Here’s How Much You Should Save For a House in Every State
The cost of homes in the U.S. has skyrocketed over the past few decades. Now, most folks earning an average salary can’t afford to buy a home in just about anywhere in the nation, according to an ATTOM report. Of course, some states are more expensive than others and, on average, you’ll save a lot more on a home in, say, South Dakota than you will in California.
But exactly how much should you save for a house in every state? A new study by GOBankingRates answers the question. States are ranked in order from least expensive to most expensive.
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Hawaii
Average home value: $958,592.06
20% down payment cost: $191,718.41
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California
Average home value: $763,306.79
20% down payment cost: $152,661.36
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District of Columbia
Average home value: $707,756.99
20% down payment cost: $141,551.40
Massachusetts
Average home value: $606,050.70
20% down payment cost: $121,210.14
Washington
Average home value: $576,171.87
20% down payment cost: $115,234.37
Colorado
Average home value: $538,236.28
20% down payment cost: $107,647.26
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New Jersey
Average home value: $511,384.15
20% down payment cost: $102,276.83
Utah
Average home value: $510,342.10
20% down payment cost: $102,068.42
Oregon
Average home value: $487,820.47
20% down payment cost: $97,564.09
New Hampshire
Average home value: $464,611.35
20% down payment cost: $92,922.27
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Rhode Island
Average home value: $444,182.17
20% down payment cost: $88,836.43
Montana
Average home value: $443,792.70
20% down payment cost: $88,758.54
Nevada
Average home value: $433,564.15
20% down payment cost: $86,712.83
Idaho
Average home value: $433,033.67
20% down payment cost: $86,606.73
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Arizona
Average home value: $429,098.90
20% down payment cost: $85,819.78
New York
Average home value: $425,900.69
20% down payment cost: $85,180.14
Maryland
Average home value: $412,161.98
20% down payment cost: $82,432.40
Florida
Average home value: $407,004.04
20% down payment cost: $81,400.81
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Connecticut
Average home value: $402,396.28
20% down payment cost: $80,479.26
Vermont
Average home value: $376,969.05
20% down payment cost: $75,393.81
Maine
Average home value: $376,460.52
20% down payment cost: $75,292.10
Virginia
Average home value: $376,236.04
20% down payment cost: $75,247.21
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Delaware
Average home value: $369,279.10
20% down payment cost: $73,855.82
Alaska
Average home value: $359,589.98
20% down payment cost: $71,918.00
Wyoming
Average home value: $330,627.40
20% down payment cost: $66,125.48
Minnesota
Average home value: $321,869.87
20% down payment cost: $64,373.97
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Georgia
Average home value: $318,522.75
20% down payment cost: $63,704.55
North Carolina
Average home value: $317,395.96
20% down payment cost: $63,479.19
Tennessee
Average home value: $305,177.36
20% down payment cost: $61,035.47
Texas
Average home value: $295,091.02
20% down payment cost: $59,018.20
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New Mexico
Average home value: $289,803.36
20% down payment cost: $57,960.67
South Dakota
Average home value: $286,543.66
20% down payment cost: $57,308.73
South Carolina
Average home value: $284,025.41
20% down payment cost: $56,805.08
Wisconsin
Average home value: $282,228.14
20% down payment cost: $56,445.63
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Pennsylvania
Average home value: $254,502.77
20% down payment cost: $50,900.55
Illinois
Average home value: $252,146.91
20% down payment cost: $50,429.38
North Dakota
Average home value: $249,130.63
20% down payment cost: $49,826.13
Nebraska
Average home value: $246,304.63
20% down payment cost: $49,260.93
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Missouri
Average home value: $235,384.58
20% down payment cost: $47,076.92
Indiana
Average home value: $228,049.01
20% down payment cost: $45,609.80
Michigan
Average home value: $226,103.99
20% down payment cost: $45,220.80
Ohio
Average home value: $214,957.86
20% down payment cost: $42,991.57
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Alabama
Average home value: $214,359.17
20% down payment cost: $42,871.83
Kansas
Average home value: $213,525.32
20% down payment cost: $42,705.06
Iowa
Average home value: $209,321.81
20% down payment cost: $41,864.36
Oklahoma
Average home value: $196,529.91
20% down payment cost: $39,305.98
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Arkansas
Average home value: $196,010.39
20% down payment cost: $39,202.08
Louisiana
Average home value: $195,354.85
20% down payment cost: $39,070.97
Kentucky
Average home value: $194,988.73
20% down payment cost: $38,997.75
Mississippi
Average home value: $172,378.64
20% down payment cost: $34,475.73
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West Virginia
Average home value: $154,137.92
20% down payment cost: $30,827.58
Methodology: To find out how much you should save for a house in every state, GOBankingRates analyzed the average home value for single-family homes in every state as sourced from the Zillow Home Value Index and using the 30-year fixed rate mortgage average in the U.S., as sourced from the Federal Reserve Economic Research, the average mortgage payments can be calculated. GOBankingRates used 10%, 15% and 20% down payments to represent a variety of homebuyers in different life situations. All data was collected and is up-to-date as of January 23rd, 2024.
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This article originally appeared on GOBankingRates.com: Here’s How Much You Should Save For a House in Every State
