Home prices have been rising steadily, making homes unaffordable for many Americans. To examine how the salary required to buy a home has changed over the past decade, GOBankingRates compared home values, loan amounts, and mortgage payments from August 2014 to 2024.
In 20 states, the salary needed to afford a home has increased by more than 150%, and in 47 states, it has risen by more than 100%. Idaho saw the largest drop in home affordability, followed by Florida, and then Washington.
The salary needed to afford a home increased by more than $50,000 in 17 states.
The highest salary needed to afford a home 10 years ago was $85,000 in Hawaii. Today, the highest salary needed to afford a home is nearly $200,000.
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