Let's face it, buying a home can be a stressful and rather daunting task. You have the financing, the payments, those other payments, even more payments on top of that. And don't even get us started on finding the perfect house in your price range.
See, stressful. And did we say expensive?
HowMuch.com, which creates visual graphs regarding topics of money, calculated the yearly salary you'll need in 2018 in order to afford the average house in each state.
The website says the average home prices for each state came from Zillow and were then plugged into a mortgage calculator to calculate monthly payments.
According to the website, the calculations assumed buyers paid an interest rate of 4 to 5 percent, could contribute a 10 percent down payment and the total cost of housing could "take up no more than 30% of gross income." The result was the minimum salary needed to afford the state's average home.
The results showed you'd have to make $67,280 to buy an average-priced house in Arizona.
Hawaii was the most expensive state, followed by Washington, D.C. West Virginia fell at the bottom of the list as the least expensive state.
