When it comes to moving out of our parent's house and moving out on our own, it's a pretty scary thought. While many of us start out renting apartments, it's true that we all dream of the day we'll be able to afford a home. So, how much money do we need to save in order to buy a house where we live? And, is it even a possibility that we can afford to buy a home? More often, it seems as though people are choosing to live in apartments they can rent for longer periods of time because the cost of living is just too high across the country.
Lucky for you, if you're interested in buying a home, website HowMuch.net decided to calculate how much it would cost to buy a home in every state. The team over at the financial website calculated the cost per living by using housing sites such as Zillow and counting the price of mortgage rates and taxes. They also included how much you would need for a 10% down payment. They then used information from the U.S. Census Bureau on the median household in every state, as well.
Alabama
Salary needed to afford a home: $47,960
Median household income: $46,257
Alaska
Salary needed to afford a home: $67,280
Median household income: $76,440
Arizona
Salary needed to afford a home: $67,280
Median household income: $53,558
Arkansas
Salary needed to afford a home: $41,040
Median household income: $44,334
California
Salary needed to afford a home: $120,120
Median household income: $67,739
Colorado
Salary needed to afford a home: $100,200
Median household income: $65,685
Connecticut
Salary needed to afford a home: $75,280
Median household income: $73,433
Delaware
Salary needed to afford a home: $67,960
Median household income: $61,757
District Of Columbia
Salary needed to afford a home: $138,440
Median household income: $75,506
Florida
Salary needed to afford a home: $70,360
Median household income: $50,860
Georgia
Salary needed to afford a home: $59,520
Median household income: $53,559
Hawaii
Salary needed to afford a home: $153,52o
Median household income: $74,511
Idaho
Salary needed to afford a home: $70,360
Median household income: $51,807
Illinois
Salary needed to afford a home: $53,880
Median household income: $60,960
Indiana
Salary needed to afford a home: $42,560
Median household income: $52,314
Iowa
Salary needed to afford a home: $44,360
Median household income: $56,247
Kansas
Salary needed to afford a home: $43,160
Median household income: $54,935
Kentucky
Salary needed to afford a home: $44,360
Median household income: $46,659
Louisiana
Salary needed to afford a home: $50,320
Median household income: $45,146
Maine
Salary needed to afford a home: $55,520
Median household income: $53,079
Maryland
Salary needed to afford a home: $72,200
Median household income: $78,945
Massachusetts
Salary needed to afford a home: $101,320
Median household income: $75,297
Michigan
Salary needed to afford a home: $40,800
Median household income: $52,492
Minnesota
Salary needed to afford a home: $64,720
Median household income: $65,599
Mississippi
Salary needed to afford a home: $44,360
Median household income: $41,754
Missouri
Salary needed to afford a home: $42,200
Median household income: $51,746
Montana
Salary needed to afford a home: $75,520
Median household income: $50,027
Nebraska
Salary needed to afford a home: $51,520
Median household income: $56,927
Nevada
Salary needed to afford a home: $73,120
Median household income: $55,180
New Hampshire
Salary needed to afford a home: $68,440
Median household income: $70,936
New Jersey
Salary needed to afford a home: $69,640
Median household income: $76,126
New Mexico
Salary needed to afford a home: $54,880
Median household income: $46,748
New York
Salary needed to afford a home: $91,720
Median household income: $62,909
North Carolina
Salary needed to afford a home: $63,840
Median household income: $50,584
North Dakota
Salary needed to afford a home: $56,000
Median household income: $60,656
Ohio
Salary needed to afford a home: $38,400
Median household income: $52,334
Oklahoma
Salary needed to afford a home: $45,320
Median household income: $49,176
Oregon
Salary needed to afford a home: $87,160
Median household income: $57,532
Pennsylvania
Salary needed to afford a home: $47,960
Median household income: $56,907
Rhode Island
Salary needed to afford a home: $69,640
Median household income: $60,596
South Carolina
Salary needed to afford a home: $58,840
Median household income: $49,501
South Dakota
Salary needed to afford a home: $55,360
Median household income: $54,467
Tennessee
Salary needed to afford a home: $55,760
Median household income: $48,547
Texas
Salary needed to afford a home: $66,080
Median household income: $56,565
Utah
Salary needed to afford a home: $83,720
Median household income: $65,977
Vermont
Salary needed to afford a home: $62,600
Median household income: $57,677
Virginia
Salary needed to afford a home: $71,960
Median household income: $68,114
Washington
Salary needed to afford a home: $87,040
Median household income: $67,106
West Virginia
Salary needed to afford a home: $38,320
Median household income: $43,385
Wisconsin
Salary needed to afford a home: $50,080
Median household income: $56,811
Wyoming
Salary needed to afford a home: $58,000
Median household income: $59,882
