How Much of Your Salary You’ll Need To Spend To Afford a House Across America

Cameron Huddleston
·20 min read
kevinruss / Getty Images/iStockphoto
kevinruss / Getty Images/iStockphoto

If you’re thinking about buying a house this year, there is good news and bad news.

Mortgage rates are expected to remain low through in 2021, according to forecasts by real estate marketplace Zillow. That’s good news for people who plan to borrow money to buy a house.

However, the bad news is that home prices will continue to rise — albeit, at a slower pace than 2019, according to Zillow. That could make coming up with a 20% down payment on a home difficult for buyers, especially in expensive markets. And high home prices could put monthly mortgage payments out of reach for many — even though mortgage interest rates are low.

The rule of thumb is that you shouldn’t spend more than 30% of your income on housing. Families who spend more than that are considered cost-burdened and may have trouble paying for other necessities, according to the U.S. Department of Housing and Urban Development. Sticking to that rule of thumb, though, can be a challenge in some parts of the country where home prices are high and median household incomes aren’t quite high enough to make the math work, according to a new GOBankingRates study.

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GOBankingRates found what percentage of income would go toward paying a mortgage in each state using the following data:

  • The median home value in each state, according to Zillow’s October 2019 housing data

  • The median property tax rate in each state, according to Tax-Rates.org

  • The national average 30-year fixed mortgage rate, according to the Federal Reserve Bank of St. Louis

  • Median monthly and annual household income in each state, according to the Census Bureau

Zillow’s mortgage calculator was used to estimate monthly mortgage payments for each state based on median home values, tax rates and a 20% down payment. Then GOBankingRates calculated what percentage of the median household income that the estimated mortgage payments would be and ranked the states from lowest to highest percentage.

GOBankingRates also calculated the salary needed to afford a home using the mortgage payment estimate and the annual cost of necessities based on data from the Census Bureau and the Missouri Economic Research and Information Center. That number was doubled to find the annual salary needed in every state to satisfy the 50/30/20 rule, which recommends that necessities make up 50% of a household budget.

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The study found that, for the most part, a smaller salary is needed to afford a home in the South and Midwest. States in the West and Northeast tend to require higher salaries because home prices are higher. And there are some places where you won’t be able to afford a home unless you earn more than the median income.

Last updated: May 6, 2021

Row of homes in downtown Charleston, West Virginia.
Row of homes in downtown Charleston, West Virginia.

West Virginia

  • Median home value: $99,700

  • 20% down payment: $19,940

  • Median property tax rate: 0.49%

  • Median annual mortgage: $4,908

  • Median annual household income: $44,097

  • Annual necessary expenditures: $21,231.65

  • Salary needed to afford a home: $42,463.30

  • Monthly income needed to afford a home: $3,539

Mortgage as a percentage of income: 11.13%

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Beautiful grey wood shingle cottage with autumn trees and wreath on door - Image.
Beautiful grey wood shingle cottage with autumn trees and wreath on door - Image.

Oklahoma

  • Median home value: $125,800

  • 20% down payment: $25,160

  • Median property tax rate: 0.74%

  • Median annual mortgage: $6,516

  • Median annual household income: $51,924

  • Annual necessary expenditures: $23,815.65

  • Salary needed to afford a home: $47,631.29

  • Monthly income needed to afford a home: $3,969

Mortgage as a percentage of income: 12.55%

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Southern Alabama home with beautiful porch and lovely red roses.
Southern Alabama home with beautiful porch and lovely red roses.

Alabama

  • Median home value: $135,500

  • 20% down payment: $27,100

  • Median property tax rate: 0.33%

  • Median annual mortgage: $6,456

  • Median annual household income: $49,861

  • Annual necessary expenditures: $23,944.24

  • Salary needed to afford a home: $47,888.48

  • Monthly income needed to afford a home: $3,991

Mortgage as a percentage of income: 12.95%

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Row of colorful garden homes with two stories and white pillars in suburban neighborhood of Fayetteville, Arkansas.
Row of colorful garden homes with two stories and white pillars in suburban neighborhood of Fayetteville, Arkansas.

Arkansas

  • Median home value: $129,800

  • 20% down payment: $25,960

  • Median property tax rate: 0.52%

  • Median annual mortgage: $6,432

  • Median annual household income: $47,062

  • Annual necessary expenditures: $22,584.54

  • Salary needed to afford a home: $45,169.08

  • Monthly income needed to afford a home: $3,764

Mortgage as a percentage of income: 13.67%

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A house amidst the fields of grain in the midwest in the early evening.
A house amidst the fields of grain in the midwest in the early evening.

