Results from a recent analysis by HowMuch.net using data from Zillow have found that a homebuyer in Colorado will need to have a rather large salary if they’re looking to purchase a home in the state. This analysis looked at how much the “average” home costs and then considered a buying scenario with a 10% down payment and a 30-year mortgage. While Colorado’s “average” home cost is likely skewed by booming prices in Denver, the results reveal a conclusion that isn’t unexpected – owning in Colorado is pricy. The general trend of the analysis was predictable – that homes in Midwest America tend to be the most affordable, getting more expensive and requiring higher salaries in states closer to the coasts. Below you’ll find the 5 places that require the lowest salary to buy, followed by 5 places where you’ll need to make the most.
States where you’ll need the lowest salary to afford the “average” home
1. West Virginia: $38,320 for a house worth $149,500
2. Ohio: $38,400 for a house worth $149,900
3. Michigan: $40,800 for a house worth $160,000
4. Arkansas: $41,040 for a house worth $161,000
5. Missouri: $42,200 for a house worth $165,900
State where you’ll need the highest salary to afford the “average” home
1. Hawaii: $153,520 for a house worth $610,000
2. Washington, DC: $138,440 for a house worth $549,000
3. California: $120,120 for a house worth $499,900
4. Massachusetts: $101,320 for a house worth $419,900
5. Colorado: $100,200 for a house worth $415,000
For a full list of salaries and more about the analysis, visit HowMuch.net.
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