House prices have been steadily on the rise, with parts of the country pricing out the average American homebuyer.
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In 2024, the same approximate salary buys you a lot less house than it did 10 years ago, making it harder for Americans to find affordable places to live.
To take a closer look at how much the salary needed to afford a home in the U.S. has changed in a decade, GOBankingRates found each state’s August 2014 home value for single-family residences, as well as the average loan amount and mortgage payments (assuming a 4.1% fixed rate and a 20% down payment), and compared that with the same data for 2024 (assuming a 6.35% fixed mortgage rate).
Find out which states are more affordable in terms of affording a home.
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The salary needed to afford a home increased more than 150% in 20 states — and more than 100% in 47 states.
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The salary needed to afford a home increased by more than $50,000 in 17 states.
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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.
Explore More: Here’s the Salary Needed to Actually Take Home $100K in Every State
Check Out: 20 Best Cities Where You Can Buy a House for Under $100K
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10-year percentage change in salary needed to own a home: 229.69%
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10-year dollar change in salary needed to own a home: $63,149
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2014 salary needed to own a home: $27,493
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2024 salary needed to own a home: $90,642
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2014 average home value: $177,805
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2024 average home value: $455,223
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10-year percentage change in salary needed to own a home: 203.75%
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10-year dollar change in salary needed to own a home: $55,478
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2014 salary needed to own a home: $27,228
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2024 salary needed to own a home: $82,706
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2014 average home value: $176,095
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2024 average home value: $415,367
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10-year percentage change in salary needed to own a home: 196.66%
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10-year dollar change in salary needed to own a home: $79,987
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2014 salary needed to own a home: $40,673
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2024 salary needed to own a home: $120,660
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2014 average home value: $263,047
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2024 average home value: $605,982
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10-year percentage change in salary needed to own a home: 194.09%
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10-year dollar change in salary needed to own a home: $69,205
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2014 salary needed to own a home: $35,656
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2024 salary needed to own a home: $104,861
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2014 average home value: $230,597
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2024 average home value: $526,632
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10-year percentage change in salary needed to own a home: 193.35%
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10-year dollar change in salary needed to own a home: $43,534
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2014 salary needed to own a home: $22,515
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2024 salary needed to own a home: $66,049
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2014 average home value: $145,614
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2024 average home value: $331,715
Discover More: Here’s the Income Needed To Be in the Top 1% in All 50 States
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10-year percentage change in salary needed to own a home: 188.54%
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10-year dollar change in salary needed to own a home: $41,784
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2014 salary needed to own a home: $22,162
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2024 salary needed to own a home: $63,947
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2014 average home value: $143,330
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2024 average home value: $321,153
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10-year percentage change in salary needed to own a home: 187.44%
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10-year dollar change in salary needed to own a home: $57,153
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2014 salary needed to own a home: $30,492
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2024 salary needed to own a home: $87,645
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2014 average home value: $197,202
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2024 average home value: $440,173
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10-year percentage change in salary needed to own a home: 186.63%
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10-year dollar change in salary needed to own a home: $59,602
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2014 salary needed to own a home: $31,936
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2024 salary needed to own a home: $91,538
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2014 average home value: $206,541
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2024 average home value: $459,721
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10-year percentage change in salary needed to own a home: 184.00%
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10-year dollar change in salary needed to own a home: $60,541
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2014 salary needed to own a home: $32,903
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2024 salary needed to own a home: $93,444
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2014 average home value: $212,792
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2024 average home value: $469,293
Read More: How Much Money Is Needed To Be Considered Middle Class in Every State?
