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NRIPage | Articles | From West Virginia to California: A State-by-State Breakdown of Homebuying Income Requirements | Get AI & Robotics News. Innovating the Future of Technology around the world - NRI Page
Purchasing a home has become more financially demanding for potential buyers, with a new study highlighting the necessity for a household income over $100,000 in several states. According to Bankrate’s 2025 Housing Affordability Study, 30 states and Washington, D.C. now require at least this much in annual household income to afford a typical home in the area. The data further sheds light on the stark contrast between high-income regions, like Washington, D.C., California, and Hawaii, and areas with more affordable housing options such as West Virginia.
Bankrate’s research details the amount of income necessary to afford a median-priced home in all 50 states and Washington, D.C., by calculating monthly mortgage payments based on median home prices as of January 2025 compared to 2020 data. This analysis used data from Redfin’s median sale price for homes in these areas and focused on the minimum pre-tax income required for homebuyers to comfortably manage monthly mortgage payments.
For individuals looking to purchase homes in the District of Columbia, Hawaii, or California, the income requirements are especially steep. Here are the key cities and their required household incomes:
Washington, D.C.: $240,009
Hawaii: $235,638
California: $213,447
Massachusetts: $174,392
Colorado: $168,643
On the other hand, certain states offer more affordable homeownership opportunities. West Virginia stands out as the state with the lowest income requirement, where a household can purchase a median-priced home with an income of just $64,179. Other states with relatively low income requirements include:
West Virginia: $64,179
Iowa: $70,437
Ohio: $71,080
Mississippi: $72,072
Indiana: $72,342
With the increasing disparity in housing affordability across the country, potential homebuyers must adopt strategies to navigate the market. While the dream of homeownership may seem distant for some, Bankrate offers several tips to help individuals work toward this goal. First, understanding how far your current income can stretch is crucial, as it helps buyers assess what they can realistically afford. Additionally, prioritizing a good credit score is essential, as it influences mortgage rates and ultimately the total cost of the home.
For buyers with lower to moderate incomes, exploring down payment assistance programs is also a valuable option. These programs, designed to support homebuyers in need, can help make homeownership more attainable by covering part of the down payment, which is often a significant barrier for first-time buyers.
Furthermore, considering a range of housing options can also make homeownership more feasible. Some buyers may not initially consider condos or townhomes, but these properties could be an affordable alternative to single-family homes. Finally, patience is key—if the market seems out of reach now, it may be worth waiting until financial circumstances improve or housing prices become more favorable.
Bankrate’s study is a sobering reminder of the challenges facing homebuyers today, particularly as home prices continue to rise in many parts of the country. However, it also offers hope and strategies for those looking to buy a home, whether now or in the future. By following the right financial steps, aspiring homeowners can still work towards making their homeownership dreams a reality. This analysis underscores the financial challenges many face in securing a home in 2025. With soaring prices in high-demand areas and more affordable regions offering lower income requirements, prospective buyers must carefully plan and explore options to make homeownership achievable.
