The Cost To Own a 3-Bedroom Home in Every State
The three-bedroom house might just be the most traditional American house around. These homes are not too ostentatious but provide all the space you need for family and maybe even an extra bedroom for guest space, a home office, or a leisure space of some kind.
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And while the function of three-bedroom homes is standard, too, from one location to the next, the price certainly isn’t. Depending on the state you call home, the typical three-bedroom house can range from the mid-to-high $100,000 to about $900,000. That’s why GOBankingRates compiled a study to track the affordability of the three-bedroom house across America.
You’ll notice that average home values vary widely across the country, with a home as low as $163,000 in West Virginia and nearly $900,000 in Hawaii. To determine the cost of a three-bedroom in every state, GOBankingRates utilized data from Zillow, the Tax Foundation and the Federal Reserve Bank of St. Louis to assess a variety of other important factors that affect overall affordability, like the average size of a 20% down payment, the average annual property taxes and annual mortgage paid.
What you’ll find is that affordability really depends on where you live.
Alabama
3 bedroom home value: $219,236
20% down payment: $43,847
Annual mortgage: $14,795
Annual property tax: $876.9
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Alaska
3 bedroom home value: $358,736
20% down payment: $71,747
Annual mortgage: $26,504
Annual property tax: $3,730.86
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Arizona
3 bedroom home value: $406,944
20% down payment: $81,389
Annual mortgage: $28,398
Annual property tax: $2,563.75
Arkansas
3 bedroom home value: $223,053
20% down payment: $44,611
Annual mortgage: $15,588
Annual property tax: $1,427.54
California
3 bedroom home value: $718,104
20% down payment: $143,621
Annual mortgage: $50,973
Annual property tax: $5,385.78
Colorado
3 bedroom home value: $503,084
20% down payment: $100,617
Annual mortgage: $34,704
Annual property tax: $2,766.96
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Connecticut
3 bedroom home value: $367,669
20% down payment: $73,534
Annual mortgage: $29,922
Annual property tax: $6,581.28
Delaware
3 bedroom home value: $328,899
20% down payment: $65,780
Annual mortgage: $2,006.28
Annual property tax: $22,886
Florida
3 bedroom home value: $387,663
20% down payment: $77,533
Annual mortgage: $3,527.74
Annual property tax: $28,138
Georgia
3 bedroom home value: $284,809
20% down payment: $56,962
Annual mortgage: $2,620.24
Annual property tax: $20,701
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Hawaii
3 bedroom home value: $886,930
20% down payment: $177,386
Annual mortgage: $2,838.18
Annual property tax: $59,143
Idaho
3 bedroom home value: $417,658
20% down payment: $83,532
Annual mortgage: $2,798.31
Annual property tax: $29,312
Illinois
3 bedroom home value: $251,379
20% down payment: $50,276
Annual mortgage: $5,228.69
Annual property tax: $21,187
Indiana
3 bedroom home value: $223,999
20% down payment: $44,800
Annual mortgage: $16,102
Annual property tax: $1,881.59
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Iowa
3 bedroom home value: $212,119
20% down payment: $42,424
Annual mortgage: $3,224.21
Annual property tax: $16,690
Kansas
3 bedroom home value: $208,892
20% down payment: $41,778
Annual mortgage: $2,799.16
Annual property tax: $16,060
Kentucky
3 bedroom home value: $216,986
20% down payment:$43,397
Annual mortgage: $15,576
Annual property tax: $1,800.98
Louisiana
3 bedroom home value: $203,886
20% down payment: $40,777
Annual mortgage: $14,085
Annual property tax: $1,141.76
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Maine
3 bedroom home value: $395,378
20% down payment: $79,076
Annual mortgage: $30,002
Annual property tax: $4,902.69
Maryland
3 bedroom home value: $359,950
20% down payment: $71,990
Annual mortgage: $26,630
Annual property tax: $3,779.48
Massachusetts
3 bedroom home value: $560,849
20% down payment: $112,170
Annual mortgage: $6,393.68
Annual property tax: $41,998
Michigan
3 bedroom home value: $234,430
20% down payment: $46,886
Annual mortgage: $18,117
Annual property tax: $3,235.13
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Minnesota
3 bedroom home value: $312,964
20% down payment: $62,593
Annual mortgage: $23,342
Annual property tax: $3,473.91
Mississippi
3 bedroom home value: $184,154
20% down payment: $36,831