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10-year percentage change in salary needed to own a home: 181.79%
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10-year dollar change in salary needed to own a home: $65,036
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2014 salary needed to own a home: $35,776
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2024 salary needed to own a home: $100,813
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2014 average home value: $231,376
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2024 average home value: $506,302
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10-year percentage change in salary needed to own a home: 180.51%
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10-year dollar change in salary needed to own a home: $51,895
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2014 salary needed to own a home: $28,750
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2024 salary needed to own a home: $80,644
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2014 average home value: $185,933
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2024 average home value: $405,012
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10-year percentage change in salary needed to own a home: 171.71%
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10-year dollar change in salary needed to own a home: $41,895
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2014 salary needed to own a home: $24,399
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2024 salary needed to own a home: $66,294
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2014 average home value: $157,793
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2024 average home value: $332,942
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10-year percentage change in salary needed to own a home: 171.47%
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10-year dollar change in salary needed to own a home: $69,911
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2014 salary needed to own a home: $40,770
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2024 salary needed to own a home: $110,681
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2014 average home value: $263,675
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2024 average home value: $555,864
Find Out: 3 Best States To Buy Property in the Next 5 Years, According to Experts
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10-year percentage change in salary needed to own a home: 166.58%
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10-year dollar change in salary needed to own a home: $59,795
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2014 salary needed to own a home: $35,896
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2024 salary needed to own a home: $95,692
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2014 average home value: $232,154
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2024 average home value: $480,584
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10-year percentage change in salary needed to own a home: 165.28%
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10-year dollar change in salary needed to own a home: $62,578
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2014 salary needed to own a home: $37,863
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2024 salary needed to own a home: $100,440
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2014 average home value: $244,869
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2024 average home value: $504,433
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10-year percentage change in salary needed to own a home: 162.76%
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10-year dollar change in salary needed to own a home: $30,292
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2014 salary needed to own a home: $18,612
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2024 salary needed to own a home: $48,903
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2014 average home value: $120,367
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2024 average home value: $245,602
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10-year percentage change in salary needed to own a home: 160.01%
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10-year dollar change in salary needed to own a home: $30,048
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2014 salary needed to own a home: $18,779
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2024 salary needed to own a home: $48,827
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2014 average home value: $121,447
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2024 average home value: $245,220
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10-year percentage change in salary needed to own a home: 159.20%
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10-year dollar change in salary needed to own a home: $96,963
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2014 salary needed to own a home: $60,905
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2024 salary needed to own a home: $157,868
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2014 average home value: $393,891
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2024 average home value: $792,847
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10-year percentage change in salary needed to own a home: 157.50%
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10-year dollar change in salary needed to own a home: $36,487
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2014 salary needed to own a home: $23,167
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2024 salary needed to own a home: $59,655
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2014 average home value: $149,830
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2024 average home value: $299,599
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10-year percentage change in salary needed to own a home: 152.56%
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10-year dollar change in salary needed to own a home: $36,519
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2014 salary needed to own a home: $23,937
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2024 salary needed to own a home: $60,456
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2014 average home value: $154,808
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2024 average home value: $303,621
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10-year percentage change in salary needed to own a home: 149.96%
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10-year dollar change in salary needed to own a home: $77,584
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2014 salary needed to own a home: $51,736
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2024 salary needed to own a home: $129,320
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2014 average home value: $334,592
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2024 average home value: $649,471
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10-year percentage change in salary needed to own a home: 149.81%
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10-year dollar change in salary needed to own a home: $27,945
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2014 salary needed to own a home: $18,654
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2024 salary needed to own a home: $46,599
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2014 average home value: $120,641
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2024 average home value: $234,030
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10-year percentage change in salary needed to own a home: 147.62%
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10-year dollar change in salary needed to own a home: $29,497
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2014 salary needed to own a home: $19,981
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2024 salary needed to own a home: $49,478
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2014 average home value: $129,225
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2024 average home value: $248,489
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10-year percentage change in salary needed to own a home: 147.17%
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10-year dollar change in salary needed to own a home: $36,670
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2014 salary needed to own a home: $24,917
