United States and regularly ranks among the states with the lowest cost of living the average home value here is $226,900 and the salary needed to purchase a home is $ 69,90 number eight Indiana Indiana is a great state for Real Estate Investors and home buyers looking for Value home prices in Indiana are much lower than the national median making it easier to buy single family homes at an affordable price according to go banking rates the average home value in the hoer state is $221,300 those looking to buy a home here will need a salary of $ 69,6 77 number seven Kentucky Kentucky home to approximately $4.5 million people is a state known for its Rich history southern hospitality and diversity Landscapes one of the state's most notable features is its relatively low cost of living compared to the rest of the US making it an attractive place for individuals and families looking for affordable housing and a high quality of life according to go banking rates the average home value in the Bluegrass State is $188,400 to afford the purchase of a home here you will need a salary of $64,900 number six Alabama Alabama boasts a mix of bustling cities small towns and picturesque Countryside offering residents a variety of Lifestyles to choose from the average home value in the yellow Hammer state is $2,212 those looking to buy a home here will need a salary of $ 64,65 number five Oklahoma Oklahoma located in the Great Plains region of the United States is a state known for its Rich Native American Heritage vibrant music scene and diverse landscape according to rent Cafe Oklahoma has a 12% cheaper cost of living than the US average and housing is 28% lower than the national average here in the sooner state the average home value is $189,800 $890 number four Louisiana Louisiana known for its opulent cultural heritage diverse Cuisine and vibrant music scene offers a unique blend of Southern Charm and Hospitality as of 2024 Louisiana stands out as a state where housing prices are notably lower than the national average with a notable difference of 18% this affordability Factor may make Louisiana an appealing choice for individuals and and families looking to make a coste effective move the average home value in Louisiana is $1 182,183 and the salary needed to purchase a home is $63,900 is a great place for buyers to purchase property because of its affordability and potential for growth here in the Mountain State the average home value is $145,800 to purchase a home here buyers will need a salary of at least $6,990 number two Arkansas Arkansas also known as the natural state is a Hidden Gem in the Southern United States with its Lush Forest phc mountains and Charming small towns Arkansas offers a peaceful and picturesque setting for its residents according to moneygeek Arkansas is one of the best places to buy cheaper homes and also has a lower cost of living compared to other states the average home value in Arkansas is $176,100 and the salary needed to buy a home here is $6,495 number one Mississippi Mississippi is a state steeped in history culture and natural beauty known for its warm hospitality and Southern Charm Mississippi offers a slower pace of life that many find appealing it is also renowned for its lower cost of living compared to other states in the nation in September 2023 rocket mortgage ranked Mississippi fourth on their list of the 10 cheapest states to buy a house in 2024 they noted how this state has the lowest cost of living among all 10 of their picks the average home value in the Magnolia state is $160,300 what about the cheapest beach towns in the US
