Home Shoppers Need to Earn Six Figures to Buy in These Five States

In California, Colorado, Hawaii, Massachusetts, and New York, a homebuyer looking to purchase the average home would have to earn roughly $100,000 to be able to afford it.

Financial website How Much used Zillow data to track housing affordability across the country. "There are several pockets in which only the upper-middle class and above can afford to own even the average home," says How Much, "most notably across the West and in the Northeast." CNBC reports that New York state had the lowest minimum annual income of the five, at $91,720, while Hawaii required the highest minimum income, $153,520.

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."

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