24/7 Wall St. set out to find the most affordable housing markets in each state, and what it takes for people to afford them. We reviewed data from real estate data company ATTOM’s 2024 U.S. Home Affordability Report. ATTOM analyzed median home prices and average wage data from the Bureau of Labor Statistics in 590 U.S. counties to find the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed-rate mortgage and a 20% downpayment. Since ATTOM data did not include South Carolina, we supplemented with housing information from Redfin and median family income from the NIMHD. 24/7 Wall St. listed the county in each state where the lowest percentage of wages is required to afford a median-priced home. States are ordered alphabetically.
However, it’s important to note that just because a housing market is the most affordable in the state does not mean it’s actually affordable. In 22 states, the most affordable housing market does not adhere to the 28% mortgage rule (though South Dakota is right on the cusp), including 16 states where the most affordable housing market is less affordable than the national average. In eight of those states, homeowners would need to spend over 40% of their income on major housing expenses.
Why This Matters
Home affordability has been a sore subject for some time, as housing prices growth has far outpaced wage growth in recent years. With interest rates near highs not seen in decades, affordability has further worsened. The good news is that in the past two quarters, home affordability has improved, according to ATTOM. The bad news is that affordability remains near the worst levels in 15 years as home prices stay close to all-time highs.
Here are the most affordable housing markets in each state:
Alabama: Jefferson
- County seat: Birmingham
- Pct. of annualized wage needed to buy a median priced home: 12.50%
- Median home sales price, Q1 2024: $129,000 (#14 lowest of 590 counties)
- Annualized weekly wages: $68,510
- Annual income needed to buy (20% down, 28% expenses): $30,664
- County population: 672,265
Alaska: Anchorage
- County seat: Anchorage
- Pct. of annualized wage needed to buy a median priced home: 39.40%
- Median home sales price, Q1 2024: $375,000 (#401 lowest of 590 counties)
- Annualized weekly wages: $70,265
- Annual income needed to buy (20% down, 28% expenses): $98,874
- County population: 290,674
Arizona: Cochise
- County seat: Bisbee
- Pct. of annualized wage needed to buy a median priced home: 28.90%
- Median home sales price, Q1 2024: $249,990 (#201 lowest of 590 counties)
- Annualized weekly wages: $56,680
- Annual income needed to buy (20% down, 28% expenses): $58,453
- County population: 125,504
Arkansas: Sebastian
- County seat: Fort Smith
- Pct. of annualized wage needed to buy a median priced home: 20.20%
- Median home sales price, Q1 2024: $162,000 (#55 lowest of 590 counties)
- Annualized weekly wages: $53,014
- Annual income needed to buy (20% down, 28% expenses): $38,339
- County population: 128,184
California: Kings
- County seat: Hanford
- Pct. of annualized wage needed to buy a median priced home: 39.90%
- Median home sales price, Q1 2024: $310,000 (#305 lowest of 590 counties)
- Annualized weekly wages: $53,014
- Annual income needed to buy (20% down, 28% expenses): $75,480
- County population: 152,515
Colorado: Pueblo
- County seat: Pueblo
- Pct. of annualized wage needed to buy a median priced home: 30.30%
- Median home sales price, Q1 2024: $253,862 (#212 lowest of 590 counties)
- Annualized weekly wages: $54,132
- Annual income needed to buy (20% down, 28% expenses): $58,667
- County population: 168,135
Connecticut: Hartford
- County seat: Hartford
- Pct. of annualized wage needed to buy a median priced home: 29.20%
- Median home sales price, Q1 2024: $299,000 (#290 lowest of 590 counties)
- Annualized weekly wages: $80,275
- Annual income needed to buy (20% down, 28% expenses): $83,646
- County population: 897,512
Delaware: New Castle
- County seat: Wilmington
- Pct. of annualized wage needed to buy a median priced home: 26.70%
- Median home sales price, Q1 2024: $303,747 (#301 lowest of 590 counties)
- Annualized weekly wages: $76,180
- Annual income needed to buy (20% down, 28% expenses): $72,667
- County population: 570,567
Florida: Duval
- County seat: Jacksonville
- Pct. of annualized wage needed to buy a median priced home: 26.90%