Annual mortgage: $12,924
Annual property tax: $1,233.83
Missouri
3 bedroom home value: $237,568
20% down payment: $47,514
Annual mortgage: $2,399.44
Annual property tax: $17,481
Montana
3 bedroom home value: $462,337
20% down payment: $92,467
Annual mortgage: $32,772
Annual property tax: $3,421.30
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Nebraska
3 bedroom home value: $251,933
20% down payment: $50,387
Annual mortgage: $4,106.50
Annual property tax: $20,100
Nevada
3 bedroom home value: $405,484
20% down payment: $81,097
Annual mortgage: $2,392.36
Annual property tax: $28,134
New Hampshire
3 bedroom home value: $463,093
20% down payment: $92,619
Annual mortgage: $38,336
Annual property tax: $8,937.69
New Jersey
3 bedroom home value: $472,215
20% down payment: $94,443
Annual mortgage: $10,530.39
Annual property tax: $40,508
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New Mexico
3 bedroom home value: $306,366
20% down payment: $61,273
Annual mortgage: $21,502
Annual property tax: $2,052.66
New York
3 bedroom home value: $318,382
20% down payment:$63,676
Annual mortgage: $24,669
Annual property tax: $4,457.35
North Carolina
3 bedroom home value: $304,948
20% down payment: $60,990
Annual mortgage: $21,859
Annual property tax: $2,500.57
North Dakota
3 bedroom home value: $246,697
20% down payment: $49,339
Annual mortgage: $18,079
Annual property tax: $2,417.63
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Ohio
3 bedroom home value: $204,988
20% down payment: $40,998
Annual mortgage: $16,272
Annual property tax: $3,259.31
Oklahoma
3 bedroom home value: $197,204
20% down payment: $39,441
Annual mortgage: $1,755.11
Annual property tax: $14,274
Oregon
3 bedroom home value: $467,854
20% down payment: $93,571
Annual mortgage: $34,052
Annual property tax: $4,351.04
Pennsylvania
3 bedroom home value: $246,367
20% down payment: $49,273
Annual mortgage: $19,311
Annual property tax: $3,670.88
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Rhode Island
3 bedroom home value: $432,623
20% down payment: $86,525
Annual mortgage: $33,521
Annual property tax: $6,056.72
South Carolina
3 bedroom home value: $283,156
20% down payment: $56,631
Annual mortgage: $19,589
Annual property tax: $1,613.99
South Dakota
3 bedroom home value: $282,594
20% down payment: $56,519
Annual mortgage: $21,246
Annual property tax: $3,306.35
Tennessee
3 bedroom home value: $312,147
20% down payment: $62,429
Annual mortgage: $21,907
Annual property tax: $2,091.38
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Texas
3 bedroom home value: $275,076
20% down payment: $55,015
Annual mortgage: $22,084
Annual property tax: $4,621.27
Utah
3 bedroom home value: $459,879
20% down payment: $91,976
Annual mortgage: $31,816
Annual property tax: $2,621.31
Vermont
3 bedroom home value: $403,775
20% down payment: $80,755
Annual mortgage: $33,022
Annual property tax: $7,389.08
Virginia
3 bedroom home value: $330,658
20% down payment: $66,132
Annual mortgage: $2,876.73
Annual property tax: $23,868
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Washington
3 bedroom home value: $544,501
20% down payment: $108,900
Annual mortgage: $39,304
Annual property tax: $4,737.16
West Virginia
3 bedroom home value: $163,380
20% down payment: $32,676
Annual mortgage: $931.27
Annual property tax: $11,303
Wisconsin
3 bedroom home value: $287,687
20% down payment: $57,537
Annual mortgage: $4,631.76
Annual property tax: $22,895
Wyoming
3 bedroom home value: $327,513
20% down payment: $65,503
Annual mortgage: $1,834.07
Annual property tax: $22,625
John Csiszar contributed to the reporting for this article.
Methodology: GOBankingRates determined the cost to own a three-bedroom home in every state by analyzing all 50 U.S. states along the following criteria: (1) average home value for a three-bedroom home, sourced from Zillow’s January 2024 index; (2) monthly mortgage payment, using Zillow’s mortgage calculator and based on the January 2024 average home value for a three-bedroom home, 20% down payment, the average state effective property tax sourced from the Tax Foundation and a 6.94% 30-year fixed mortgage, which is the current national average mortgage rate as of March 5, 2024, sourced from the Federal Reserve Bank of St. Louis; and (3) annual mortgage payment calculated by multiplying factor (2) by twelve. States were ranked by factor (2) with the lowest payment being best. All data compiled on March 6, 2024.
This article originally appeared on GOBankingRates.com: The Cost To Own a 3-Bedroom Home in Every State