How Far a Dual‑Income Millennial Household's Earnings Go Toward Buying a Home in Each State
How far do two incomes get millennials toward homeownership? The answer varies widely depending on which state they live in.
With dual‑income millennial households in the United States averaging just under $119,000 annually, MoneyLion’s latest state‑by‑state analysis reveals wide disparities in how far that income can carry buyers in today’s housing market. There are states where $119K will get you there and then some. There are others where it will only get you about halfway there.
To compile its analysis, MoneyLion analyzed figures from the Bureau of Labor Statistics, the U.S. Census, Zillow and the Federal Reserve. Millennial households are defined as having heads born between 1981 and 1996.
The analysis re-enforces a difficult truth for many – that buying a home now often requires two incomes. In most states, the required salary far exceeds what a single earner makes on average.
Check Out: 20 Top Jobs for Millennials Who Want To Make Six Figures
Read More: Start Growing Your Net Worth With Smarter Tracking
Key Findings
The national average dual income of $119,000 falls the shortest in Hawaii. In the Aloha State, that figure represents only 51% of the annual salary needed to comfortably afford a mortgage -- $232,586.
Other pricey states include California (63% of salary needed), Massachusetts (74%) and Washington (81%).
On the other end of the spectrum, a dual-income millennial couple making the national average in West Virginia would be in fine shape. An annual combined salary of $119,000 represents three times the amount needed to comfortably afford a mortgage -- $40,849.
Other states where the national average goes furthest include Mississippi (261% of salary needed), Louisiana (235%) and Oklahoma (227%). Of course, not all dual-income millennial households in those states bring home the national average.
Based on the common rule that housing costs shouldn’t exceed 28% of household income, no state is truly affordable for dual-income millennials in terms of homeownership. Even in West Virginia, the dual income needed to afford a mortgage ($40,849) represents 34% of the national average millennial dual income.
Here’s a state-by-state breakdown.
Alabama
Monthly mortgage: $1,293
Annual mortgage: $15,514
Salary needed to comfortably afford mortgage: $55,408
Percentage of average annual income that covers salary needed: 215%
Alaska
Monthly mortgage: $2,231
Annual mortgage: $26,767
Salary needed to comfortably afford mortgage: $95,595
Percentage of average annual income that covers salary needed: 124%
Arizona
Monthly mortgage: $2,417
Annual mortgage: $29,000
Salary needed to comfortably afford mortgage: $103,572
Percentage of average annual income that covers salary needed: 115%
Arkansas
Monthly mortgage: $1,234
Annual mortgage: $14,808
Salary needed to comfortably afford mortgage: $52,886
Percentage of average annual income that covers salary needed: 225%
California
Monthly mortgage: $4,433
Annual mortgage: $53,197
Salary needed to comfortably afford mortgage: $189,990
Percentage of average annual income that covers salary needed: 63%
Colorado
Monthly mortgage: $3,085
Annual mortgage: $37,021
Salary needed to comfortably afford mortgage: $132,217
Percentage of average annual income that covers salary needed: 90%
Connecticut
Monthly mortgage: $2,539
Annual mortgage: $30,472
Salary needed to comfortably afford mortgage: $108,830
Percentage of average annual income that covers salary needed: 109%
Delaware
Monthly mortgage: $2,229
Annual mortgage: $26,749
Salary needed to comfortably afford mortgage: $95,533
Percentage of average annual income that covers salary needed: 125%
Florida
Monthly mortgage: $2,211
Annual mortgage: $26,533
Salary needed to comfortably afford mortgage: $94,761
Percentage of average annual income that covers salary needed: 126%
Georgia
Monthly mortgage: $1,861
Annual mortgage: $22,330
Salary needed to comfortably afford mortgage: $79,750
Percentage of average annual income that covers salary needed: 149%
Hawaii
Monthly mortgage: $5,427
Annual mortgage: $65,124
Salary needed to comfortably afford mortgage: $232,586
Percentage of average annual income that covers salary needed: 51%
Idaho
Monthly mortgage: $2,629
Annual mortgage: $31,546
