The Cost To Own a 3-Bedroom Home in Every State
The three-bedroom house is something of a standard for many American families. They’re a great fit for a family of four, but those bedrooms can just as easily become home offices, gyms, art studios or whatever else you can imagine should you live alone or choose not to have kids. If you want enough space for your family but don’t want to buy too much house, three bedrooms can be that simple compromise that splits the difference.
But a three-bedroom home is not the same everywhere you go. Depending on the state you call home, the typical three-bedroom house can list at anywhere from $91,000 to over $646,000. That’s why GOBankingRates compiled a study to track the affordability of the three-bedroom house across America. The states are ranked based on the average monthly mortgage payment for three-bedroom homes — from least to most expensive. For additional context, GOBankingRates included a variety of other important factors that affect overall affordability, like the average size of a 20% down payment and the average effective property tax rate.
The end result is a clearer picture of which states offer a friendly market for those shopping for a modest family home and which will price most people out of the market before they start looking.
Last updated: Sept. 23, 2020
1. West Virginia
Average 3-bedroom home value: $91,493
20% down payment: $18,299
Monthly mortgage payment: $351
2. Arkansas
Average 3-bedroom home value: $115,944
20% down payment: $23,189
Monthly mortgage payment: $447
3. Kentucky
Average 3-bedroom home value: $110,998
20% down payment: $22,200
Monthly mortgage payment: $450
4. Oklahoma
Average 3-bedroom home value: $111,147
20% down payment: $22,229
Monthly mortgage payment: $451
5. Mississippi
Average 3-bedroom home value: $117,966
20% down payment: $23,593
Monthly mortgage payment: $473
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6. Alabama
Average 3-bedroom home value: $131,943
20% down payment: $26,389
Monthly mortgage payment: $488
7. Louisiana
Average 3-bedroom home value: $151,303
20% down payment: $30,261
Monthly mortgage payment: $570
8. Indiana
Average 3-bedroom home value: $143,708
20% down payment: $28,742
Monthly mortgage payment: $583
9. Iowa
Average 3-bedroom home value: $129,293
20% down payment: $25,859
Monthly mortgage payment: $593
10. Kansas
Average 3-bedroom home value: $133,099
20% down payment: $26,620
Monthly mortgage payment: $599
11. Missouri
Average 3-bedroom home value: $153,298
20% down payment: $30,660
Monthly mortgage payment: $643
12. South Carolina
Average 3-bedroom home value: $171,142
20% down payment: $34,228
Monthly mortgage payment: $653
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13. Ohio
Average 3-bedroom home value: $142,618
20% down payment: $28,524
Monthly mortgage payment: $661
14. North Dakota
Average 3-bedroom home value: $160,399
20% down payment: $32,080
Monthly mortgage payment: $685
15. Tennessee
Average 3-bedroom home value: $173,188
20% down payment: $34,638
Monthly mortgage payment: $687
16. Georgia
Average 3-bedroom home value: $175,074
20% down payment: $35,015
Monthly mortgage payment: $724
17. Nebraska
Average 3-bedroom home value: $156,733
20% down payment: $31,347
Monthly mortgage payment: $764
18. North Carolina
Average 3-bedroom home value: $188,751
20% down payment: $37,750
Monthly mortgage payment: $765
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19. Pennsylvania
Average 3-bedroom home value: $172,837
20% down payment: $34,567
Monthly mortgage payment: $800
20. New Mexico
Average 3-bedroom home value: $202,648
20% down payment: $40,530
Monthly mortgage payment: $801
21. South Dakota
Average 3-bedroom home value: $181,515
20% down payment: $36,303
Monthly mortgage payment: $806
22. Illinois
Average 3-bedroom home value: $153,234
20% down payment: $30,647
