US States by Home Price-to-Income Ratio 2026
Home Price-to-Income Ratio by State: 2026 Affordability Ranking
This ranking of US states by home price-to-income ratio 2026 compares a typical state-level home value with annual household income. A ratio of 5.00 means the typical home costs about five years of median household income before mortgage interest, property taxes, insurance, maintenance, and transaction costs.
This is a Latest available data / 2026 snapshot. The ranking combines March 2026 Zillow Home Value Index state observations published through FRED with 2024 ACS median household income from the U.S. Census Bureau. It is based on observed home values and survey income estimates, not a forecast.
Direct answer: Hawaii has the highest home price-to-income ratio among U.S. states in this 2026 snapshot at 8.27×, followed by California at 7.73×. West Virginia has the lowest ratio at 2.87×.
Key facts about U.S. housing affordability by state
Overview: what the 2026 price-to-income ranking shows
The highest price-to-income ratios are concentrated in three groups. The first is the Pacific and island group, where Hawaii and California remain clear outliers. The second is the Northeast, where Massachusetts, Rhode Island, New York, New Jersey, Maine, and New Hampshire combine high incomes with even higher home values. The third is the Mountain West and broader West, where Montana, Washington, Oregon, Idaho, Colorado, Utah, Nevada, and Arizona remain stretched after years of migration-driven housing demand and constrained supply.
The lower end of the distribution is led by West Virginia, Iowa, Kansas, Mississippi, Oklahoma, Ohio, Illinois, Louisiana, Indiana, Alabama, Arkansas, and Michigan. These states are not automatically inexpensive for every buyer, but the statewide relationship between typical home value and median income is less stretched than in coastal and western markets.
Top 20 states by home price-to-income ratio in 2026
The Top 20 table shows where a typical home value represents the largest number of years of median household income. Each ratio is calculated as March 2026 ZHVI divided by 2024 ACS median household income.
| Rank | State | Home value / income | Ratio |
|---|---|---|---|
| 1 | Hawaii | $832,967Income: $100,745 | 8.27× |
| 2 | California | $774,582Income: $100,149 | 7.73× |
| 3 | Massachusetts | $656,690Income: $104,828 | 6.26× |
| 4 | Montana | $466,917Income: $75,340 | 6.20× |
| 5 | Washington | $601,016Income: $99,389 | 6.05× |
| 6 | Rhode Island | $499,272Income: $83,504 | 5.98× |
| 7 | New York | $507,794Income: $85,820 | 5.92× |
| 8 | Oregon | $499,004Income: $85,220 | 5.86× |
| 9 | Idaho | $473,335Income: $81,166 | 5.83× |
| 10 | Colorado | $541,842Income: $97,113 | 5.58× |
| 11 | Utah | $537,810Income: $96,658 | 5.56× |
| 12 | Nevada | $446,865Income: $81,134 | 5.51× |
| 13 | New Jersey | $569,411Income: $104,294 | 5.46× |
| 14 | Maine | $407,566Income: $76,442 | 5.33× |
| 15 | Arizona | $423,330Income: $81,486 | 5.20× |
| 16 | New Hampshire | $507,347Income: $99,782 | 5.08× |
| 17 | Florida | $375,662Income: $77,735 | 4.83× |
| 18 | Wyoming | $363,227Income: $75,532 | 4.81× |
| 19 | Vermont | $394,038Income: $82,730 | 4.76× |
| 20 | New Mexico | $316,750Income: $67,816 | 4.67× |
Home values are March 2026 ZHVI dollars. Income is 2024 ACS median household income in 2024 inflation-adjusted dollars. Ratio = Home value / income.
Chart 1. Highest home price-to-income ratios
The chart shows the 10 highest price-to-income ratios under the same formula. Hawaii and California remain clear outliers, while Massachusetts, Montana, Washington, Rhode Island, New York, Oregon, Idaho, and Colorado form the next high-pressure tier.
Values are rounded to two decimals. Bars are scaled to Hawaii, the highest ratio in the ranking.
Methodology for the 2026 home price-to-income ratio by state
The ratio is calculated as March 2026 ZHVI divided by 2024 ACS median household income. ZHVI is the Zillow Home Value Index for all homes, including single-family residences, condos, and co-ops, published as a monthly state-level series through FRED. ACS income is the Census Bureau's 2024 estimate of median household income in the past 12 months, expressed in 2024 inflation-adjusted dollars.