Salary needed to comfortably afford mortgage: $112,665
Percentage of average annual income that covers salary needed: 106%
Illinois
Monthly mortgage: $1,612
Annual mortgage: $19,339
Salary needed to comfortably afford mortgage: $69,068
Percentage of average annual income that covers salary needed: 172%
Indiana
Monthly mortgage: $1,410
Annual mortgage: $16,914
Salary needed to comfortably afford mortgage: $60,408
Percentage of average annual income that covers salary needed: 197%
Iowa
Monthly mortgage: $1,305
Annual mortgage: $15,661
Salary needed to comfortably afford mortgage: $55,933
Percentage of average annual income that covers salary needed: 213%
Kansas
Monthly mortgage: $1,348
Annual mortgage: $16,177
Salary needed to comfortably afford mortgage: $57,777
Percentage of average annual income that covers salary needed: 206%
Kentucky
Monthly mortgage: $1,288
Annual mortgage: $15,460
Salary needed to comfortably afford mortgage: $55,215
Percentage of average annual income that covers salary needed: 215%
Louisiana
Monthly mortgage: $1,181
Annual mortgage: $14,167
Salary needed to comfortably afford mortgage: $50,596
Percentage of average annual income that covers salary needed: 235%
Maine
Monthly mortgage: $2,207
Annual mortgage: $26,486
Salary needed to comfortably afford mortgage: $94,593
Percentage of average annual income that covers salary needed: 126%
Maryland
Monthly mortgage: $2,468
Annual mortgage: $29,619
Salary needed to comfortably afford mortgage: $105,783
Percentage of average annual income that covers salary needed: 112%
Massachusetts
Monthly mortgage: $3,737
Annual mortgage: $44,848
Salary needed to comfortably afford mortgage: $160,171
Percentage of average annual income that covers salary needed: 74%
Michigan
Monthly mortgage: $1,412
Annual mortgage: $16,948
Salary needed to comfortably afford mortgage: $60,529
Percentage of average annual income that covers salary needed: 197%
Minnesota
Monthly mortgage: $1,955
Annual mortgage: $23,456
Salary needed to comfortably afford mortgage: $83,771
Percentage of average annual income that covers salary needed: 142%
Mississippi
Monthly mortgage: $1,063
Annual mortgage: $12,754
Salary needed to comfortably afford mortgage: $45,549
Percentage of average annual income that covers salary needed: 261%
Missouri
Monthly mortgage: $1,465
Annual mortgage: $17,582
Salary needed to comfortably afford mortgage: $62,792
Percentage of average annual income that covers salary needed: 189%
Montana
Monthly mortgage: $2,569
Annual mortgage: $30,834
Salary needed to comfortably afford mortgage: $110,121
Percentage of average annual income that covers salary needed: 108%
Nebraska
Monthly mortgage: $1,530
Annual mortgage: $18,357
Salary needed to comfortably afford mortgage: $65,560
Percentage of average annual income that covers salary needed: 181%
Nevada
Monthly mortgage: $2,586
Annual mortgage: $31,036
Salary needed to comfortably afford mortgage: $110,844
Percentage of average annual income that covers salary needed: 107%
New Hampshire
Monthly mortgage: $2,888
Annual mortgage: $34,661
Salary needed to comfortably afford mortgage: $123,790
Percentage of average annual income that covers salary needed: 96%
New Jersey
Monthly mortgage: $3,247
Annual mortgage: $38,960
Salary needed to comfortably afford mortgage: $139,142
Percentage of average annual income that covers salary needed: 86%
New Mexico
Monthly mortgage: $1,752
Annual mortgage: $21,022
Salary needed to comfortably afford mortgage: $75,080
Percentage of average annual income that covers salary needed: 158%
New York
Monthly mortgage: $2,687
Annual mortgage: $32,249
Salary needed to comfortably afford mortgage: $115,174
Percentage of average annual income that covers salary needed: 103%
North Carolina
Monthly mortgage: $1,873
Annual mortgage: $22,475
Salary needed to comfortably afford mortgage: $80,266
Percentage of average annual income that covers salary needed: 148%
North Dakota
Monthly mortgage: $1,603
Annual mortgage: $19,235
Salary needed to comfortably afford mortgage: $68,696
Percentage of average annual income that covers salary needed: 173%
Ohio
Monthly mortgage: $1,352
Annual mortgage: $16,227
Salary needed to comfortably afford mortgage: $57,955
Percentage of average annual income that covers salary needed: 205%
Oklahoma
Monthly mortgage: $1,222
