How Much Income Do You Need to Afford the Average Home in Your State?

How much income do you need to afford the average home in your state? The answer, which may surprise you, comes from finance website howmuch.net. Most of the nation’s housing markets have now almost completely recovered back to pre-housing-bubble levels, with many markets far surpassing those peaks. Howmuch.net collected average home prices for every state from Zillow, and then plugged the numbers into a typical mortgage calculator.

The states needing the highest salaries to afford the average home start with Hawaii at $153,520, followed by Washington D.C., California, Massachusetts, and Colorado. The states with lowest salaries needed to afford the average home include West Virginia at just $38,320 followed by Ohio, Michigan, Arkansas, and Missouri.

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Womack Weekly Commentary: September 18, 2017

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