Kansas

  • Median home value: $141,500

  • 20% down payment: $28,300

  • Median property tax rate: 1.29%

  • Median annual mortgage: $8,100

  • Median annual household income: $58,218

  • Annual necessary expenditures: $25,868.10

  • Salary needed to afford a home: $51,736.19

  • Monthly income needed to afford a home: $4,311

Mortgage as a percentage of income: 13.91%

Iowa home
Iowa home

Iowa

  • Median home value: $146,900

  • 20% down payment: $29,380

  • Median property tax rate: 1.29%

  • Median annual mortgage: $8,412

  • Median annual household income: $59,955

  • Annual necessary expenditures: $26,714.38

  • Salary needed to afford a home: $53,428.75

  • Monthly income needed to afford a home: $4,452

Mortgage as a percentage of income: 14.03%

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Please click my private lightbox links below for more images like this -- Thanks!.

Indiana

  • Median home value: $148,500

  • 20% down payment: $29,700

  • Median property tax rate: 0.85%

  • Median annual mortgage: $7,848

  • Median annual household income: $55,746

  • Annual necessary expenditures: $25,810.79

  • Salary needed to afford a home: $51,621.58

  • Monthly income needed to afford a home: $4,302

Mortgage as a percentage of income: 14.08%

New Orleans, USA - Nov 30, 2017: Southern style American houses along Center Street.
New Orleans, USA - Nov 30, 2017: Southern style American houses along Center Street.

Louisiana

  • Median home value: $147,900

  • 20% down payment: $29,580

  • Median property tax rate: 0.18%

  • Median annual mortgage: $6,828

  • Median annual household income: $47,905

  • Annual necessary expenditures: $24,557.95

  • Salary needed to afford a home: $49,115.89

  • Monthly income needed to afford a home: $4,093

Mortgage as a percentage of income: 14.25%

View to small American town.
View to small American town.

Mississippi

  • Median home value: $129,700

  • 20% down payment: $25,940

  • Median property tax rate: 0.52%

  • Median annual mortgage: $6,432

  • Median annual household income: $44,717

  • Annual necessary expenditures: $23,315.42

  • Salary needed to afford a home: $46,630.85

  • Monthly income needed to afford a home: $3,886

Mortgage as a percentage of income: 14.38%

Three houses in a Cleveland, Ohio neighborhood.
Three houses in a Cleveland, Ohio neighborhood.

Ohio

  • Median home value: $143,300

  • 20% down payment: $28,660

  • Median property tax rate: 1.36%

  • Median annual mortgage: $8,304

  • Median annual household income: $56,111

  • Annual necessary expenditures: $26,298.48

  • Salary needed to afford a home: $52,596.95

  • Monthly income needed to afford a home: $4,383

Mortgage as a percentage of income: 14.80%

Kentucky home
Kentucky home

Kentucky

  • Median home value: $149,300

  • 20% down payment: $29,860

  • Median property tax rate: 0.72%

  • Median annual mortgage: $7,692

  • Median annual household income: $50,247

  • Annual necessary expenditures: $25,152.73

  • Salary needed to afford a home: $50,305.46

  • Monthly income needed to afford a home: $4,192

Mortgage as a percentage of income: 15.31%

Columbia old downtown, Missouri.
Columbia old downtown, Missouri.

Missouri

  • Median home value: $163,700

  • 20% down payment: $32,740

  • Median property tax rate: 0.91%

  • Median annual mortgage: $8,748

  • Median annual household income: $54,478

  • Annual necessary expenditures: $26,770.96

  • Salary needed to afford a home: $53,541.92

  • Monthly income needed to afford a home: $4,462

Mortgage as a percentage of income: 16.06%

Fort Mill, South Carolina, USA - June 6, 2014: The American Dream is pictured in this iconic image of a row of new, Victorian-style homes with a white picket fence in the Baxter Village neighborhood development located south of Charlotte, North Carolina.
Fort Mill, South Carolina, USA - June 6, 2014: The American Dream is pictured in this iconic image of a row of new, Victorian-style homes with a white picket fence in the Baxter Village neighborhood development located south of Charlotte, North Carolina.

