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

·3 min read
Drazen_ / Getty Images
Drazen_ / Getty Images

Before you buy a home, it's important to find out if you can afford the monthly mortgage payment.

Read: Tips To Get Your Mortgage Payments as Low as Possible
See: 32 Insider Tips for Buying and Selling a House

To do this, some financial experts recommend your housing costs -- primarily your mortgage payments -- shouldn't consume more than 30% of your monthly income. With this rule of thumb in mind, GOBankingRates looked at home prices and mortgage rates in every state and estimated the minimum salary needed to afford the average home.

Last updated: Oct. 12, 2021

Derek Fleming / Flickr.com
Derek Fleming / Flickr.com

Alabama: $51,104

  • Monthly mortgage payment: $601

See: The Salary You Need To Afford Rent in Every State

Mihai Stanciu / Shutterstock.com
Mihai Stanciu / Shutterstock.com

Alaska: $84,326

  • Monthly mortgage payment: $1,284

Afford More Rent: 10 Best Lucrative Side Business Ideas

BCFC / Shutterstock.com
BCFC / Shutterstock.com

Arizona: $70,436

  • Monthly mortgage payment: $1,315

Follow Along: 31 Days of Living Richer

Wesley Hitt / Getty Images
Wesley Hitt / Getty Images

Arkansas: $47,912

  • Monthly mortgage payment: $558

Read: Best States To Buy a $300K House

Inman News / Flickr.com
Inman News / Flickr.com

California: $109,525

  • Monthly mortgage payment: $2,610

Learn: How Real Estate in California Differs From Every Other State

RiverNorthPhotography / iStock.com
RiverNorthPhotography / iStock.com

Colorado: $79,527

  • Monthly mortgage payment: $1,727

Doug Kerr / Flickr.com
Doug Kerr / Flickr.com

Connecticut: $81,063

  • Monthly mortgage payment: $1,542

Doug Kerr / Flickr.com
Doug Kerr / Flickr.com

Delaware: $68,808

  • Monthly mortgage payment: $1,141

Check Out: Tax Breaks Every First-Time Homebuyer Should Know About

Fotoluminate / Shutterstock.com
Fotoluminate / Shutterstock.com

Florida: $68,915

  • Monthly mortgage payment: $1,212

JR P / Flickr.com
JR P / Flickr.com

Georgia: $59,641

  • Monthly mortgage payment: $964

Teemu008 / Flickr.com
Teemu008 / Flickr.com

Hawaii: $126,508

  • Monthly mortgage payment: $2,898

Bryan Danger Wheeler / Flickr.com
Bryan Danger Wheeler / Flickr.com

Idaho: $71,762

  • Monthly mortgage payment: $1,461

Radoslaw Lecyk / Shutterstock.com
Radoslaw Lecyk / Shutterstock.com

Illinois: $66,060

  • Monthly mortgage payment: $1,142

Thomas Barrat / Shutterstock.com
Thomas Barrat / Shutterstock.com

Indiana: $54,212

  • Monthly mortgage payment: $724

Louis / Flickr.com
Louis / Flickr.com

Iowa: $55,939

  • Monthly mortgage payment: $744

Kent Kanouse / Flickr.com
Kent Kanouse / Flickr.com

Kansas:$55,752

  • Monthly mortgage payment: $763

Anne Kitzman / Shutterstock.com
Anne Kitzman / Shutterstock.com

Kentucky: $52,189

  • Monthly mortgage payment: $657

Brendan van Son / Shutterstock.com
Brendan van Son / Shutterstock.com

Louisiana: $53,137

  • Monthly mortgage payment: $698

Spencer Means / Flickr.com
Spencer Means / Flickr.com

Maine: $71,082

  • Monthly mortgage payment: $1,255

Robert Shafer / Getty Images
Robert Shafer / Getty Images

Maryland: $76,117

  • Monthly mortgage payment: $1,526

Doug Kerr / Flickr.com
Doug Kerr / Flickr.com

Massachusetts: $96,064

  • Monthly mortgage payment: $2,157

Doug Kerr / Flickr.com
Doug Kerr / Flickr.com

Michigan: $58,990

  • Monthly mortgage payment: $881

Randen Pederson / Flickr.com
Randen Pederson / Flickr.com

Minnesota: $69,911

  • Monthly mortgage payment: $1,248

Jerrye & Roy Klotz MD / Wikimedia Commons
Jerrye & Roy Klotz MD / Wikimedia Commons

