How much money you need to earn to buy a house in each state

Tray Ling

Home ownership has long been considered a staple of the American dream. During the pandemic, it has also become a dividing line between the haves and have-nots. As the coronavirus outbreak and rise of remote work pushed Americans to move from the city to the suburbs, those who could afford […]

Home ownership has long been considered a staple of the American dream.

During the pandemic, it has also become a dividing line between the haves and have-nots.

As the coronavirus outbreak and rise of remote work pushed Americans to move from the city to the suburbs, those who could afford a single-family home have been able to leverage historically low interest rates to build equity and net worth.

Many are doing just that. During 2020, the homeownership rate jumped to roughly 67%, up nearly 3% from a year earlier after remaining largely flat for a decade, according to the Census Bureau.

More from Personal Finance:
Some newlyweds face a ‘marriage tax penalty’ 
A financial snapshot of America one year after Covid
What to do to get your $600 stimulus check

But high demand for housing — along with a record low supply of homes for sale — has also caused a sharp spike in home prices, shutting others out entirely.

The pandemic-induced run on housing has fueled an affordability problem for many of those would-be buyers, despite mortgage rates near the lowest levels ever. Now, homes in many states require a salary larger than buyers’ current median income.

Here’s a look at just how much money it takes to afford the average home in each state, according to career planning site Zippia.com. Nationwide, the median home price is $346,800.

Next Post

Family, friends believe S.F. man was 'indirect victim' of pandemic

Ever since his death in December, the people who knew Jorge Sánchez have taken comfort in knowing that he lived a full life — that it would take most people 150 years, they say, to know all the love and joy he fit into 50. One friend called it “a […]