South Carolina

  • Median home value: $171,800

  • 20% down payment: $34,360

  • Median property tax rate: 0.50%

  • Median annual mortgage: $8,484

  • Median annual household income: $52,306

  • Annual necessary expenditures: $26,511.55

  • Salary needed to afford a home: $53,023.11

  • Monthly income needed to afford a home: $4,419

Mortgage as a percentage of income: 16.22%

Detroit, Michigan, USA - streets of east side Detroit.
Detroit, Michigan, USA - streets of east side Detroit.

Michigan

  • Median home value: $154,700

  • 20% down payment: $30,940

  • Median property tax rate: 1.62%

  • Median annual mortgage: $9,372

  • Median annual household income: $56,697

  • Annual necessary expenditures: $27,266.08

  • Salary needed to afford a home: $54,532.17

  • Monthly income needed to afford a home: $4,544

Mortgage as a percentage of income: 16.53%

Nashville, United States - May 5, 2016: Single family residential homes are painted different colors in a Tennessee neighborhood.
Nashville, United States - May 5, 2016: Single family residential homes are painted different colors in a Tennessee neighborhood.

Tennessee

  • Median home value: $172,000

  • 20% down payment: $34,400

  • Median property tax rate: 0.68%

  • Median annual mortgage: $8,796

  • Median annual household income: $52,375

  • Annual necessary expenditures: $25,511.50

  • Salary needed to afford a home: $51,023.00

  • Monthly income needed to afford a home: $4,252

Mortgage as a percentage of income: 16.79%

Philadelphia, Pennsylvania, USA dawn on the Schuylkill River at Boathouse Row.
Philadelphia, Pennsylvania, USA dawn on the Schuylkill River at Boathouse Row.

Pennsylvania

  • Median home value: $177,500

  • 20% down payment: $35,500

  • Median property tax rate: 1.35%

  • Median annual mortgage: $10,272

  • Median annual household income: $60,905

  • Annual necessary expenditures: $29,443.59

  • Salary needed to afford a home: $58,887.18

  • Monthly income needed to afford a home: $4,907

Mortgage as a percentage of income: 16.87%

Illinois
Illinois

Illinois

  • Median home value: $184,000

  • 20% down payment: $36,800

  • Median property tax rate: 1.73%

  • Median annual mortgage: $11,340

  • Median annual household income: $65,030

  • Annual necessary expenditures: $30,205.04

  • Salary needed to afford a home: $60,410.07

  • Monthly income needed to afford a home: $5,034

Mortgage as a percentage of income: 17.44%

Tree lined historic homes on the community road in Savannah Georgia USA.
Tree lined historic homes on the community road in Savannah Georgia USA.

Georgia

  • Median home value: $195,500

  • 20% down payment: $39,100

  • Median property tax rate: 0.83%

  • Median annual mortgage: $10,296

  • Median annual household income: $58,756

  • Annual necessary expenditures: $27,967.34

  • Salary needed to afford a home: $55,934.67

  • Monthly income needed to afford a home: $4,661

Mortgage as a percentage of income: 17.52%

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modern beach homes on a sunny day.
modern beach homes on a sunny day.

Nebraska

  • Median home value: $170,100

  • 20% down payment: $34,020

  • Median property tax rate: 1.76%

  • Median annual mortgage: $10,536

  • Median annual household income: $59,566

  • Annual necessary expenditures: $28,199.42

  • Salary needed to afford a home: $56,398.83

  • Monthly income needed to afford a home: $4,700

Mortgage as a percentage of income: 17.69%

A farmhouse on a working farm in New Castle County Delaware, USA.
A farmhouse on a working farm in New Castle County Delaware, USA.

Delaware

  • Median home value: $237,200

  • 20% down payment: $47,440

  • Median property tax rate: 0.43%

  • Median annual mortgage: $11,544

  • Median annual household income: $64,805

  • Annual necessary expenditures: $30,847.85

  • Salary needed to afford a home: $61,695.70

  • Monthly income needed to afford a home: $5,141

Mortgage as a percentage of income: 17.81%

"Brown House framed by color changing leaves.
"Brown House framed by color changing leaves.

North Carolina

  • Median home value: $191,400

  • 20% down payment: $38,280

  • Median property tax rate: 0.78%

  • Median annual mortgage: $9,984

  • Median annual household income: $53,855

  • Annual necessary expenditures: $28,434.47

  • Salary needed to afford a home: $56,868.95

  • Monthly income needed to afford a home: $4,739

Mortgage as a percentage of income: 18.54%

Annapolis Maryland capitol
Annapolis Maryland capitol

Maryland

  • Median home value: $292,300

  • 20% down payment: $58,460

  • Median property tax rate: 0.87%

  • Median annual mortgage: $15,504

  • Median annual household income: $83,242

  • Annual necessary expenditures: $34,806.30

  • Salary needed to afford a home: $69,612.60

  • Monthly income needed to afford a home: $5,801

Mortgage as a percentage of income: 18.63%

Homes in an quiet urban neighborhood in St.
Homes in an quiet urban neighborhood in St.

Minnesota

  • Median home value: $240,800

  • 20% down payment: $48,160

  • Median property tax rate: 1.05%

  • Median annual mortgage: $13,212

  • Median annual household income: $70,315

  • Annual necessary expenditures: $32,350.87

  • Salary needed to afford a home: $64,701.75

  • Monthly income needed to afford a home: $5,392

Mortgage as a percentage of income: 18.79%

High angle view of Roanoke Virginia with famous church in the background -- St Andrews Catholic Church.
High angle view of Roanoke Virginia with famous church in the background -- St Andrews Catholic Church.

Virginia

  • Median home value: $266,300

  • 20% down payment: $53,260

  • Median property tax rate: 0.74%

  • Median annual mortgage: $13,776

  • Median annual household income: $72,577

  • Annual necessary expenditures: $31,447.30

  • Salary needed to afford a home: $62,894.60

  • Monthly income needed to afford a home: $5,241

Mortgage as a percentage of income: 18.98%

Fargo, North Dakota, USA - June 12, 2017: Daytime view of Fargo's historic Front Street now Main Street in the heart of the downtown district.
Fargo, North Dakota, USA - June 12, 2017: Daytime view of Fargo's historic Front Street now Main Street in the heart of the downtown district.

North Dakota

  • Median home value: $209,600

  • 20% down payment: $41,920

  • Median property tax rate: 1.42%

  • Median annual mortgage: $12,276

  • Median annual household income: $63,837

  • Annual necessary expenditures: $31,453.56

  • Salary needed to afford a home: $62,907.12

  • Monthly income needed to afford a home: $5,242

Mortgage as a percentage of income: 19.23%

Panoramic aerial view of Jackson Hole homes and beautiful mountains on a summer morning, Wyoming.
Panoramic aerial view of Jackson Hole homes and beautiful mountains on a summer morning, Wyoming.

Wyoming

  • Median home value: $237,100

  • 20% down payment: $47,420

  • Median property tax rate: 0.58%

  • Median annual mortgage: $11,892

  • Median annual household income: $61,584

  • Annual necessary expenditures: $29,535.88

  • Salary needed to afford a home: $59,071.76

  • Monthly income needed to afford a home: $4,923

Mortgage as a percentage of income: 19.31%

Coventry, Connecticut / USA - June 20 2018: Nathan Hale homestead on a sunny summer day.
Coventry, Connecticut / USA - June 20 2018: Nathan Hale homestead on a sunny summer day.

Connecticut

  • Median home value: $245,000

  • 20% down payment: $49,000

  • Median property tax rate: 1.63%

  • Median annual mortgage: $14,856

  • Median annual household income: $76,348

  • Annual necessary expenditures: $36,126.91

  • Salary needed to afford a home: $72,253.83

  • Monthly income needed to afford a home: $6,021

Mortgage as a percentage of income: 19.46%

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Kenosha, Wisconsin/USA - July, 2018.
Kenosha, Wisconsin/USA - July, 2018.

Wisconsin

  • Median home value: $192,900

  • 20% down payment: $38,580

  • Median property tax rate: 1.76%

  • Median annual mortgage: $11,952

  • Median annual household income: $60,773

  • Annual necessary expenditures: $30,782.02

  • Salary needed to afford a home: $61,564.04

  • Monthly income needed to afford a home: $5,130

Mortgage as a percentage of income: 19.67%

Lead, United States - May 8, 2016: Historic residential Victorian style homes are actively used and abudant in this Western South Dakota Black Hills town.
Lead, United States - May 8, 2016: Historic residential Victorian style homes are actively used and abudant in this Western South Dakota Black Hills town.

