Salary Needed To Afford a Luxury Home in Every State
The 2020s have been a chaotic time for the American real estate market. The decade began with a rate-fueled pandemic boom, followed by a freeze when the Federal Reserve hiked borrowing costs, before the market settled into its current state: a cautious thaw of modest price growth and gradually easing mortgage rates. Now that the market is easing somewhat, it’s become easier for homebuyers to make purchases – even luxury houses.
Before purchasing a luxury home, though, it helps to know just how much you’ll need to pay -- and how much you need to earn yearly in order to do so. To that end, MoneyLion launched a study to determine the average monthly mortgage costs of luxury homes in every state and the annual minimum salary needed to comfortably afford those mortgages. From that study, MoneyLion crafted a list of luxury home costs in every state, from most expensive to least.
Also See: You Can Afford a Mortgage in These 13 Cities on Just $40K
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Key Findings
California and Hawaii are nearly tied for most expensive: In both states, the minimum salary required to afford a luxury home is $267,000, with an average monthly mortgage of nearly $6,700.
West Virginia has the most affordable luxury living: A luxury home will require a minimum salary of just $59,839 in the Mountain State.
Only one state’s median household income can afford a luxury home: Once again, West Virginia requires a minimum salary of $59,839 to purchase a luxury home – and its median household income of $60,798 slightly exceeds that. It is the only state with such a ratio.
1. California
Average monthly mortgage: $6,695
Median household income: $100,149
Salary needed to afford luxury home: $267,789
2. Hawaii
Average monthly mortgage: $6,680
Median household income: $100,745
Salary needed to afford luxury home: $267,183
3. Massachusetts
Average monthly mortgage: $5,086
Median household income: $104,828
Salary needed to afford luxury home: $203,422
4. Washington
Average monthly mortgage: $4,736
Median household income: $99,389
Salary needed to afford luxury home: $189,450
5. New York
Average monthly mortgage: $4,662
Median household income: $85,820
Salary needed to afford luxury home: $186,468
6. New Jersey
Average monthly mortgage: $4,396
Median household income: $104,294
Salary needed to afford luxury home: $175,850
7. Colorado
Average monthly mortgage: $4,175
Median household income: $97,113
Salary needed to afford luxury home: $166,987
8. Utah
Average monthly mortgage: $3,891
Median household income: $96,658
Salary needed to afford luxury home: $155,633
9. Rhode Island
Average monthly mortgage: $3,790
Median household income: $83,504
Salary needed to afford luxury home: $151,601
10. Montana
Average monthly mortgage: $3,705
Median household income: $75,340
Salary needed to afford luxury home: $148,191
11. Idaho
Average monthly mortgage: $3,608
Median household income: $81,166
Salary needed to afford luxury home: $144,310
12. Connecticut
Average monthly mortgage: $3,535
Median household income: $96,049
Salary needed to afford luxury home: $141,385
13. New Hampshire
Average monthly mortgage: $3,533
Median household income: $99,782
Salary needed to afford luxury home: $141,336
14. Virginia
Average monthly mortgage: $3,499
Median household income: $92,090
Salary needed to afford luxury home: $139,943
15. Oregon
Average monthly mortgage: $3,488
Median household income: $85,220
Salary needed to afford luxury home: $139,504
16. Maryland
Average monthly mortgage: $3,294
Median household income: $102,905
Salary needed to afford luxury home: $131,771
17. Arizona
Average monthly mortgage: $3,269
Median household income: $81,486
Salary needed to afford luxury home: $130,745
18. Maine
Average monthly mortgage: $3,212
Median household income: $76,442
Salary needed to afford luxury home: $128,482
19. Nevada
Average monthly mortgage: $3,203
Median household income: $81,134
Salary needed to afford luxury home: $128,133
20. Florida
Average monthly mortgage: $3,194
Median household income: $77,735
Salary needed to afford luxury home: $127,772
21. Wyoming
Average monthly mortgage: $3,110
Median household income: $75,532
Salary needed to afford luxury home: $124,419
22. Vermont
Average monthly mortgage: $2,984
Median household income: $82,730
Salary needed to afford luxury home: $119,365
23. Delaware
Average monthly mortgage: $2,983
Median household income: $87,534
