home prices by state

There are a lot of things standing in the way for first-time homebuyers, including just figuring out what you’re supposed to be doing and whether a house is even something you can afford. It’s intimidating.

Cost information website HowMuch.net has endeavored to illuminate a little bit of that dilemma. It has compiled data to offer what it believes is the income required to purchase an average-priced home in every state. Take it with a grain of salt because a lot of variables go into making this kind of information.

Here’s the methodology. HowMuch.net pulled median home prices for every state from the real estate listing site Zillow. It then put that information through a mortgage calculator to determine monthly payments, with an interest rate varying from 4 to 5% depending on the state’s market and a down payment of 10%. Since many financial advisors recommend housing costs eat up a maximum of 30% of your gross income, HowMuch.net used that as…