To purchase a typical home in these 23 U.S. locations, you must earn $100,000 annually.

A typical U.S. home is now considered affordable only if you earn six figures.

To purchase a median-priced home in the US, Americans must earn an annual income of $110,871, which represents a 46% increase since January 2020, as per a recent Bankrate analysis of Redfin sales data.

Bankrate calculates homeownership costs under the assumption of a 20% down payment, no HOA fees or mortgage insurance, and a 30-year fixed mortgage interest rate of 7.05%.

In 2020, a median-priced home could be afforded with an annual income of $76,191, which is lower than the current median household income of $74,580, according to the U.S. Census Bureau data.

Over the past four years, the middle class has found it increasingly difficult to attain homeownership.

The increase in homeownership costs has led to a decrease in affordability, with median home prices rising 27% and mortgage rates nearly doubling since 2020.

Since January 2020, the number of places where you need to earn $100,000 or more to afford a median-priced home has increased from seven to 23. Here's a breakdown of the salary required in those areas:

1. California: $197,057
2. Hawaii: $185,829
3. District of Columbia: $167,871
4. Massachusetts: $162,471
5. Washington: $156,814
6. Colorado: $152,229
7. New Jersey: $152,186
8. New York: $148,286
9. Utah: $133,886
10. Rhode Island: $132,343
11. Montana: $131,357
12. New Hampshire: $130,329
13. Oregon: $129,129
14. Connecticut: $119,614
15. Florida: $114,771
16. Vermont: $114,471
17. Idaho: $114,386
18. Nevada: $111,557
19. Arizona: $110,271
20. Maryland: $108,257
21. Virginia: $106,971
22. Maine: $102,557
23. Texas: $100,629

Currently, only states and districts with the highest housing costs in the country need a six-figure salary to afford a typical home. This includes California, Hawaii, Massachusetts, and New York, which have the highest percentage of homeowners spending more than 30% of their gross income on housing, according to a 2023 LendingTree study.

As the average wage earner finds it increasingly difficult to afford homes in states with rising prices, more states are becoming unaffordable.

Montana experienced the largest increase in the income needed to buy a median-priced home since 2020, at 77%, among states with migration hotspots that were popular during the pandemic due to their relatively low prices, including Utah, Montana, and Idaho.

Home prices have risen faster than wage growth, making it difficult for potential homebuyers to afford a home in 2020.

If you earn less than $75,000, homes are still affordable in 14 states, primarily in the Midwest and South, with Mississippi, Ohio, Arkansas, Indiana, Kentucky, Iowa, and Oklahoma being the least expensive places to buy a home.

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