South Dakota

  • Median home value: $195,700

  • 20% down payment: $39,140

  • Median property tax rate: 1.28%

  • Median annual mortgage: $11,184

  • Median annual household income: $56,274

  • Annual necessary expenditures: $29,031.92

  • Salary needed to afford a home: $58,063.84

  • Monthly income needed to afford a home: $4,839

Mortgage as a percentage of income: 19.87%

El Paso, Texas / USA - 9 April 2019: Typical suburban type home in El Paso, Texas - Image.
El Paso, Texas / USA - 9 April 2019: Typical suburban type home in El Paso, Texas - Image.

Texas

  • Median home value: $200,100

  • 20% down payment: $40,020

  • Median property tax rate: 1.81%

  • Median annual mortgage: $12,492

  • Median annual household income: $60,629

  • Annual necessary expenditures: $30,023.90

  • Salary needed to afford a home: $60,047.79

  • Monthly income needed to afford a home: $5,004

Mortgage as a percentage of income: 20.60%

Newer adobe homes in New Mexico.
Newer adobe homes in New Mexico.

New Mexico

  • Median home value: $196,300

  • 20% down payment: $39,260

  • Median property tax rate: 0.55%

  • Median annual mortgage: $9,780

  • Median annual household income: $47,169

  • Annual necessary expenditures: $27,481.60

  • Salary needed to afford a home: $54,963.21

  • Monthly income needed to afford a home: $4,580

Mortgage as a percentage of income: 20.73%

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House in small town America during the fall foliage season.
House in small town America during the fall foliage season.

Vermont

  • Median home value: $210,700

  • 20% down payment: $42,140

  • Median property tax rate: 1.59%

  • Median annual mortgage: $12,696

  • Median annual household income: $60,782

  • Annual necessary expenditures: $33,082.33

  • Salary needed to afford a home: $66,164.66

  • Monthly income needed to afford a home: $5,514

Mortgage as a percentage of income: 20.89%

Aerial view looking directly down on a cul-de-sac in a planned exclusive residential community in the Scottsdale area of Arizona.
Aerial view looking directly down on a cul-de-sac in a planned exclusive residential community in the Scottsdale area of Arizona.

Arizona

  • Median home value: $258,700

  • 20% down payment: $51,740

  • Median property tax rate: 0.72%

  • Median annual mortgage: $13,332

  • Median annual household income: $59,246

  • Annual necessary expenditures: $32,034.18

  • Salary needed to afford a home: $64,068.36

  • Monthly income needed to afford a home: $5,339

Mortgage as a percentage of income: 22.50%

Bigfork,Montana,USA - August 18,2019: Two young people,male and female on paddle boards in front of modern waterfront homes.
Bigfork,Montana,USA - August 18,2019: Two young people,male and female on paddle boards in front of modern waterfront homes.

Montana

  • Median home value: $241,700

  • 20% down payment: $48,340

  • Median property tax rate: 0.83%

  • Median annual mortgage: $12,720

  • Median annual household income: $55,328

  • Annual necessary expenditures: $30,077.26

  • Salary needed to afford a home: $60,154.52

  • Monthly income needed to afford a home: $5,013

Mortgage as a percentage of income: 22.99%

COCONUT CREEK, FL, USA: View of a lake and surrounding homes.
COCONUT CREEK, FL, USA: View of a lake and surrounding homes.

Florida

  • Median home value: $238,600

  • 20% down payment: $47,720

  • Median property tax rate: 0.97%

  • Median annual mortgage: $12,900

  • Median annual household income: $55,462

  • Annual necessary expenditures: $31,386.49

  • Salary needed to afford a home: $62,772.97

  • Monthly income needed to afford a home: $5,231

Mortgage as a percentage of income: 23.26%

Victorian houses in a fall foliage setting in New England.
Victorian houses in a fall foliage setting in New England.

Maine

  • Median home value: $237,100

  • 20% down payment: $47,420

  • Median property tax rate: 1.09%

  • Median annual mortgage: $13,104

  • Median annual household income: $55,602

  • Annual necessary expenditures: $33,036.70

  • Salary needed to afford a home: $66,073.41

  • Monthly income needed to afford a home: $5,506

Mortgage as a percentage of income: 23.57%

Laconia is a city in Belknap County, New Hampshire, United States.
Laconia is a city in Belknap County, New Hampshire, United States.