The ranking uses 50 state observations. The District of Columbia and Puerto Rico are excluded to keep the page consistent with a state-only ranking. Home values and incomes are rounded to the nearest dollar for display, while the displayed ratio is rounded to two decimals.
This is a snapshot, not a forecast. March 2026 ZHVI reflects housing-market conditions at the latest available monthly observation found in the FRED/Zillow state series, while ACS 2024 income estimates are survey-based and released with a lag. The two data sources therefore represent the best available 2026-facing affordability comparison, not a same-month household-income measurement.
The indicator has clear limits. It does not include mortgage rates, down payments, credit standards, property taxes, homeowners insurance, HOA fees, maintenance, commuting costs, local wage distribution, or within-state variation. It is strongest for comparing statewide structural affordability and weakest for judging the budget of a specific buyer.
Home price-to-income ratio by state: all 50 states
Use the controls to search, filter by Census region, change the visible range, or sort the table. The default view starts with the Top 20, and the full table includes all 50 states.
| Rank | State | Home value / income | Ratio |
|---|---|---|---|
| 1 | Hawaii | $832,967Income: $100,745 | 8.27× |
| 2 | California | $774,582Income: $100,149 | 7.73× |
| 3 | Massachusetts | $656,690Income: $104,828 | 6.26× |
| 4 | Montana | $466,917Income: $75,340 | 6.20× |
| 5 | Washington | $601,016Income: $99,389 | 6.05× |
| 6 | Rhode Island | $499,272Income: $83,504 | 5.98× |
| 7 | New York | $507,794Income: $85,820 | 5.92× |
| 8 | Oregon | $499,004Income: $85,220 | 5.86× |
| 9 | Idaho | $473,335Income: $81,166 | 5.83× |
| 10 | Colorado | $541,842Income: $97,113 | 5.58× |
| 11 | Utah | $537,810Income: $96,658 | 5.56× |
| 12 | Nevada | $446,865Income: $81,134 | 5.51× |
| 13 | New Jersey | $569,411Income: $104,294 | 5.46× |
| 14 | Maine | $407,566Income: $76,442 | 5.33× |
| 15 | Arizona | $423,330Income: $81,486 | 5.20× |
| 16 | New Hampshire | $507,347Income: $99,782 | 5.08× |
| 17 | Florida | $375,662Income: $77,735 | 4.83× |
| 18 | Wyoming | $363,227Income: $75,532 | 4.81× |
| 19 | Vermont | $394,038Income: $82,730 | 4.76× |
| 20 | New Mexico | $316,750Income: $67,816 | 4.67× |
| 21 | Tennessee | $333,651Income: $71,997 | 4.63× |
| 22 | Delaware | $402,891Income: $87,534 | 4.60× |
| 23 | North Carolina | $336,408Income: $73,958 | 4.55× |
| 24 | Connecticut | $436,407Income: $96,049 | 4.54× |
| 25 | Virginia | $412,467Income: $92,090 | 4.48× |
| 26 | Wisconsin | $330,171Income: $77,488 | 4.26× |
| 27 | South Carolina | $304,083Income: $72,350 | 4.20× |
| 28 | Maryland | $429,705Income: $102,905 | 4.18× |
| 29 | Georgia | $332,063Income: $79,991 | 4.15× |
| 30 | South Dakota | $317,148Income: $76,881 | 4.13× |
| 31 | Alaska | $387,636Income: $95,665 | 4.05× |
| 32 | Minnesota | $346,668Income: $87,117 | 3.98× |
| 33 | Texas | $300,957Income: $79,721 | 3.78× |
| 34 | Missouri | $263,040Income: $71,589 | 3.67× |
| 35 | North Dakota | $284,076Income: $77,871 | 3.65× |
| 36 | Pennsylvania | $282,736Income: $77,545 | 3.65× |
| 37 | Nebraska | $276,500Income: $76,376 | 3.62× |
| 38 | Kentucky | $231,894Income: $64,526 | 3.59× |
| 39 | Michigan | $259,857Income: $72,389 | 3.59× |
| 40 | Arkansas | $222,050Income: $62,106 | 3.58× |
| 41 | Alabama | $236,453Income: $66,659 | 3.55× |
| 42 | Indiana | $254,122Income: $71,959 | 3.53× |
| 43 | Louisiana | $211,635Income: $60,986 | 3.47× |
| 44 | Illinois | $285,736Income: $83,211 | 3.43× |
| 45 | Ohio | $242,141Income: $72,212 | 3.35× |
| 46 | Oklahoma | $220,468Income: $66,148 | 3.33× |
| 47 | Mississippi | $192,906Income: $59,127 | 3.26× |
| 48 | Kansas | $244,761Income: $75,514 | 3.24× |
| 49 | Iowa | $231,585Income: $75,501 | 3.07× |
| 50 | West Virginia | $174,412Income: $60,798 | 2.87× |
ZHVI is March 2026, in dollars, smoothed and seasonally adjusted. Income is 2024 ACS median household income in 2024 inflation-adjusted dollars. Ratio = ZHVI / income.
