Yahoo Finanzas If You Make $100K, You Can Afford the Average Home in These 37 States
Your household has reached the $100,000-a-year income level, and you’ve decided it’s time to think about changing your housing situation.
But just how much house can you afford on that increased salary? That’s a decision that depends on where you live, as well as how much your mortgage lender can prequalify you for after reviewing your entire financial picture.
Check Out: Housing Market 2024: Home Prices Are Plummeting in 10 Formerly Overpriced Housing Markets
Read Next: 5 Genius Things All Wealthy People Do With Their Money
For you to own a home, many financial experts recommend spending no more than 30% of your monthly income on housing costs. But how much does that translate into when it comes to the price range you can afford for a new house? A good place to start your calculation is by looking at what it takes in terms of the salary needed to afford an average home, as well as the property taxes you can expect to pay, in your state. As your salary and home prices go up, so do those costs.
Keep reading to see where you can buy the average home on a $100,000 salary.
Alabama
Salary needed to afford average home: $64,163
2023 average home value: $201,212
20% down payment: $40,242
Primary loan amount: $160,970
Monthly tax payment: $65
Monthly mortgage payment: $1,059
Be Aware: 7 Ways People Destroy the Value of Their Homes, According to a Real Estate Agent
Find Out: 8 States To Move to If You Don’t Want To Pay Taxes on Social Security
Arizona
Salary needed to afford average home: $96,344
2023 average home value: $420,605
20% down payment: $84,121
Primary loan amount: $336,484
Monthly tax payment: $228
Monthly mortgage payment: $2,304
Learn More: 5 Types of Homes That Will Plummet in Value in 2024
Arkansas
Salary needed to afford average home: $60,487
2023 average home value: $176,107
20% down payment: $35,221
Primary loan amount: $140,886
Monthly tax payment: $94
Monthly mortgage payment: $963
Delaware
Salary needed to afford average home: $89,773
2023 average home value: $355,120
20% down payment: $71,024
Primary loan amount: $284,096
Monthly tax payment: $175
Monthly mortgage payment: $1,928
Florida
Salary needed to afford average home: $95,979
2023 average home value: $398,861
20% down payment: $79,772
Primary loan amount: $319,089
Monthly tax payment: $302
Monthly mortgage payment: $2,271
Georgia
Salary needed to afford average home: $80,105
2023 average home value: $307,375
20% down payment: $61,475
Primary loan amount: $245,900
Monthly tax payment: $233
Monthly mortgage payment: $1,750
Read Next: I’m a Real Estate Agent: These 5 Cities Are Becoming Unaffordable
Idaho
Salary needed to afford average home: $97,916
2023 average home value: $438,088
20% down payment: $87,618
Primary loan amount: $350,470
Monthly tax payment: $256
Monthly mortgage payment: $2,418
Illinois
Salary needed to afford average home: $79,065
2023 average home value: $239,065
20% down payment: $47,813
Primary loan amount: $191,252
Monthly tax payment: $408
Monthly mortgage payment: $1,588
Indiana
Salary needed to afford average home: $69,677
2023 average home value: $221,357
20% down payment: $44,271
Primary loan amount: $177,086
Monthly tax payment: $155
Monthly mortgage payment: $1,248
Iowa
Salary needed to afford average home: $70,093
2023 average home value: $201,546
20% down payment: $40,309
Primary loan amount: $161,237
Monthly tax payment: $252
Monthly mortgage payment: $1,247
Check Out: In Less Than a Decade, You Won’t Be Able To Afford Homes in These ZIP Codes
Kansas
Salary needed to afford average home: $70,204
2023 average home value: $208,883
20% down payment: $41,777
Primary loan amount: $167,106
Monthly tax payment: $230
Monthly mortgage payment: $1,261
Kentucky
Salary needed to afford average home: $64,790
2023 average home value: $188,438
20% down payment: $37,688
Primary loan amount: $150,750
Monthly tax payment: $129
Monthly mortgage payment: $1,059
Louisiana
Salary needed to afford average home: $63,119
2023 average home value: $182,124
20% down payment: $36,425
Primary loan amount: $145,699
Monthly tax payment: $82
Monthly mortgage payment: $981
Maine
Salary needed to afford average home: $93,928
2023 average home value: $347,071
20% down payment: $69,414
Primary loan amount: $277,657
Monthly tax payment: $362
Monthly mortgage payment: $2,075
Find Out: Barbara Corcoran Says, ‘Forget About Florida,’ Move Here for Cheap Homes
Maryland
Salary needed to afford average home: $97,091
2023 average home value: $395,518
20% down payment: $79,104
Primary loan amount: $316,414
Monthly tax payment: $343
Monthly mortgage payment: $2,295
Michigan
Salary needed to afford average home: $70,928
2023 average home value: $212,868
20% down payment: $42,574
Primary loan amount: $170,295
Monthly tax payment: $245
Monthly mortgage payment: $1,296
Minnesota
Salary needed to afford average home: $87,301
2023 average home value: $320,005
20% down payment: $64,001
Primary loan amount: $256,004
Monthly tax payment: $293
Monthly mortgage payment: $1,873
Mississippi
Missouri
Salary needed to afford average home: $69,920
2023 average home value: $226,968
20% down payment: $45,394
Primary loan amount: $181,575
Monthly tax payment: $187
Monthly mortgage payment: $1,308
Montana
Salary needed to afford average home: $97,477
2023 average home value: $427,218
20% down payment: $85,444
Primary loan amount: $341,775
