These are the five most expensive states to buy a home
Plus, find out how much it costs where you live
Plus, find out how much it costs where you live
Ever dream of owning a home in sunny California or picturesque Colorado? This map will let you know if you can actually afford to live that dream someday.
determined the cost of an average home in each state by pulling the medium home prices from Zillow, and calculating monthly payments with a 4-5% market interest and a 10% down payment. Given that many financial advisors say you should invest a maximum of 30% of your gross income into a home, the website used this benchmark to calculate the minimum salary needed to afford a state's average home.
It’s not a perfect science/calculation, particularly when you consider how medium price of homes fluctuate greatly from cities to rural areas. But the rankings do offer a bit of context.
West Virginia requires the lowest salary needed to afford its average home — $38,320 for a house worth $149,500 — followed closely by Ohio where you’d need to make $38,400 for a house worth $149,900.
Click and find out where your state falls on the list, and see the five most expensive states to buy homes below:
