Money

5 US states where you need to make about $100,000 to afford ‘the average home’

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The median U.S. home value is $210,200 but, in states like Hawaii, that number can rise considerably, putting home-ownership further out of reach. Financial website How Much used data from real-estate site Zillow to collect average home prices for every state to find the minimum income needed to afford a place there and found that, in some places, the income necessary is almost or over six figures.

How Much used a mortgage calculator to calculate monthly payments, which consist of the principal and the interest for an assumed home loan. "The interest rate we used varied from 4-to-5 percent in each state, depending on the market. The lower the interest rate, the lower the monthly payment. To keep things simple, we assumed buyers could contribute a 10 percent down payment."

Based on that data, here are the top five states where you need to make almost or over $100,000 a year to afford the average home:

Hawaii

Minimum annual income: $153,520
Average home value: $610,000

California

Minimum annual income: $120,120
Average home value: $499,900

Massachusetts

Minimum annual income: $101,320
Average home value: $419,900

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Colorado

Minimum annual income: $100,200
Average home value: $415,000

New York

Minimum annual income: $91,720
Average home value: $379,000

"Our map creates a quick snapshot of housing affordability across the United States," according to How Much. "There are several pockets in which only the upper-middle class and above can afford to own even the average home, most notably across the West and in the Northeast. "

In fact, "there are only two states west of the Mississippi River where a worker with an annual salary under $40,000 can afford a midlevel home: Missouri and Oklahoma."

That doesn't mean housing is unaffordable in other places, though: "The best takeaway is that housing remains affordable in large swaths of the country," even though there are certain high-profile states where it could be tougher to find one.

If you're thinking of buying a home, check out these tips to get started.

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