Our Housing Affordability Index measures whether a typical family earns enough to qualify for a mortgage on a median-priced home. A score of 100 means the median household income exactly meets the qualifying threshold — higher is more affordable. In 2024, West Virginia ranked as the most affordable state, while Hawaii was the least affordable.
87.3
$77,871
$341,900
Most Affordable States
West Virginia
Index: 139.6
$170,800
$60,798 income
Mississippi
Index: 120.8
$186,500
$59,127 income
Alabama
Index: 115.0
$233,300
$66,659 income
Iowa
Index: 114.4
$227,300
$75,501 income
Arkansas
Index: 112.4
$215,600
$62,106 income
Oklahoma
Index: 112.3
$222,100
$66,148 income
Indiana
Index: 111.9
$243,500
$71,959 income
Kansas
Index: 111.2
$238,700
$75,514 income
North Dakota
Index: 108.7
$266,100
$77,871 income
Kentucky
Index: 108.2
$226,000
$64,526 income
Least Affordable States
Hawaii
Index: 46.8
$875,900
$100,745 income
California
Index: 50.8
$759,500
$100,149 income
District of Columbia
Index: 58.9
$733,400
$109,707 income
Washington
Index: 61.8
$602,200
$99,389 income
Rhode Island
Index: 62.7
$455,700
$83,504 income
Massachusetts
Index: 62.9
$607,400
$104,828 income
Oregon
Index: 64.1
$497,500
$85,220 income
New York
Index: 64.5
$449,800
$85,820 income
New Jersey
Index: 65.7
$496,000
$104,294 income
Colorado
Index: 67.0
$574,600
$97,113 income
All States Data
| Rank# | StateState | Affordability IndexIndex | Median IncomeIncome | Median Home PriceHome Price | Price/Income RatioP/I Ratio | Monthly PaymentMo. Payment | Payment % Income% Income | Property Tax RateTax Rate |
|---|---|---|---|---|---|---|---|---|
| 1 | West Virginia | 139.6 | $60,798 | $170,800 | 2.81 | $1,016 | 20.1% | 0.58% |
| 2 | Mississippi | 120.8 | $59,127 | $186,500 | 3.15 | $1,142 | 23.2% | 0.79% |
| 3 | Alabama | 115.0 | $66,659 | $233,300 | 3.50 | $1,353 | 24.4% | 0.40% |
| 4 | Iowa | 114.4 | $75,501 | $227,300 | 3.01 | $1,539 | 24.5% | 1.57% |
| 5 | Arkansas | 112.4 | $62,106 | $215,600 | 3.47 | $1,290 | 24.9% | 0.62% |
| 6 | Oklahoma | 112.3 | $66,148 | $222,100 | 3.36 | $1,375 | 24.9% | 0.87% |
| 7 | Indiana | 111.9 | $71,959 | $243,500 | 3.38 | $1,501 | 25.0% | 0.84% |
| 8 | Kansas | 111.2 | $75,514 | $238,700 | 3.16 | $1,585 | 25.2% | 1.41% |
| 9 | North Dakota | 108.7 | $77,871 | $266,100 | 3.42 | $1,671 | 25.8% | 0.98% |
| 10 | Kentucky | 108.2 | $64,526 | $226,000 | 3.50 | $1,391 | 25.9% | 0.83% |
| 11 | Louisiana | 107.6 | $60,986 | $223,200 | 3.66 | $1,322 | 26.0% | 0.55% |
| 12 | Missouri | 104.7 | $71,589 | $254,400 | 3.55 | $1,596 | 26.8% | 0.97% |
| 13 | Ohio | 103.7 | $72,212 | $239,800 | 3.32 | $1,624 | 27.0% | 1.57% |
| 14 | Michigan | 99.7 | $72,389 | $254,200 | 3.51 | $1,694 | 28.1% | 1.44% |
| 15 | Nebraska | 99.3 | $76,376 | $263,100 | 3.44 | $1,795 | 28.2% | 1.63% |
| 16 | Pennsylvania | 96.7 | $77,545 | $277,600 | 3.58 | $1,871 | 28.9% | 1.53% |
| 17 | South Carolina | 94.9 | $72,350 | $299,500 | 4.14 | $1,779 | 29.5% | 0.57% |
| 18 | South Dakota | 94.5 | $76,881 | $289,600 | 3.77 | $1,899 | 29.6% | 1.31% |
| 19 | Illinois | 94.5 | $83,211 | $280,700 | 3.37 | $2,056 | 29.6% | 2.23% |
| 20 | New Mexico | 93.1 | $67,816 | $279,900 | 4.13 | $1,700 | 30.1% | 0.73% |
| 21 | Delaware | 92.5 | $87,534 | $371,600 | 4.25 | $2,207 | 30.3% | 0.57% |
| 22 | Minnesota | 92.4 | $87,117 | $344,600 | 3.96 | $2,199 | 30.3% | 1.10% |
| 23 | Alaska | 91.8 | $95,665 | $376,500 | 3.94 | $2,431 | 30.5% | 1.19% |
| 24 | Wisconsin | 89.2 | $77,488 | $294,700 | 3.80 | $2,028 | 31.4% | 1.70% |
| 25 | Maryland | 87.5 | $102,905 | $436,300 | 4.24 | $2,744 | 32.0% | 0.99% |
| 26 | Georgia | 87.5 | $79,991 | $343,300 | 4.29 | $2,133 | 32.0% | 0.90% |
| 27 | Wyoming | 87.4 | $75,532 | $339,500 | 4.49 | $2,016 | 32.0% | 0.57% |
| 28 | Virginia | 86.9 | $92,090 | $403,500 | 4.38 | $2,474 | 32.2% | 0.80% |
