Some areas of the United States are clearly more expensive than others. However, once you examine this intricate map carefully, you’ll see why some people can afford mansions while others must live in cramped flats. It has a lot to do with which state you reside in and how much money you take home on a yearly basis as a salary.
HowMuch created this map to teach average Americans about what they can reasonably expect to afford in all 50 states. The map displays each state and the yearly income required to purchase an “average” house, along with the salary necessary for a person to secure a thirty-year mortgage with a 10 percent down payment. The salary needed for someone to buy a house with a ten-percent down payment goes from high $30,000s up to $138,000 in Washington, DC.
If you’re not earning enough money, there’s a good chance it’s because of your location. There are parts of the country that are more understanding of individuals who do not make as much money. These states, which welcome lower-income Americans and provide them with chances to own a home, include Ohio, West Virginia, Arkansas, Indiana, and Michigan. If you earn around $40,000 per year in income, you may live in a typical house in these states.
Higher-income individuals may be attracted to the luxury lifestyle in states like Florida, California, New York, and Massachusetts. If you want to live a comfortable life in Florida, your yearly income must exceed $70,000. The salaries go up considerably in states including California and Massachusetts, but the real cost depends on where you live in the state. You’ll pay more for a house if you choose to reside in San Francisco, Los Angeles, or Boston than if you select a more rural location within those states.
Some states, on the other hand, demand a greater salary from its citizens. Massachusetts is recognized as a state that looks after its people. Residents of Massachusetts pay higher taxes than individuals in some states that require a lower wage, yet they benefit from additional resources than those who are poor in other states. This has been emphasized throughout the coronavirus epidemic quite clearly.
This map is an excellent method to compare the distinctions in America’s states. If you’re considering relocating soon or in the near future, this map could be a useful starting point. If you move to a location that requires less money and carry your job with you, you may gain access to offer much greater accommodation if you relocate to a state with less cash.
Some areas have extremely high living costs. Although the state generally presents great perks, it may also be a financial drain – or both.
What is the minimum salary that you need to live comfortably in your home state?