Insights from the 2026 state affordability ranking
1. Hawaii and California sit in a separate affordability tier
The two highest-ratio states stand far above the rest of the ranking. Their gap reflects structural housing scarcity, high demand, and local price levels rather than a small rounding difference.
2. The Northeast ranks high despite strong incomes
Massachusetts, Rhode Island, New York, New Jersey, Maine, and New Hampshire all rank in the upper tier because high median incomes do not fully offset high home values.
3. The West remains the main affordability-pressure region
Montana, Washington, Oregon, Idaho, Colorado, Utah, Nevada, Arizona, Wyoming, and New Mexico show that affordability stress is not limited to coastal states. Mountain and interior western markets remain stretched relative to local incomes.
4. Lower ratios still need context
West Virginia, Iowa, Kansas, Mississippi, Oklahoma, Ohio, Illinois, Louisiana, Indiana, Alabama, and Arkansas look more affordable on this ratio, but the metric does not include job availability, insurance costs, local taxes, or neighborhood-level housing conditions.
What the home price-to-income ratio means for readers
For buyers, the ratio is a quick screening tool. A higher number usually means a larger down-payment challenge, greater sensitivity to mortgage rates, and a stronger need for above-median income or dual-income households. A lower number suggests a less stretched statewide market, but it does not guarantee affordability in every city or county.
For renters and movers, the ranking helps identify where homeownership may require a longer savings timeline. In high-ratio states, renting may remain financially rational even for households with stable income. In lower-ratio states, the ownership gap may be smaller, but job-market fit and long-term income growth still matter.
For policymakers, the distribution points to different problems. High-ratio states often need more housing supply, faster permitting, and infrastructure that supports new construction. Lower-ratio states may need to protect affordability while improving wage growth, neighborhood reinvestment, and access to credit.
FAQ about home price-to-income ratio by state
Which state has the highest home price-to-income ratio in 2026?
Hawaii has the highest ratio in this 2026 snapshot at 8.27×. That means the state-level typical home value is about 8.27 times the 2024 ACS median household income.
Which state has the lowest home price-to-income ratio in 2026?
West Virginia has the lowest ratio in this ranking at 2.87×. It has the lowest relationship between typical home value and median household income among the 50 states in this dataset.
What is a home price-to-income ratio?
It is a typical home value divided by annual median household income. A ratio of 4.00 means the typical home value is about four times the state's median household income.
Why can this ranking differ from other affordability lists?
Affordability rankings can use different home-value series, sale-price measures, income years, geography, or rounding rules. The figures here use March 2026 ZHVI and 2024 ACS median household income for all 50 states.
Why use March 2026 home values with 2024 income?
Home values update monthly, while official ACS income estimates are released with a lag. The combination gives the latest available housing snapshot paired with the latest official state income benchmark.
Is ZHVI the same as a median sale price?
No. ZHVI is a typical home-value index for a given geography and housing type. It is not simply the median price of homes sold in a single month.
Can this ratio tell me whether I personally can afford a home?
No. Personal affordability depends on mortgage rates, down payment, credit score, taxes, insurance, debt, household size, and location inside the state. The ratio is best for statewide comparison.
Sources for home value and income data
- Federal Reserve Bank of St. Louis FRED — Zillow Home Value Index release. Used for state-level March 2026 ZHVI series sourced from Zillow.
- Zillow Research — Housing Data. Used for ZHVI methodology and the definition of ZHVI as a typical home-value measure.
- U.S. Census Bureau — ACS Table B19013. Used for 2024 median household income in the past 12 months.
- U.S. Census Bureau — Household Income in States and Metropolitan Areas: 2024. Used as the official Appendix Table 1 source for 2024 state median household income values.
- Harvard Joint Center for Housing Studies. Used for broader housing-affordability interpretation and context.
The ratios use Zillow/FRED ZHVI and Census ACS income values. Results may differ from rankings that use median sale prices, different income years, local metro areas, or unadjusted housing series.
