We all know housing is expensive, and for those lucky enough to have a mortgage, they might not feel so lucky. A report from Realtor.com examined how many days someone would need to work to cover a monthly mortgage payment in each state.
The national average is 10 days—or half of the 20 days someone typically works in a 40-hour week. This figure varies by state. California, Montana, and Hawaii rank high, requiring 15 to 17 days of work, while Ohio is on the low end, needing only six days of wages.
Kansas, Missouri, Indiana, Illinois, West Virginia, and Michigan require seven days.
Realtor.com says Hawaii has the highest median home list price in the nation at $796,947. West Virginia has the lowest median home list price, at $247,000, while the median list price for a home in Ohio is $259,450.
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This analysis does not include other expenses such as insurance, repairs, or utilities. The report also found that nearly 75 percent of U.S. households cannot afford a median-priced home.
“Home prices have significantly outpaced wage growth in recent years, widening the gap between income and housing affordability,” says Hannah Jones, Realtor.com senior economic research analyst. “This disparity intensified during the COVID-19 pandemic, when a surge in housing demand strained inventory, driving home prices sharply upward and increasing economic pressure on households.”
One reason many Americans are unable to afford a mortgage payment is that the U.S. is facing a housing shortage. Housing has not kept up with demand, as the U.S. fell 3.8 million units short of meeting demand relative to new household formations in 2024, Realtor.com said.
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“More home supply at more price points can help bring earnings and home prices more in sync. Not all households are interested in buying a home, so ample rental and for-sale inventory are both important to providing affordable housing options,” adds Jones.