- Median home sales price, Q1 2024: $260,813 (#219 lowest of 590 counties)
- Annualized weekly wages: $67,886
- Annual income needed to buy (20% down, 28% expenses): $65,322
- County population: 995,708
Georgia: Richmond
- County seat: Augusta
- Pct. of annualized wage needed to buy a median priced home: 15.50%
- Median home sales price, Q1 2024: $128,304 (#12 lowest of 590 counties)
- Annualized weekly wages: $56,381
- Annual income needed to buy (20% down, 28% expenses): $31,192
- County population: 206,153
Hawaii: Hawaii
- County seat: Hilo
- Pct. of annualized wage needed to buy a median priced home: 60.80%
- Median home sales price, Q1 2024: $515,000 (#520 lowest of 590 counties)
- Annualized weekly wages: $54,561
- Annual income needed to buy (20% down, 28% expenses): $118,454
- County population: 202,163
Idaho: Ada
- County seat: Boise
- Pct. of annualized wage needed to buy a median priced home: 47.70%
- Median home sales price, Q1 2024: $473,347 (#488 lowest of 590 counties)
- Annualized weekly wages: $64,974
- Annual income needed to buy (20% down, 28% expenses): $110,793
- County population: 497,494
Illinois: Macon
- County seat: Decatur
- Pct. of annualized wage needed to buy a median priced home: 11.90%
- Median home sales price, Q1 2024: $99,000 (#4 lowest of 590 counties)
- Annualized weekly wages: $67,327
- Annual income needed to buy (20% down, 28% expenses): $28,685
- County population: 103,542
Indiana: Delaware
- County seat: Muncie
- Pct. of annualized wage needed to buy a median priced home: 17.70%
- Median home sales price, Q1 2024: $128,847 (#13 lowest of 590 counties)
- Annualized weekly wages: $49,660
- Annual income needed to buy (20% down, 28% expenses): $31,446
- County population: 112,156
Iowa: Woodbury
- County seat: Sioux City
- Pct. of annualized wage needed to buy a median priced home: 25.40%
- Median home sales price, Q1 2024: $180,000 (#77 lowest of 590 counties)
- Annualized weekly wages: $51,558
- Annual income needed to buy (20% down, 28% expenses): $46,804
- County population: 105,526
Kansas: Sedgwick
- County seat: Wichita
- Pct. of annualized wage needed to buy a median priced home: 21.30%
- Median home sales price, Q1 2024: $175,331 (#72 lowest of 590 counties)
- Annualized weekly wages: $58,370
- Annual income needed to buy (20% down, 28% expenses): $44,367
- County population: 522,700
Kentucky: Kenton
- County seat: Independence
- Pct. of annualized wage needed to buy a median priced home: 20.00%
- Median home sales price, Q1 2024: $207,125 (#121 lowest of 590 counties)
- Annualized weekly wages: $70,616
- Annual income needed to buy (20% down, 28% expenses): $50,446
- County population: 169,066
Louisiana: Caddo
- County seat: Shreveport
- Pct. of annualized wage needed to buy a median priced home: 16.80%
- Median home sales price, Q1 2024: $132,500 (#15 lowest of 590 counties)
- Annualized weekly wages: $55,900 vs.
- Annual income needed to buy (20% down, 28% expenses): $33,610
- County population: 236,259
Maine: Penobscot
- County seat: Bangor
- Pct. of annualized wage needed to buy a median priced home: 32.70%
- Median home sales price, Q1 2024: $245,643 (#193 lowest of 590 counties)
- Annualized weekly wages: $53,144
- Annual income needed to buy (20% down, 28% expenses): $62,049
- County population: 152,640
Maryland: Baltimore City
- County seat: Baltimore (independent city)
- Pct. of annualized wage needed to buy a median priced home: 18.30%
- Median home sales price, Q1 2024: $195,000 (#95 lowest of 590 counties)
- Annualized weekly wages: $79,989
- Annual income needed to buy (20% down, 28% expenses): $52,167
- County population: 584,548
Massachusetts: Hampden
- County seat: Springfield
- Pct. of annualized wage needed to buy a median priced home: 35.10%
- Median home sales price, Q1 2024: $281,900 (#260 lowest of 590 counties)
- Annualized weekly wages: $59,488
- Annual income needed to buy (20% down, 28% expenses): $74,530
- County population: 464,575
Michigan: Wayne
- County seat: Detroit
- Pct. of annualized wage needed to buy a median priced home: 13.30%
- Median home sales price, Q1 2024: $135,000 (#21 lowest of 590 counties)
- Annualized weekly wages: $73,203
- Annual income needed to buy (20% down, 28% expenses): $34,825
- County population: 1,781,641
Minnesota: Saint Louis
- County seat: Duluth
- Pct. of annualized wage needed to buy a median priced home: 21.50%