| 29 | Texas | 86.5 | $79,721 | $313,200 | 3.93 | $2,150 | 32.4% | 1.68% |
| 30 | North Carolina | 84.5 | $73,958 | $333,000 | 4.50 | $2,042 | 33.1% | 0.80% |
| 31 | Tennessee | 84.0 | $71,997 | $332,600 | 4.62 | $2,000 | 33.3% | 0.66% |
| 32 | Maine | 79.7 | $76,442 | $341,900 | 4.47 | $2,239 | 35.1% | 1.30% |
| 33 | Connecticut | 79.4 | $96,049 | $396,900 | 4.13 | $2,824 | 35.3% | 1.98% |
| 34 | Vermont | 78.4 | $82,730 | $352,800 | 4.26 | $2,463 | 35.7% | 1.82% |
| 35 | Arizona | 74.6 | $81,486 | $426,000 | 5.23 | $2,548 | 37.5% | 0.62% |
| 36 | Florida | 73.9 | $77,735 | $396,900 | 5.11 | $2,453 | 37.9% | 0.86% |
| 37 | New Hampshire | 72.3 | $99,782 | $458,800 | 4.60 | $3,218 | 38.7% | 1.86% |
| 38 | Idaho | 70.8 | $81,166 | $446,400 | 5.50 | $2,674 | 39.5% | 0.63% |
| 39 | Nevada | 70.4 | $81,134 | $455,500 | 5.61 | $2,690 | 39.8% | 0.53% |
| 40 | Utah | 69.4 | $96,658 | $545,200 | 5.64 | $3,252 | 40.4% | 0.60% |
| 41 | Montana | 67.1 | $75,340 | $425,400 | 5.65 | $2,619 | 41.7% | 0.83% |
| 42 | Colorado | 67.0 | $97,113 | $574,600 | 5.92 | $3,384 | 41.8% | 0.51% |
| 43 | New Jersey | 65.7 | $104,294 | $496,000 | 4.76 | $3,702 | 42.6% | 2.40% |
| 44 | New York | 64.5 | $85,820 | $449,800 | 5.24 | $3,103 | 43.4% | 1.72% |
| 45 | Oregon | 64.1 | $85,220 | $497,500 | 5.84 | $3,104 | 43.7% | 0.93% |
| 46 | Massachusetts | 62.9 | $104,828 | $607,400 | 5.79 | $3,886 | 44.5% | 1.12% |
| 47 | Rhode Island | 62.7 | $83,504 | $455,700 | 5.46 | $3,109 | 44.7% | 1.63% |
| 48 | Washington | 61.8 | $99,389 | $602,200 | 6.06 | $3,752 | 45.3% | 0.92% |
| 49 | District of Columbia | 58.9 | $109,707 | $733,400 | 6.69 | $4,350 | 47.6% | 0.56% |
| 50 | California | 50.8 | $100,149 | $759,500 | 7.58 | $4,600 | 55.1% | 0.71% |
| 51 | Hawaii | 46.8 | $100,745 | $875,900 | 8.69 | $5,020 | 59.8% | 0.32% |
Methodology
How the Index Is Calculated
The Housing Affordability Index measures whether the median household income in a state is enough to qualify for a mortgage on the median-priced home. An index of 100 means the median household exactly meets the qualifying threshold. An index above 100 signals the typical family has more than enough income; below 100 means housing is out of reach for the median earner.
Affordability Index = (Median Income / Qualifying Income) × 100
Qualifying Income = (Monthly PITI / 0.28) × 12
Monthly PITI = Principal & Interest + Property Tax + Insurance
Assumptions
- 20% down payment on the median-priced home
- 30-year fixed-rate mortgage at the 2024 annual average rate
- 28% front-end debt-to-income ratio (housing expenses only)
- Homeowner's insurance at 0.35% of home value annually
- State-level effective property tax rates (Tax Foundation data)
Data Sources
- Median Household Income:U.S. Census Bureau, American Community Survey (ACS) 1-Year Estimates, Table B19013
- Median Home Price:U.S. Census Bureau, ACS 1-Year Estimates, Table B25077 (Median Value of Owner-Occupied Housing Units)
- Mortgage Rate:Federal Reserve Economic Data (FRED), 30-Year Fixed Rate Mortgage Average (MORTGAGE30US)
- Property Tax Rates:Tax Foundation, Facts & Figures 2024
Update Schedule
Data is refreshed annually when the U.S. Census Bureau releases new ACS 1-Year Estimates, typically in September for the prior calendar year. Mortgage rates are averaged across all weekly observations for the data year.
Cite This Page
RealtyHomes. “Housing Affordability Index by State (2024).” RealtyHomes Research. Updated April 2026. https://realtyhomes.com/research/housing-affordability-index
Data is available under a Creative Commons Attribution 4.0 license with attribution.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis. By using this page, you agree to be bound by the FRED® API Terms of Use.
30-Year Fixed Rate Mortgage Average (MORTGAGE30US) is sourced from Freddie Mac via the Federal Reserve Economic Data (FRED) service.