A six-figure household income is needed to buy a median-priced home in nearly half of US states in 2024. (Credit: Feverpitched/iStockphoto/Getty Images)

(CNN) --

For anyone looking to buy a new home in the United States, high mortgage rates, rising prices and shrinking housing supply have made the entire process challenging, to say the least.

Now, a new Bankrate.com analysis, released Monday, revealed that in nearly half of U.S. states, buyers need a six-figure household income if they want to purchase a mid-priced home or plan to purchase one. mortgage. (The median price refers to the price at which half of the homes for sale in an area are more expensive and the other half are cheaper.)

  • Nightmare due to prices and high interest rates for those who want to buy a home for the first time in the US.

In January 2020, only six states and the city of Washington required a six-digit family income to purchase a median-priced home.

Assuming you make a 20% down payment and take out a 30-year fixed-rate mortgage with a 52-week average rate, this map shows you how much household income, according to Bankrate analysis, you would need to afford a median-priced home in Your state.

Note that the study only considered the costs of ensuring a manageable mortgage payment (including principal, interest, property taxes, and homeowner's insurance). “Manageable” means that it will not exceed 28% of the gross household income. The analysis did not take into account closing costs or the costs you incur as a homeowner after receiving the keys to your new home.

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  • Home prices in the US continue to increase, why is this?

It's also worth noting that the median home price in a given state won't necessarily reflect the median price in the part of the state you want to buy.

IncomeUS Mortgage RatesHousing