- Median home sales price, Q1 2024: $179,000 (#75 lowest of 590 counties)
- Annualized weekly wages: $57,577
- Annual income needed to buy (20% down, 28% expenses): $44,219
- County population: 200,122
Mississippi: Jackson
- County seat: Pascagoula
- Pct. of annualized wage needed to buy a median priced home: 23.00%
- Median home sales price, Q1 2024: $199,900 (#103 lowest of 590 counties)
- Annualized weekly wages: $57,772
- Annual income needed to buy (20% down, 28% expenses): $47,386
- County population: 143,721
Missouri: Saint Louis City
- County seat: St. Louis (indepedent city)
- Pct. of annualized wage needed to buy a median priced home: 15.00%
- Median home sales price, Q1 2024: $162,000 (#55 lowest of 590 counties)
- Annualized weekly wages: $75,400
- Annual income needed to buy (20% down, 28% expenses): $40,519
- County population: 298,018
Montana: Yellowstone
- County seat: Billings
- Pct. of annualized wage needed to buy a median priced home: 41.50%
- Median home sales price, Q1 2024: $358,497 (#382 lowest of 590 counties)
- Annualized weekly wages: $59,124
- Annual income needed to buy (20% down, 28% expenses): $87,727
- County population: 165,524
Nebraska: Douglas
- County seat: Omaha
- Pct. of annualized wage needed to buy a median priced home: 30.50%
- Median home sales price, Q1 2024: $265,000 (#225 lowest of 590 counties)
- Annualized weekly wages: $66,274
- Annual income needed to buy (20% down, 28% expenses): $72,144
- County population: 582,638
Nevada: Clark
- County seat: Las Vegas
- Pct. of annualized wage needed to buy a median priced home: 45.20%
- Median home sales price, Q1 2024: $428,000 (#462 lowest of 590 counties)
- Annualized weekly wages: $61,503
- Annual income needed to buy (20% down, 28% expenses): $99,270
- County population: 2,265,926
New Hampshire: Hillsborough
- County seat: Nashua
- Pct. of annualized wage needed to buy a median priced home: 45.80%
- Median home sales price, Q1 2024: $467,336 (#485 lowest of 590 counties)
- Annualized weekly wages: $76,427
- Annual income needed to buy (20% down, 28% expenses): $125,048
- County population: 422,733
New Jersey: Cumberland
- County seat: Bridgeton
- Pct. of annualized wage needed to buy a median priced home: 27.80%
- Median home sales price, Q1 2024: $193,300 (#93 lowest of 590 counties)
- Annualized weekly wages: $55,354
- Annual income needed to buy (20% down, 28% expenses): $55,053
- County population: 153,588
New Mexico: San Juan
- County seat: Aztec
- Pct. of annualized wage needed to buy a median priced home: 27.10%
- Median home sales price, Q1 2024: $223,521 (#157 lowest of 590 counties)
- Annualized weekly wages: $53,638
- Annual income needed to buy (20% down, 28% expenses): $51,881
- County population: 121,798
New York: Oswego
- County seat: Oswego
- Pct. of annualized wage needed to buy a median priced home: 14.70%
- Median home sales price, Q1 2024: $124,250 (#9 lowest of 590 counties)
- Annualized weekly wages: $59,579
- Annual income needed to buy (20% down, 28% expenses): $31,301
- County population: 118,037
North Carolina: Robeson
- County seat: Lumberton
- Pct. of annualized wage needed to buy a median priced home: 14.50%
- Median home sales price, Q1 2024: $96,020 (#3 lowest of 590 counties)
- Annualized weekly wages: $43,979
- Annual income needed to buy (20% down, 28% expenses): $22,747
- County population: 117,573
North Dakota: Cass
- County seat: Fargo
- Pct. of annualized wage needed to buy a median priced home: 31.20%
- Median home sales price, Q1 2024: $275,000 (#240 lowest of 590 counties)
- Annualized weekly wages: $63,869
- Annual income needed to buy (20% down, 28% expenses): $71,124
- County population: 186,328
Ohio: Lucas
- County seat: Toledo
- Pct. of annualized wage needed to buy a median priced home: 16.90%
- Median home sales price, Q1 2024: $133,000 (#16 lowest of 590 counties)
- Annualized weekly wages: $59,384
- Annual income needed to buy (20% down, 28% expenses): $35,753
- County population: 430,014
Oklahoma: Comanche
- County seat: Lawton
- Pct. of annualized wage needed to buy a median priced home: 18.00%
- Median home sales price, Q1 2024: $124,000 (#8 lowest of 590 counties)
- Annualized weekly wages: $47,970
- Annual income needed to buy (20% down, 28% expenses): $30,767
- County population: 121,777
Oregon: Douglas
- County seat: Roseburg
- Pct. of annualized wage needed to buy a median priced home: 38.60%