Monthly tax payment: $267
Monthly mortgage payment: $2,376
Nebraska
Salary needed to afford average home: $76,661
2023 average home value: $242,560
20% down payment: $48,512
Primary loan amount: $194,048
Monthly tax payment: $325
Monthly mortgage payment: $1,523
Nevada
Salary needed to afford average home: $98,623
2023 average home value: $429,767
20% down payment: $85,953
Primary loan amount: $343,814
Monthly tax payment: $215
Monthly mortgage payment: $2,336
For You: 16 Best Places To Retire in the US That Feel Like Europe
New Mexico
Salary needed to afford average home: $77,014
2023 average home value: $280,010
20% down payment: $56,002
Primary loan amount: $224,008
Monthly tax payment: $154
Monthly mortgage payment: $1,536
North Carolina
Salary needed to afford average home: $82,358
2023 average home value: $309,902
20% down payment: $61,980
Primary loan amount: $247,921
Monthly tax payment: $212
Monthly mortgage payment: $1,741
North Dakota
Salary needed to afford average home: $76,476
2023 average home value: $245,226
20% down payment: $49,045
Primary loan amount: $196,181
Monthly tax payment: $194
Monthly mortgage payment: $1,405
Ohio
Salary needed to afford average home: $70,976
2023 average home value: $206,508
20% down payment: $41,302
Primary loan amount: $165,206
Monthly tax payment: $272
Monthly mortgage payment: $1,291
Read More: Mark Cuban Reveals Why He Keeps a Strict Budget Everyday
Oklahoma
Salary needed to afford average home: $63,890
2023 average home value: $189,085
20% down payment: $37,817
Primary loan amount: $151,268
Monthly tax payment: $139
Monthly mortgage payment: $1,072
Pennsylvania
Salary needed to afford average home: $78,695
2023 average home value: $243,386
20% down payment: $48,677
Primary loan amount: $194,709
Monthly tax payment: $302
Monthly mortgage payment: $1,504
South Carolina
Salary needed to afford average home: $75,950
2023 average home value: $272,103
20% down payment: $54,421
Primary loan amount: $217,682
Monthly tax payment: $127
Monthly mortgage payment: $1,470
South Dakota
Salary needed to afford average home: $79,649
2023 average home value: $283,596
20% down payment: $56,719
Primary loan amount: $226,877
Monthly tax payment: $279
Monthly mortgage payment: $1,679
Learn More: A $150K Income Is ‘Lower Middle Class’ In These High-Cost Cities
Tennessee
Salary needed to afford average home: $75,947
2023 average home value: $287,793
20% down payment: $57,559
Primary loan amount: $230,234
Monthly tax payment: $163
Monthly mortgage payment: $1,584
Texas
Salary needed to afford average home: $83,946
2023 average home value: $296,285
20% down payment: $59,257
Primary loan amount: $237,028
Monthly tax payment: $410
Monthly mortgage payment: $1,872
Vermont
Salary needed to afford average home: $97,731
2023 average home value: $327,908
20% down payment: $65,582
Primary loan amount: $262,327
Monthly tax payment: $497
Monthly mortgage payment: $2,116
Virginia
Salary needed to afford average home: $90,084
2023 average home value: $363,186
20% down payment: $72,637
Primary loan amount: $290,549
Monthly tax payment: $263
Monthly mortgage payment: $2,056
Find Out: How Much Household Income Will Be Considered Upper Middle Class in 5 Years?
West Virginia
Salary needed to afford average home: $60,980
2023 average home value: $145,893
20% down payment: $29,179
Primary loan amount: $116,715
Monthly tax payment: $67
Monthly mortgage payment: $787
Wisconsin
Salary needed to afford average home: $82,208
2023 average home value: $262,566
20% down payment: $52,513
Primary loan amount: $210,052
Monthly tax payment: $357
Monthly mortgage payment: $1,653
Wyoming
Salary needed to afford average home: $81,223
2023 average home value: $322,509
20% down payment: $64,502
Primary loan amount: $258,008
Monthly tax payment: $151
Monthly mortgage payment: $1,742
Methodology: For this piece, GOBankingRates first surveyed monthly living expenses in all 50 states. The cost-of-living comparison included the following factors: (1) yearly mortgage by assuming 20% down payment, 30-year fixed loan, current interest rate as sourced from St. Louis Federal Reserve (6.27%) for every state and multiplying that by 12 (for months), sourced from Zillow’s home value index and determined using CNET Mortgage Calculator formula; (2) annual necessities cost (grocery, utilities, healthcare and transportation) by taking the 2021 Bureau of Labor Statistics consumer expenditure survey and factored out by the Missouri Economic Research and Information Center’s cost of living index for all of 2022. Necessity costs were totaled the annual dollar cost of necessities in each state. This dollar amount for necessities was then doubled to find the (3) actual annual income needed to live comfortably in the state, assuming a person is following the 50-30-20 budgeting guideline, which requires an income double the cost of necessities. The amount of money specified for savings is equal to 20% of the total income needed, and the amount specified for discretionary spending is equal to 30% of the total income needed. All data was collected and is up to date as of April 18, 2023.
More From GOBankingRates
Why Florida's Retirees Are Fleeing -- And Where They're Going Instead
Here's How to Add $200 to Your Wallet -- Just For Banking Like You Normally Would
This article originally appeared on GOBankingRates.com: If You Make $100K, You Can Afford the Average Home in These 37 States