Salary needed to afford luxury home: $119,307
24. North Carolina
Average monthly mortgage: $2,733
Median household income: $73,958
Salary needed to afford luxury home: $109,326
25. Tennessee
Average monthly mortgage: $2,685
Median household income: $71,997
Salary needed to afford luxury home: $107,414
26. Georgia
Average monthly mortgage: $2,640
Median household income: $79,991
Salary needed to afford luxury home: $105,604
27. Alaska
Average monthly mortgage: $2,638
Median household income: $95,665
Salary needed to afford luxury home: $105,507
28. South Carolina
Average monthly mortgage: $2,576
Median household income: $72,350
Salary needed to afford luxury home: $103,048
29. Minnesota
Average monthly mortgage: $2,522
Median household income: $87,117
Salary needed to afford luxury home: $100,900
30. South Dakota
Average monthly mortgage: $2,522
Median household income: $76,881
Salary needed to afford luxury home: $100,870
31. Texas
Average monthly mortgage: $2,500
Median household income: $79,721
Salary needed to afford luxury home: $99,993
32. Wisconsin
Average monthly mortgage: $2,429
Median household income: $77,488
Salary needed to afford luxury home: $97,174
33. New Mexico
Average monthly mortgage: $2,370
Median household income: $67,816
Salary needed to afford luxury home: $94,818
34. Pennsylvania
Average monthly mortgage: $2,347
Median household income: $77,545
Salary needed to afford luxury home: $93,870
35. Illinois
Average monthly mortgage: $2,315
Median household income: $83,211
Salary needed to afford luxury home: $92,603
36. Nebraska
Average monthly mortgage: $2,156
Median household income: $76,376
Salary needed to afford luxury home: $86,256
37. North Dakota
Average monthly mortgage: $2,109
Median household income: $77,871
Salary needed to afford luxury home: $84,346
38. Kansas
Average monthly mortgage: $2,101
Median household income: $75,514
Salary needed to afford luxury home: $84,059
39. Michigan
Average monthly mortgage: $2,072
Median household income: $72,389
Salary needed to afford luxury home: $82,889
40. Missouri
Average monthly mortgage: $2,068
Median household income: $71,589
Salary needed to afford luxury home: $82,725
41. Alabama
Average monthly mortgage: $1,990
Median household income: $66,659
Salary needed to afford luxury home: $79,590
42. Ohio
Average monthly mortgage: $1,969
Median household income: $72,212
Salary needed to afford luxury home: $78,770
43. Indiana
Average monthly mortgage: $1,952
Median household income: $71,959
Salary needed to afford luxury home: $78,076
44. Iowa
Average monthly mortgage: $1,908
Median household income: $75,501
Salary needed to afford luxury home: $76,308
45. Arkansas
Average monthly mortgage: $1,844
Median household income: $62,106
Salary needed to afford luxury home: $73,744
46. Kentucky
Average monthly mortgage: $1,815
Median household income: $64,526
Salary needed to afford luxury home: $72,601
47. Oklahoma
Average monthly mortgage: $1,756
Median household income: $66,148
Salary needed to afford luxury home: $70,233
48. Louisiana
Average monthly mortgage: $1,695
Median household income: $60,986
Salary needed to afford luxury home: $67,782
49. Mississippi
Average monthly mortgage: $1,571
Median household income: $59,127
Salary needed to afford luxury home: $62,859
50. West Virginia
Average monthly mortgage: $1,496
Median household income: $60,798
Salary needed to afford luxury home: $59,839
Methodology: For this study, MoneyLion analyzed each U.S. State to find the minimum household salary needed to comfortably afford a luxury home. Using the U.S. Census's 2024 1-year ACS, the total population, total households, and median household income was sourced for each state. The average home value for top-tier homes was sourced from the Zillow Home Value Index for January 2026. Zillow defines top-tier homes as homes within the 65th to 95th percentile range for a given region. Assuming a 20% downpayment and using the national average 30-year fixed mortgage rate of 6.01%, as sourced from the Federal Reserve Economic Data on Feb. 23rd, the average mortgage can be calculated for each state. Assuming that the mortgage is no more than 30% of the household income, the minimum salary needed to comfortably afford a top-tier home can be calculated for each state. The states were sorted to show the highest to lowest minimum salary needed. All data is up to date as of Feb. 23, 2026.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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