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2024 salary needed to own a home: $61,588
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2014 average home value: $161,148
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2024 average home value: $309,306
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10-year percentage change in salary needed to own a home: 145.32%
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10-year dollar change in salary needed to own a home: $30,951
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2014 salary needed to own a home: $21,299
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2024 salary needed to own a home: $52,250
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2014 average home value: $137,747
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2024 average home value: $262,412
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10-year percentage change in salary needed to own a home: 145.12%
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10-year dollar change in salary needed to own a home: $54,602
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2014 salary needed to own a home: $37,626
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2024 salary needed to own a home: $92,228
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2014 average home value: $243,341
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2024 average home value: $463,190
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10-year percentage change in salary needed to own a home: 142.18%
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10-year dollar change in salary needed to own a home: $26,976
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2014 salary needed to own a home: $18,973
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2024 salary needed to own a home: $45,949
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2014 average home value: $122,707
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2024 average home value: $230,767
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10-year percentage change in salary needed to own a home: 142.10%
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10-year dollar change in salary needed to own a home: $24,387
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2014 salary needed to own a home: $17,161
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2024 salary needed to own a home: $41,548
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2014 average home value: $110,989
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2024 average home value: $208,663
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10-year percentage change in salary needed to own a home: 136.86%
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10-year dollar change in salary needed to own a home: $35,389
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2014 salary needed to own a home: $25,859
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2024 salary needed to own a home: $61,248
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2014 average home value: $167,236
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2024 average home value: $307,598
Consider This: 8 Places Where Houses Are Suddenly Major Bargains
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10-year percentage change in salary needed to own a home: 134.29%
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10-year dollar change in salary needed to own a home: $34,711
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2014 salary needed to own a home: $25,848
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2024 salary needed to own a home: $60,559
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2014 average home value: $167,170
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2024 average home value: $304,142
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10-year percentage change in salary needed to own a home: 133.27%
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10-year dollar change in salary needed to own a home: $63,067
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2014 salary needed to own a home: $47,321
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2024 salary needed to own a home: $110,389
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2014 average home value: $306,043
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2024 average home value: $554,396
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10-year percentage change in salary needed to own a home: 129.37%
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10-year dollar change in salary needed to own a home: $110,146
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2014 salary needed to own a home: $85,143
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2024 salary needed to own a home: $195,289
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2014 average home value: $550,648
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2024 average home value: $980,781
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10-year percentage change in salary needed to own a home: 129.23%
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10-year dollar change in salary needed to own a home: $23,365
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2014 salary needed to own a home: $18,080
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2024 salary needed to own a home: $41,444
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2014 average home value: $116,929
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2024 average home value: $208,143
Check Out: America’s 50 Fastest-Growing Suburbs With Home Values Under $500,000
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10-year percentage change in salary needed to own a home: 127.96%
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10-year dollar change in salary needed to own a home: $38,256
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2014 salary needed to own a home: $29,896
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2024 salary needed to own a home: $68,152
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2014 average home value: $193,349
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2024 average home value: $342,276
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10-year percentage change in salary needed to own a home: 123.50%
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10-year dollar change in salary needed to own a home: $44,528
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2014 salary needed to own a home: $36,056
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2024 salary needed to own a home: $80,584
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2014 average home value: $233,184
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2024 average home value: $404,710
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10-year percentage change in salary needed to own a home: 119.74%
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10-year dollar change in salary needed to own a home: $24,489
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2014 salary needed to own a home: $20,452
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2024 salary needed to own a home: $44,940
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2014 average home value: $132,268
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2024 average home value: $225,700
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10-year percentage change in salary needed to own a home: 119.31%
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10-year dollar change in salary needed to own a home: $47,260
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2014 salary needed to own a home: $39,611
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2024 salary needed to own a home: $86,871
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2014 average home value: $256,177
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2024 average home value: $436,287
Read Next: 7 Types of Homes Expected To Soar in Value by the End of 2025
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10-year percentage change in salary needed to own a home: 119.25%
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10-year dollar change in salary needed to own a home: $22,615
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2014 salary needed to own a home: $18,964
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2024 salary needed to own a home: $41,579
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2014 average home value: $122,648
