The map shows how much income you would need to buy an average-priced home in your state

New York

For anyone searching To purchase a new home, rising mortgage rates, rising home prices and a shrinking housing supply have made the entire process difficult to say the least.

Now a new analysis from was released on Monday It finds that in nearly half of U.S. states, buyers would need a six-figure household income just to buy the median-priced home in their state if they plan to To get a mortgage. (The median is the price at which half of the homes for sale in an area are more expensive and half are less expensive.)

Back in January 2020, six-figure income was needed in only six states and the District of Columbia.

Assuming you make a 20% down payment and get a 30-year fixed rate mortgage with an average rate of 52 weeks, this map shows you how much household income Bankrate analysis You find that you will need to purchase the median priced home in your state.

Keep in mind that the study only looked at the costs of securing a manageable mortgage payment (which includes principal, interest, property taxes, and property insurance). “Manageable” means it will not exceed 28% of your total household income. The analysis did not take into account closing costs or the costs you incur as a homeowner after you get the keys to your new home.

It should also be noted that the average home price in a particular state will not necessarily reflect the average price in the part of the state you are seeking to purchase.

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