Mississippi: $47,216

  • Monthly mortgage payment: $531

Paul Sableman / Flickr.com
Paul Sableman / Flickr.com

Missouri: $55,365

  • Monthly mortgage payment: $782

The Opposite: States Where You're Most Likely To Live Paycheck to Paycheck

Lorraine Boogich / Getty Images
Lorraine Boogich / Getty Images

Montana: $70,608

  • Monthly mortgage payment: $1,389

Ammodramus / Wikimedia Commons
Ammodramus / Wikimedia Commons

Nebraska: $59,626

  • Monthly mortgage payment: $927

Pexels
Pexels

Nevada: $73,665

  • Monthly mortgage payment: $1,376

DenisTangneyJr / iStock.com
DenisTangneyJr / iStock.com

New Hampshire: $83,833

  • Monthly mortgage payment: $1,790

Tallguy0187 / Wikimedia Commons
Tallguy0187 / Wikimedia Commons

New Jersey: $89,474

  • Monthly mortgage payment: $2,060

teofilo / Flickr.com
teofilo / Flickr.com

New Mexico: $58,878

  • Monthly mortgage payment: $924

Tana Lee Alves / Shutterstock.com
Tana Lee Alves / Shutterstock.com

New York: $74,920

  • Monthly mortgage payment: $1,388

Jon Curnow / Flickr.com
Jon Curnow / Flickr.com

North Carolina: $61,953

  • Monthly mortgage payment: $962

Jimmy Emerson / Flickr.com
Jimmy Emerson / Flickr.com

North Dakota: $64,193

  • Monthly mortgage payment: $1,007

Denise Kappa / Shutterstock.com
Denise Kappa / Shutterstock.com

Ohio: $56,308

  • Monthly mortgage payment: $818

Hank Shiffman / Shutterstock.com
Hank Shiffman / Shutterstock.com

Oklahoma: $50,785

  • Monthly mortgage payment: $594

Rigucci / Shutterstock.com
Rigucci / Shutterstock.com

Oregon: $85,406

  • Monthly mortgage payment: $1,770

Doug Kerr / Flickr.com
Doug Kerr / Flickr.com

Pennsylvania: $65,425

  • Monthly mortgage payment: $1,030

David / Flickr.com
David / Flickr.com

Rhode Island: $82,230

  • Monthly mortgage payment: $1,626

Torrey Wiley / Flickr.com
Torrey Wiley / Flickr.com

South Carolina: $58,897

  • Monthly mortgage payment: $841

Alexius Horatius / Wikimedia Commons
Alexius Horatius / Wikimedia Commons

South Dakota: $60,890

  • Monthly mortgage payment: $1,016

Picasa / Flickr.com
Picasa / Flickr.com

Tennessee: $55,651

  • Monthly mortgage payment: $858

Time for a Move: 8 Startling Facts That Blindside Homebuyers

Skyhobo / Getty Images
Skyhobo / Getty Images

Texas: $63,333

  • Monthly mortgage payment: $1,115

Wikimedia Commons
Wikimedia Commons

Utah: $78,221

  • Monthly mortgage payment: $1,699

denisbin / Flickr.com
denisbin / Flickr.com

Vermont: $77,216

  • Monthly mortgage payment: $1,428

Nannette Turner / Flickr.com
Nannette Turner / Flickr.com

Virginia: $68,399

  • Monthly mortgage payment: $1,302

brewbooks / Flickr.com
brewbooks / Flickr.com

Washington: $91,730

  • Monthly mortgage payment: $2,029

Joanne C Sullivan / Flickr.com
Joanne C Sullivan / Flickr.com

West Virginia: $46,351

  • Monthly mortgage payment: $437

Shihmei Barger / Flickr.com
Shihmei Barger / Flickr.com

Wisconsin: $64,120

  • Monthly mortgage payment: $1,042

alptraum / iStock.com
alptraum / iStock.com

Wyoming: $61,504

  • Monthly mortgage payment: $1,014

[rock-component slug="more-from-gobankingrates"]

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 (2.87%) for every state and multiplying that by 12 (1 year), sourced from Zillow's home value index and determined using Zillow's Mortgage Calculator; (2) annual necessities cost (grocery, utilities, healthcare and transportation) by taking the 2020 midyear Bureau of Labor Statistics consumer expenditure survey and factored out by the Missouri Economic Research and Information Center's cost-of-living index for Quarter 2 of 2021. 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 percent 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 Sept. 1, 2021.

This article originally appeared on GOBankingRates.com: This Is the Salary You Need To Afford the Average Home in Your State

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