New Hampshire

  • Median home value: $281,600

  • 20% down payment: $56,320

  • Median property tax rate: 1.86%

  • Median annual mortgage: $17,724

  • Median annual household income: $74,991

  • Annual necessary expenditures: $37,820.90

  • Salary needed to afford a home: $75,641.81

  • Monthly income needed to afford a home: $6,303

Mortgage as a percentage of income: 23.63%

ANCHORAGE, ALASKA - JUNE 8 - A scenic backyard view in a local neighborhood on June 8 2019 in Anchorage Alaska.
ANCHORAGE, ALASKA - JUNE 8 - A scenic backyard view in a local neighborhood on June 8 2019 in Anchorage Alaska.

Alaska

  • Median home value: $326,300

  • 20% down payment: $65,260

  • Median property tax rate: 1.04%

  • Median annual mortgage: $17,868

  • Median annual household income: $74,346

  • Annual necessary expenditures: $43,261.51

  • Salary needed to afford a home: $86,523.01

  • Monthly income needed to afford a home: $7,210

Mortgage as a percentage of income: 24.03%

View of property and landscape with green grass and house.
View of property and landscape with green grass and house.

Utah

  • Median home value: $348,000

  • 20% down payment: $69,600

  • Median property tax rate: 0.60%

  • Median annual mortgage: $17,520

  • Median annual household income: $71,414

  • Annual necessary expenditures: $35,482.96

  • Salary needed to afford a home: $70,965.92

  • Monthly income needed to afford a home: $5,914

Mortgage as a percentage of income: 24.53%

Nice houses in a nice neighborhood.
Nice houses in a nice neighborhood.

Idaho

  • Median home value: $275,100

  • 20% down payment: $55,020

  • Median property tax rate: 0.69%

  • Median annual mortgage: $14,100

  • Median annual household income: $55,583

  • Annual necessary expenditures: $31,648.82

  • Salary needed to afford a home: $63,297.64

  • Monthly income needed to afford a home: $5,275

Mortgage as a percentage of income: 25.37%

Bayonne New Jersey Newark homes neighborhood
Bayonne New Jersey Newark homes neighborhood

New Jersey

  • Median home value: $330,000

  • 20% down payment: $66,000

  • Median property tax rate: 1.89%

  • Median annual mortgage: $20,868

  • Median annual household income: $81,740

  • Annual necessary expenditures: $40,338.95

  • Salary needed to afford a home: $80,677.89

  • Monthly income needed to afford a home: $6,723

Mortgage as a percentage of income: 25.53%

Residential street and living houses in New Rochelle, Westchester, at beautiful sunny day.
Residential street and living houses in New Rochelle, Westchester, at beautiful sunny day.

New York

  • Median home value: $305,800

  • 20% down payment: $61,160

  • Median property tax rate: 1.23%

  • Median annual mortgage: $17,328

  • Median annual household income: $67,844

  • Annual necessary expenditures: $36,749.45

  • Salary needed to afford a home: $73,498.90

  • Monthly income needed to afford a home: $6,125

Mortgage as a percentage of income: 25.54%

Victorian Style homes in Newport, Rhode Island.
Victorian Style homes in Newport, Rhode Island.

Rhode Island

  • Median home value: $285,500

  • 20% down payment: $57,100

  • Median property tax rate: 1.35%

  • Median annual mortgage: $16,512

  • Median annual household income: $64,340

  • Annual necessary expenditures: $36,968.50

  • Salary needed to afford a home: $73,937.00

  • Monthly income needed to afford a home: $6,161

Mortgage as a percentage of income: 25.66%

New Homes, Las Vegas, Nevada.
New Homes, Las Vegas, Nevada.

Nevada

  • Median home value: $292,900

  • 20% down payment: $58,580

  • Median property tax rate: 0.84%

  • Median annual mortgage: $15,456

  • Median annual household income: $58,646

  • Annual necessary expenditures: $34,198.89

  • Salary needed to afford a home: $68,397.77

  • Monthly income needed to afford a home: $5,700

Mortgage as a percentage of income: 26.35%

Fort Collins, Colorado, USA - June 17, 2014: A typical middle class house in Fort Collins.
Fort Collins, Colorado, USA - June 17, 2014: A typical middle class house in Fort Collins.

