In some states, they must work over two weeks
Home affordability remains a challenge for many Americans as home prices and mortgage rates continue to rise. According to a new report from Realtor.com, the number of workdays required per month to afford a mortgage on average is 10 days. In some states, residents would need only six days, while in others, residents would need to work as much as 17 days.
The report, which analyzed housing costs and wages, found that the national median home price stands at $412,000, requiring an average of 10 workdays per month to cover mortgage payments. However, in states with higher housing costs, this number is greater.
States with the highest number of workdays required
Hawaii tops the list as the least affordable state, with homeowners needing to work 17 days per month to afford an average mortgage payment of $5,222. California, Massachusetts, and Montana follow closely behind, each requiring 15 workdays to cover their respective mortgage costs.
“The number of workdays required to afford a home today stems from a couple of factors. First, home prices have risen faster than incomes, widening the gap between earnings and housing costs. Second, elevated mortgage rates have increased borrowing costs, further stretching monthly budgets,” noted Charlie Lankston, executive editor at Realtor.com.
California, where the median home price is $728,500, requires 15 workdays to cover an average monthly payment of $4,773. Similarly, Massachusetts homeowners, with a median home price of $749,950, also need to dedicate 15 workdays per month to their mortgage.
Most affordable states
At the other end of the spectrum, Ohio ranks as the most affordable state for homeownership, with only six workdays needed per month to afford a mortgage on a median-priced home of $259,450. Several other Midwestern and Southern states- including Kansas, Missouri, Indiana, Illinois, West Virginia, and Michigan - require only seven workdays per month.
West Virginia has the lowest median home list price at $247,000, making it one of the most affordable housing markets in the country. In contrast to states like Hawaii and California, these states offer more manageable mortgage payments, making homeownership more accessible to residents.
Workdays required per month to afford a mortgage payment, by state
|
State |
Median Home List Price |
Average work days required to afford the mortgage payment |
|---|---|---|
|
Alabama |
$321,720 |
9 |
|
Alaska |
$422,500 |
9 |
|
Arizona |
$488,500 |
12 |
|
Arkansas |
$289,950 |
8 |
|
California |
$728,500 |
15 |
|
Colorado |
$559,475 |
12 |
|
Connecticut |
$499,450 |
11 |
|
Delaware |
$479,495 |
12 |
|
District of Columbia |
$589,950 |
9 |
|
Florida |
$435,000 |
11 |
|
Georgia |
$380,000 |
9 |
|
Hawaii |
$796,947 |
17 |
|
Idaho |
$566,950 |
14 |
|
Illinois |
$289,950 |
7 |
|
Indiana |
$279,450 |
7 |
|
Iowa |
$279,950 |
8 |
|
Kansas |
$280,298 |
7 |
|
Kentucky |
$299,000 |
8 |
|
Louisiana |
$275,000 |
8 |
|
Maine |
$449,450 |
11 |
|
Maryland |
$408,323 |
9 |
|
Massachusetts |
$749,950 |
15 |
|
Michigan |
$265,350 |
7 |
|
Minnesota |
$380,948 |
8 |
|
Mississippi |
$289,900 |
9 |
|
Missouri |
$289,000 |
7 |
|
Montana |
$613,375 |
15 |
|
Nebraska |
$346,925 |
9 |
|
Nevada |
$485,598 |
13 |
|
New Hampshire |
$574,950 |
13 |
|
New Jersey |
$544,950 |
12 |
|
New Mexico |
$389,700 |
11 |
|
New York |
$659,974 |
14 |
|
North Carolina |
$399,450 |
10 |
|
North Dakota |
$363,322 |
9 |
|
Ohio |
$259,450 |
6 |
|
Oklahoma |
$294,995 |
8 |
|
Oregon |
$550,000 |
12 |
|
Pennsylvania |
$296,750 |
8 |
|
Rhode Island |
$524,950 |
12 |
|
South Carolina |
$352,450 |
9 |
|
South Dakota |
$372,500 |
10 |
|
Tennessee |
$419,965 |
11 |
|
Texas |
$355,000 |
8 |
|
Utah |
$586,200 |
14 |
|
Vermont |
$497,500 |
12 |
|
Virginia |
$422,325 |
10 |
|
Washington |
$607,075 |
12 |
|
West Virginia |
$247,000 |
7 |
|
Wisconsin |
$379,450 |
9 |
|
Wyoming |
$459,725 |
12 |
Source: Realtor.com
Realtor.com’s analysis is based on a 30-year fixed mortgage rate of 6.65%, factoring in property taxes and insurance at an annual rate of 1.7%. It also assumes a 20% down payment and uses wage data from the Bureau of Labor Statistics’ January 2025 release.
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