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2024 average home value: $208,821
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10-year percentage change in salary needed to own a home: 119.17%
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10-year dollar change in salary needed to own a home: $29,538
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2014 salary needed to own a home: $24,786
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2024 salary needed to own a home: $54,324
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2014 average home value: $160,299
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2024 average home value: $272,826
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10-year percentage change in salary needed to own a home: 119.12%
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10-year dollar change in salary needed to own a home: $41,998
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2014 salary needed to own a home: $35,257
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2024 salary needed to own a home: $77,255
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2014 average home value: $228,016
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2024 average home value: $387,989
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10-year percentage change in salary needed to own a home: 118.95%
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10-year dollar change in salary needed to own a home: $43,275
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2014 salary needed to own a home: $36,381
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2024 salary needed to own a home: $79,655
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2014 average home value: $235,287
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2024 average home value: $400,046
Be Aware: 7 Worst States To Buy Property in the Next 5 Years, According to Real Estate Agents
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10-year percentage change in salary needed to own a home: 118.04%
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10-year dollar change in salary needed to own a home: $29,209
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2014 salary needed to own a home: $24,744
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2024 salary needed to own a home: $53,953
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2014 average home value: $160,030
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2024 average home value: $270,966
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10-year percentage change in salary needed to own a home: 117.34%
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10-year dollar change in salary needed to own a home: $24,242
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2014 salary needed to own a home: $20,659
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2024 salary needed to own a home: $44,901
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2014 average home value: $133,609
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2024 average home value: $225,501
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10-year percentage change in salary needed to own a home: 112.03%
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10-year dollar change in salary needed to own a home: $17,590
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2014 salary needed to own a home: $15,701
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2024 salary needed to own a home: $33,291
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2014 average home value: $101,543
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2024 average home value: $167,196
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10-year percentage change in salary needed to own a home: 107.38%
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10-year dollar change in salary needed to own a home: $36,467
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2014 salary needed to own a home: $33,961
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2024 salary needed to own a home: $70,428
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2014 average home value: $219,637
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2024 average home value: $353,702
Explore More: Housing Market 2024: Home Prices Are Plummeting in 10 Formerly Overpriced Housing Markets
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10-year percentage change in salary needed to own a home: 100.62%
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10-year dollar change in salary needed to own a home: $43,094
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2014 salary needed to own a home: $42,829
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2024 salary needed to own a home: $85,923
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2014 average home value: $276,987
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2024 average home value: $431,523
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10-year percentage change in salary needed to own a home: 100.29%
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10-year dollar change in salary needed to own a home: $17,746
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2014 salary needed to own a home: $17,694
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2024 salary needed to own a home: $35,440
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2014 average home value: $114,434
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2024 average home value: $177,985
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10-year percentage change in salary needed to own a home: 79.92%
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10-year dollar change in salary needed to own a home: $33,404
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2014 salary needed to own a home: $41,796
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2024 salary needed to own a home: $75,200
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2014 average home value: $270,306
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2024 average home value: $377,670
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10-year percentage change in salary needed to own a home: 64.79%
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10-year dollar change in salary needed to own a home: $20,845
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2014 salary needed to own a home: $32,174
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2024 salary needed to own a home: $53,019
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2014 average home value: $208,082
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2024 average home value: $266,272
Discover More: In Less Than a Year, You’ll Regret Not Having Bought Property in These 20 Housing Markets
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10-year percentage change in salary needed to own a home: 62.21%
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10-year dollar change in salary needed to own a home: $15,326
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2014 salary needed to own a home: $24,636
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2024 salary needed to own a home: $39,962
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2014 average home value: $159,330
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2024 average home value: $200,699
Methodology: For this piece, GOBankingRates first found each state’s (1) August 2014 home value for single-family residences. With this figure isolated, GOBankingRates was able to find (2) 20% down payment on a 2014 home; (3) loan amount for a 2014 home; and (4) monthly and annual mortgage payments assuming a 4.10% fixed mortgage rate as sourced from FreddieMac for Aug. 28, 2014, with no P&I, no HOA fees and no property taxes. GOBankingRates then found each state’s (5) August 2024 home value for single-family residences; (6) 20% down payment on a 2024 home; (7) loan amount for a 2024 home; and (8) monthly and annual mortgage payments assuming a 6.35% fixed mortgage rate as sourced from FreddieMac for Aug. 29, 2024, with no P&I, no HOA fees and no property taxes. GOBankingRates then calculated the (9) 2014 and 2024 salary needed to own a home assuming no more than 30% of one’s pretax income should go toward housing. All data was calculated and up to date as of Sept. 16, 2024.
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This article originally appeared on GOBankingRates.com: How Much the Salary Needed To Afford a Home Has Increased in Every State
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