Here's the salary needed to afford a median-priced home in Massachusetts, according to a new report
BOSTON - A new report says it's more expensive to buy a house in Massachusetts than just about anywhere else in the country.
Bankrate says Massachusetts is one of 22 states where a six-figure income is needed to afford the median-priced home. Prospective homebuyers need to make $162,471 a year to afford a home here, the report says.
Four years ago, Bankrate says the salary needed to buy a median-priced home in Massachusetts was $115,797. That's a 40% increase from 2020, but experts say wages haven't kept pace with the rising cost of houses.
States with the most expensive homes
There are only three places in the U.S. where a higher income is needed to afford a median-priced home: Washington, D.C.; Hawaii and California, where a whopping salary of just over $197,000 is required.
The most affordable state in New England was Maine, with a required salary of $102,557. In New Hampshire, Bankrate says the homebuyer's annual income needs to be at least $130,000.
At the bottom of the list is Mississippi, where Bankrate says an annual income of just $63,000 is needed to afford the median-priced home.
Housing costs in Boston area
To buy a house around Boston, you'll need to make even more. A report Redfin in 2023 found that the annual income needed to afford a median-priced home in the Boston metro area was $194,188.
Realtors suggest that a third of your income should go to housing.