Annual mortgage: $14,662
Salary needed to comfortably afford mortgage: $52,365
Percentage of average annual income that covers salary needed: 227%
Oregon
Monthly mortgage: $2,812
Annual mortgage: $33,745
Salary needed to comfortably afford mortgage: $120,516
Percentage of average annual income that covers salary needed: 99%
Pennsylvania
Monthly mortgage: $1,565
Annual mortgage: $18,776
Salary needed to comfortably afford mortgage: $67,055
Percentage of average annual income that covers salary needed: 177%
Rhode Island
Monthly mortgage: $2,807
Annual mortgage: $33,689
Salary needed to comfortably afford mortgage: $120,318
Percentage of average annual income that covers salary needed: 99%
South Carolina
Monthly mortgage: $1,702
Annual mortgage: $20,422
Salary needed to comfortably afford mortgage: $72,935
Percentage of average annual income that covers salary needed: 163%
South Dakota
Monthly mortgage: $1,760
Annual mortgage: $21,116
Salary needed to comfortably afford mortgage: $75,416
Percentage of average annual income that covers salary needed: 158%
Tennessee
Monthly mortgage: $1,844
Annual mortgage: $22,127
Salary needed to comfortably afford mortgage: $79,025
Percentage of average annual income that covers salary needed: 151%
Texas
Monthly mortgage: $1,681
Annual mortgage: $20,168
Salary needed to comfortably afford mortgage: $72,029
Percentage of average annual income that covers salary needed: 165%
Utah
Monthly mortgage: $3,055
Annual mortgage: $36,655
Salary needed to comfortably afford mortgage: $130,909
Percentage of average annual income that covers salary needed: 91%
Vermont
Monthly mortgage: $2,155
Annual mortgage: $25,863
Salary needed to comfortably afford mortgage: $92,366
Percentage of average annual income that covers salary needed: 129%
Virginia
Monthly mortgage: $2,317
Annual mortgage: $27,802
Salary needed to comfortably afford mortgage: $99,293
Percentage of average annual income that covers salary needed: 120%
Washington
Monthly mortgage: $3,413
Annual mortgage: $40,959
Salary needed to comfortably afford mortgage: $146,282
Percentage of average annual income that covers salary needed: 81%
West Virginia
Monthly mortgage: $953
Annual mortgage: $11,438
Salary needed to comfortably afford mortgage: $40,849
Percentage of average annual income that covers salary needed: 291%
Wisconsin
Monthly mortgage: $1,833
Annual mortgage: $21,998
Salary needed to comfortably afford mortgage: $78,565
Percentage of average annual income that covers salary needed: 151%
Wyoming
Monthly mortgage: $1,991
Annual mortgage: $23,888
Salary needed to comfortably afford mortgage: $85,314
Percentage of average annual income that covers salary needed: 139%
Methodology: For this study, MoneyLion analyzed how far a dual income millennial household income goes toward covering the income needed to comfortably afford a home in each U.S. state. First MoneyLion sourced the national average household income for households withs heads born 1981 to 1995 from the Bureau of Labor Statistics Consumer Expenditure Survey. MoneyLion then sourced total population and total households from the U.S. Census American Community Survey. The average single-family home value was sourced from the Zillow Home Value Index for February 2026. Assuming a 10% down payment and using the national average 30-year fixed mortgage rate of 6.38% (sourced from Federal Reserve Economic Data on March 30, 2026), the average mortgage was calculated for each state. Using the 50/30/20 finance rule, which states that housing costs should not exceed 28% of household income, the comfortable salary needed to afford housing was calculated for each state. Using the national average household income for households with heads born 1981 to 1995 as well as the comfortable salary needed, the percentage of salary needed covered by household income for millennial dual income was calculated. The states were sorted to show the least affordable states to own a home for a millennial dual income household. All data is up to date as of March 30, 2026.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
More From MoneyLion:
Discover a Smarter Way to Keep Unexpected Expenses From Derailing Your Budget
Got $20 To Spend at Dollar Tree? Consider These Fine Spring Items
Be Honest — Do You Have Enough Cash at Home in Case of a National Emergency?