Ever wonder how some people can afford to live in a huge mansion and you’re still living in a dinky apartment? It probably had a lot to do with your location.
To help us understand, a website called HowMuch.net created an interesting visual that tells Americans how much you need to make in order to afford an average home in each state. The graphic factors in a 30-year mortgage with a 10 percent down payment for the home, and lists out every single average salary for each state.
It’s no surprise that cost of living varies from state to state—but how much can be a bit shocking. For example, prices on the East Coast are at the peak. According to the graphic, you need to making an average of $138,440 to afford an average home in Washington DC, an average of $101,320 to afford an average home in Massachusetts, and $91,720 for New York. The West Coast also has high prices too, with California coming in at $120,120 and Colorado being $100,200.
If your career doesn’t lend itself to salaries like this, you may have more luck in the South or midwestern states. For example, you’ll need to make an average of $41,040 to afford an average home in Arkansas, $42,200 in Montana, and $44,360 for Mississippi. For just a bit more, Nebraska requires you to earn an average of $51,520 and Wyoming is $58,000.
Of course, the cost of living usually directly correlates with your salary, so even though you may earn more on the East Coast, that’s why the prices of houses are higher there, too. Sigh.
So what’s the good news? Well, there are a few states where you might assume the salary would be more, but it comes in more affordable than we thought. Pennsylvania, for instance, only requires you to make $47,960 and West Virginia is $38,320.
Also, remember that these are just referring to prices for the average home. Even if you make less than the salary indicates, you may still be able to be a homeowner in your desired state. Ah, another silver lining.
Take a look at the full map below to see where your state—or whatever state you want to live in—falls.
From HowMuch.net, a financial literacy website:
We’d love to hear your thoughts on this map graphic. What are the top states you want to live? Where can you actually afford to live according to this map? If you already own a home, do you agree with what this map indicates?