- Median home sales price, Q1 2024: $295,000 (#282 lowest of 590 counties)
- Annualized weekly wages: $50,830
- Annual income needed to buy (20% down, 28% expenses): $70,163
- County population: 111,322
Pennsylvania: Schuylkill
- County seat: Pottsville
- Pct. of annualized wage needed to buy a median priced home: 12.10%
- Median home sales price, Q1 2024: $86,000 (#2 lowest of 590 counties)
- Annualized weekly wages: $52,052
- Annual income needed to buy (20% down, 28% expenses): $22,448
- County population: 143,201
Rhode Island: Providence
- County seat: Providence
- Pct. of annualized wage needed to buy a median priced home: 41.60%
- Median home sales price, Q1 2024: $380,000 (#408 lowest of 590 counties)
- Annualized weekly wages: $66,417
- Annual income needed to buy (20% down, 28% expenses): $98,641
- County population: 657,984
South Carolina: Sumter
- County seat: Sumter
- Pct. of annualized wage needed to buy a median priced home: 18.40%
- Median home sales price, Q1 2024: $141,500 (#28 lowest of 590 counties)
- Annualized weekly wages: $50,063
- Annual income needed to buy (20% down, 28% expenses): $32,859
- County population: 105,199
South Dakota: Beadle
- County seat: Huron
- Pct. of annualized wage needed to buy a median priced home: 28.1%
- Median home sales price, Q1 2024: $150,000 (#29 lowest of 590 counties)
- Annualized weekly wages: $77,470
- Annual income needed to buy (20% down, 28% expenses): $51,693
- County population: 19,376
Tennessee: Shelby
- County seat: Memphis
- Pct. of annualized wage needed to buy a median priced home: 17.30%
- Median home sales price, Q1 2024: $166,666 (#60 lowest of 590 counties)
- Annualized weekly wages: $68,614
- Annual income needed to buy (20% down, 28% expenses): $42,314
- County population: 926,440
Texas: Jefferson
- County seat: Beaumont
- Pct. of annualized wage needed to buy a median priced home: 18.50%
- Median home sales price, Q1 2024: $161,250 (#54 lowest of 590 counties)
- Annualized weekly wages: $65,611
- Annual income needed to buy (20% down, 28% expenses): $43,264
- County population: 254,942
Utah: Salt Lake
- County seat: Salt Lake City
- Pct. of annualized wage needed to buy a median priced home: 45.00%
- Median home sales price, Q1 2024: $501,470 (#514 lowest of 590 counties)
- Annualized weekly wages: $72,813
- Annual income needed to buy (20% down, 28% expenses): $116,898
- County population: 1,180,643
Vermont: Chittenden
- County seat: Burlington
- Pct. of annualized wage needed to buy a median priced home: 45.60%
- Median home sales price, Q1 2024: $434,900 (#466 lowest of 590 counties)
- Annualized weekly wages: $69,615
- Annual income needed to buy (20% down, 28% expenses): $113,383
- County population: 168,309
Virginia: Richmond City
- County seat: Richmond (independent city)
- Pct. of annualized wage needed to buy a median priced home: 23.90%
- Median home sales price, Q1 2024: $280,000 (#252 lowest of 590 counties)
- Annualized weekly wages: $79,040
- Annual income needed to buy (20% down, 28% expenses): $67,415
- County population: 227,171
Washington: Cowlitz
- County seat: Kelso
- Pct. of annualized wage needed to buy a median priced home: 38.60%
- Median home sales price, Q1 2024: $360,000 (#385 lowest of 590 counties)
- Annualized weekly wages: $63,271
- Annual income needed to buy (20% down, 28% expenses): $87,135
- County population: 110,621
West Virginia: Kanawha
- County seat: Charleston
- Pct. of annualized wage needed to buy a median priced home: 16.20%
- Median home sales price, Q1 2024: $140,500 (#27 lowest of 590 counties)
- Annualized weekly wages: $57,915
- Annual income needed to buy (20% down, 28% expenses): $33,575
- County population: 179,895
Wisconsin: Fond Du Lac
- County seat: Fond du Lac
- Pct. of annualized wage needed to buy a median priced home: 25.10%
- Median home sales price, Q1 2024: $200,000 (#104 lowest of 590 counties)
- Annualized weekly wages: $56,576
- Annual income needed to buy (20% down, 28% expenses): $50,773
- County population: 104,027
Wyoming: Laramie
- County seat: Cheyenne
- Pct. of annualized wage needed to buy a median priced home: 37.70%
- Median home sales price, Q1 2024: $330,000 (#347 lowest of 590 counties)
- Annualized weekly wages: $57,811
- Annual income needed to buy (20% down, 28% expenses): $77,771
- County population: 100,316
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