If your budget is $2,500 a month, how much house does that actually get you? The answer changes a lot depending on where you live, because property taxes and insurance costs swing so much state to state. I put together a chart to show you.

I'm a mortgage loan officer, and I built this using a set of standard assumptions so you can compare apples to apples across states.

The Assumptions Behind This Chart

Here's what I used to run these numbers:

  • Monthly payment budget: $2,500 (principal, interest, taxes, insurance, and mortgage insurance)
  • Down payment: $50,000
  • Interest rate: 6.75%
  • Loan type: 30 year conventional mortgage
  • Mortgage insurance factor: .25
  • Taxes and insurance: estimated by state

Change any of those variables (bigger down payment, different rate, different budget) and your number moves. But this gives you a solid starting point for comparing states.

What $2,500 a Month Buys You, State by State

  • Alaska: $358,437
  • Alabama: $359,700
  • Arkansas: $348,967
  • Arizona: $375,689
  • California: $353,745
  • Colorado: $361,018
  • Connecticut: $333,893
  • Washington D.C.: $375,072
  • Delaware: $382,569
  • Florida: $299,928
  • Georgia: $349,188
  • Hawaii: $401,671
  • Iowa: $327,246
  • Idaho: $378,770
  • Illinois: $312,611
  • Indiana: $352,217
  • Kansas: $316,991
  • Kentucky: $348,478
  • Louisiana: $319,283
  • Massachusetts: $361,334
  • Maryland: $356,771
  • Maine: $362,471
  • Michigan: $343,941
  • Minnesota: $345,309
  • Missouri: $341,397
  • Mississippi: $351,386
  • Montana: $360,907
  • North Carolina: $356,229
  • North Dakota: $345,442
  • Nebraska: $292,548
  • New Hampshire: $345,229
  • New Jersey: $331,590
  • New Mexico: $358,195
  • Nevada: $381,537
  • New York: $351,399
  • Ohio: $340,643
  • Oklahoma: $320,743
  • Oregon: $367,671
  • Pennsylvania: $348,913
  • Rhode Island: $346,608
  • South Carolina: $362,509
  • South Dakota: $337,007
  • Tennessee: $357,978
  • Texas: $317,988
  • Utah: $380,990
  • Virginia: $363,370
  • Vermont: $345,856
  • Washington: $371,028
  • Wisconsin: $342,178
  • West Virginia: $368,326
  • Wyoming: $376,044

Notice the spread. Florida comes in under $300k because of higher insurance costs, while Hawaii tops $400k. Same monthly payment, very different purchase price, all because of local taxes and insurance.

Want Your Own Number?

This chart uses one set budget and one down payment amount. Your situation is probably different. If you want to plug in your own numbers, my affordability calculator will help you figure out how much home you can actually afford based on your income and budget. And if you want to see the full breakdown of a specific payment and closing costs, check out my payment and closing cost calculator.

If that $50,000 down payment number feels out of reach, you're not stuck. There are down payment assistance programs in every state, and I put together a guide covering all 50 states so you can see what's available where you live.

Hope this helps.

Sam

Originally shared by u/SamTMortgageBroker in r/NewbHomebuyer — view the original thread.