Colorado

  • Median home value: $385,200

  • 20% down payment: $77,040

  • Median property tax rate: 0.60%

  • Median annual mortgage: $19,392

  • Median annual household income: $71,953

  • Annual necessary expenditures: $37,308.44

  • Salary needed to afford a home: $74,616.88

  • Monthly income needed to afford a home: $6,218

Mortgage as a percentage of income: 26.95%

An American flag flies from the open porch and gardens surround a small single family home on a Spring afternoon on Cape Cod on the Massachusetts coast.
An American flag flies from the open porch and gardens surround a small single family home on a Spring afternoon on Cape Cod on the Massachusetts coast.

Massachusetts

  • Median home value: $410,200

  • 20% down payment: $82,040

  • Median property tax rate: 1.04%

  • Median annual mortgage: $22,464

  • Median annual household income: $79,835

  • Annual necessary expenditures: $43,242.98

  • Salary needed to afford a home: $86,485.95

  • Monthly income needed to afford a home: $7,207

Mortgage as a percentage of income: 28.14%

Driveway to front walkway view of partial front of residential home during early autumn season.
Driveway to front walkway view of partial front of residential home during early autumn season.

Washington

  • Median home value: $395,500

  • 20% down payment: $79,100

  • Median property tax rate: 0.92%

  • Median annual mortgage: $21,180

  • Median annual household income: $74,073

  • Annual necessary expenditures: $41,291.17

  • Salary needed to afford a home: $82,582.35

  • Monthly income needed to afford a home: $6,882

Mortgage as a percentage of income: 28.59%

Sunset View with Mount St Helens from deck of luxury homes in Happy Valley Oregon in Clackamas County.
Sunset View with Mount St Helens from deck of luxury homes in Happy Valley Oregon in Clackamas County.

Oregon

  • Median home value: $351,700

  • 20% down payment: $70,340

  • Median property tax rate: 0.87%

  • Median annual mortgage: $18,660

  • Median annual household income: $63,426

  • Annual necessary expenditures: $39,280.69

  • Salary needed to afford a home: $78,561.37

  • Monthly income needed to afford a home: $6,547

Mortgage as a percentage of income: 29.42%

An Oahu beach house.
An Oahu beach house.

Hawaii

  • Median home value: $622,700

  • 20% down payment: $124,540

  • Median property tax rate: 0.26%

  • Median annual mortgage: $29,232

  • Median annual household income: $80,212

  • Annual necessary expenditures: $56,626.94

  • Salary needed to afford a home: $113,253.88

  • Monthly income needed to afford a home: $9,438

Mortgage as a percentage of income: 36.44%

Finished Tract homes in Northern California.
Finished Tract homes in Northern California.

California

  • Median home value: $552,100

  • 20% down payment: $110,420

  • Median property tax rate: 0.74%

  • Median annual mortgage: $28,572

  • Median annual household income: $75,277

  • Annual necessary expenditures: $50,637.65

  • Salary needed to afford a home: $101,275.29

  • Monthly income needed to afford a home: $8,440

Mortgage as a percentage of income: 37.96%

More From GOBankingRates

Methodology: GOBankingRates used Zillow’s mortgage calculator to create (1) estimated monthly and annual mortgage payments for each state based on: (2) the state’s median home value according to Zillow’s October 2019 housing data, (3) each state’s median property tax rate according to Tax-Rates.org, (4) a 20% down payment estimate and (5) the national average 30-year fixed mortgage interest rate as of Dec. 12, 2019, according to the Federal Reserve Bank of St. Louis. GOBankingRates then compiled information on (6) each state’s median monthly and annual household income according to the 2018 American Community Survey. This allowed (7) the percent of total household income that the median mortgage would cost in each state to be calculated. States were then ranked according to factor No. 7, with No. 1 being the state where the median annual mortgage is smallest in proportion to the median annual household income.

Information on the necessary annual salary to cover necessities according to the 50/30/20 rule is provided as supplemental data. GOBankingRates found the average annual cost of necessities (including groceries, utilities, transportation and healthcare) in the U.S. from the Consumer Expenditure Survey and adjusted these estimates to the state level by multiplying each figure by the Missouri Economic Research and Information Center’s third quarter 2019 cost-of-living indices for each category in each state. GOBankingRates then added the annual mortgage estimate to find the total expected annual cost of necessities in every state, and doubled this number to find the annual salary one would need in every state to satisfy the 50/30/20 rule, which recommends that necessities comprise 50% of one’s total budget.

All data was compiled on and is up-to-date as of Dec. 17, 2019.

This article originally appeared on GOBankingRates.com: How Much of Your Salary You’ll Need To Spend To Afford a House Across America