Monthly mortgage payment: $808
23. Michigan
Average 3-bedroom home value: $168,009
20% down payment: $33,602
Monthly mortgage payment: $811
24. Minnesota
Average 3-bedroom home value: $200,240
20% down payment: $40,048
Monthly mortgage payment: $868
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25. Wisconsin
Average 3-bedroom home value: $190,096
20% down payment: $38,019
Monthly mortgage payment: $946
26. Virginia
Average 3-bedroom home value: $237,273
20% down payment: $47,455
Monthly mortgage payment: $947
27. Maine
Average 3-bedroom home value: $217,664
20% down payment: $43,533
Monthly mortgage payment: $960
28. Texas
Average 3-bedroom home value: $201,516
20% down payment: $40,303
Monthly mortgage payment: $993
29. Delaware
Average 3-bedroom home value: $271,947
20% down payment: $54,389
Monthly mortgage payment: $1,034
30. Idaho
Average 3-bedroom home value: $266,272
20% down payment: $53,254
Monthly mortgage payment: $1,057
31. Wyoming
Average 3-bedroom home value: $281,331
20% down payment: $56,266
Monthly mortgage payment: $1,083
32. Arizona
Average 3-bedroom home value: $275,915
20% down payment: $55,183
Monthly mortgage payment: $1,106
33. Vermont
Average 3-bedroom home value: $233,213
20% down payment: $46,643
Monthly mortgage payment: $1,112
34. Montana
Average 3-bedroom home value: $288,415
20% down payment: $57,683
Monthly mortgage payment: $1,171
35. Alaska
Average 3-bedroom home value: $277,866
20% down payment: $55,573
Monthly mortgage payment: $1,202
36. Florida
Average 3-bedroom home value: $289,705
20% down payment: $57,941
Monthly mortgage payment: $1,224
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37. Utah
Average 3-bedroom home value: $314,276
20% down payment: $62,855
Monthly mortgage payment: $1,229
38. Maryland
Average 3-bedroom home value: $304,589
20% down payment: $60,918
Monthly mortgage payment: $1,297
39. Nevada
Average 3-bedroom home value: $334,362
20% down payment: $66,872
Monthly mortgage payment: $1,357
40. Oregon
Average 3-bedroom home value: $330,135
20% down payment: $66,027
Monthly mortgage payment: $1,403
41. Colorado
Average 3-bedroom home value: $379,189
20% down payment: $75,838
Monthly mortgage payment: $1,460
42. Connecticut
Average 3-bedroom home value: $303,411
20% down payment: $60,682
Monthly mortgage payment: $1,515
43. New Hampshire
Average 3-bedroom home value: $304,689
20% down payment: $60,938
Monthly mortgage payment: $1,564
44. New York
Average 3-bedroom home value: $340,864
20% down payment: $68,173
Monthly mortgage payment: $1,605
45. Rhode Island
Average 3-bedroom home value: $343,789
20% down payment: $68,758
Monthly mortgage payment: $1,628
46. Washington
Average 3-bedroom home value: $397,122
20% down payment: $79,424
Monthly mortgage payment: $1,688
47. New Jersey
Average 3-bedroom home value: $366,884
20% down payment: $73,377
Monthly mortgage payment: $1,954
48. Massachusetts
Average 3-bedroom home value: $504,018
20% down payment: $100,804
Monthly mortgage payment: $2,193
49. Hawaii
Average 3-bedroom home value: $631,151
20% down payment: $126,230
Monthly mortgage payment: $2,257
50. California
Average 3-bedroom home value: $646,279
20% down payment: $129,256
Monthly mortgage payment: $2,597
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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 July 2020 index; (2) monthly mortgage payment, using Zillow’s mortgage calculator and based on the July 2020 average home value for a three-bedroom home, 20% down payment, the average state effective property tax sourced from the Tax Foundation and a 2.93% 30-year fixed mortgage, which is the current national average mortgage rate as of Sept. 3, 2020, 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 Sept. 9, 2020.
This article originally appeared on GOBankingRates.com: The Cost To Own a 3-Bedroom Home in Every State