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PBT Bancorp 2026 state affordability study

VA Homebuying Affordability by State

VA homebuying affordability changes sharply from one state to another, even with the same zero-down benefit. Home values, property taxes, household income, insurance, and the VA funding fee all affect how far the benefit reaches.

This study compares all 50 states and Washington, DC using Redfin median sale prices through May 2026, Census household income and property-tax data, and one consistent VA payment assumption. It is a state-level comparison rather than an approval estimate for a specific borrower.


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  • 50 states plus Washington, DC
  • May 2026 Redfin prices
  • One consistent VA estimate
Veteran couple comparing VA homebuying affordability in different states
IowaHighest affordability index in the study
92.2Top affordability index
$253,549Redfin median sale price in Iowa
50 + DCStates plus Washington, DC compared

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Michael Parker, NMLS #457569  |  PBT Bancorp, NMLS #257781  |  FDIC member bank, licensed in all 50 states

Top 10 state affordability scores

Which states have the highest VA affordability index?

An index of 100 means the Census median household income equals the estimated income needed for the study payment at a 28 percent housing ratio. A higher index indicates more statewide income coverage under the same assumptions.

  1. #1

    Iowa

    92.2Affordability
    Redfin median sale price$253,549
    Estimated P&I plus tax$1,910/mo

    $75,501 median income compared with $81,860 estimated income needed

  2. #2

    Indiana

    84.8Affordability
    Redfin median sale price$280,055
    Estimated P&I plus tax$1,981/mo

    $71,959 median income compared with $84,880 estimated income needed

  3. #3

    Oklahoma

    82.5Affordability
    Redfin median sale price$264,062
    Estimated P&I plus tax$1,871/mo

    $66,148 median income compared with $80,168 estimated income needed

  1. #4

    Ohio

    82.2Affordability
    Redfin median sale price$274,027
    Estimated P&I plus tax$2,049/mo

    $72,212 median income compared with $87,813 estimated income needed

  2. #5

    Kansas

    79.9Affordability
    Redfin median sale price$293,956
    Estimated P&I plus tax$2,204/mo

    $75,514 median income compared with $94,460 estimated income needed

  3. #6

    Missouri

    79.8Affordability
    Redfin median sale price$293,956
    Estimated P&I plus tax$2,093/mo

    $71,589 median income compared with $89,681 estimated income needed

  4. #7

    North Dakota

    79.8Affordability
    Redfin median sale price$313,885
    Estimated P&I plus tax$2,277/mo

    $77,871 median income compared with $97,598 estimated income needed

  5. #8

    Louisiana

    79.3Affordability
    Redfin median sale price$259,977
    Estimated P&I plus tax$1,794/mo

    $60,986 median income compared with $76,876 estimated income needed

  6. #9

    Michigan

    77.3Affordability
    Redfin median sale price$293,956
    Estimated P&I plus tax$2,186/mo

    $72,389 median income compared with $93,681 estimated income needed

  7. #10

    West Virginia

    77.3Affordability
    Redfin median sale price$266,553
    Estimated P&I plus tax$1,836/mo

    $60,798 median income compared with $78,668 estimated income needed

PBT calculation using Redfin May 2026 state median sale prices and 2024 American Community Survey household income, home value, and real-estate tax data.

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VA homebuying affordability in every state

Search a state and sort the table to compare the Redfin median sale price, household income, estimated core payment, and affordability score. The downloadable CSV keeps the additional tax-rate and income-needed calculations. Homeowners insurance and HOA dues are excluded because statewide averages can hide large local differences.

Showing 51 records

Swipe or scroll sideways to view every comparison column.
1 Iowa $253,549 $75,501 $1,910 92.2
2 Indiana $280,055 $71,959 $1,981 84.8
3 Oklahoma $264,062 $66,148 $1,871 82.5
4 Ohio $274,027 $72,212 $2,049 82.2
5 Kansas $293,956 $75,514 $2,204 79.9
6 Missouri $293,956 $71,589 $2,093 79.8
7 North Dakota $313,885 $77,871 $2,277 79.8
8 Louisiana $259,977 $60,986 $1,794 79.3
9 Michigan $293,956 $72,389 $2,186 77.3
10 West Virginia $266,553 $60,798 $1,836 77.3
11 Minnesota $361,715 $87,117 $2,642 76.9
12 Pennsylvania $318,867 $77,545 $2,366 76.5
13 Kentucky $281,500 $64,526 $1,985 75.9
14 Arkansas $278,012 $62,106 $1,915 75.7
15 Alabama $307,408 $66,659 $2,083 74.7
16 Maryland $448,407 $102,905 $3,250 73.9
17 Nebraska $318,867 $76,376 $2,436 73.1
18 Delaware $408,549 $87,534 $2,798 73
19 Alaska $420,506 $95,665 $3,085 72.4
20 Illinois $333,814 $83,211 $2,690 72.2
21 Texas $343,779 $79,721 $2,595 71.7
22 South Dakota $343,779 $76,881 $2,510 71.5
23 Georgia $369,687 $79,991 $2,616 71.3
24 South Carolina $351,716 $72,350 $2,402 70.3
25 Mississippi $281,002 $59,127 $1,968 70.1
26 Wisconsin $351,252 $77,488 $2,633 68.7
27 Virginia $453,389 $92,090 $3,196 67.2
28 Wyoming $378,655 $75,532 $2,626 67.1
29 North Carolina $378,655 $73,958 $2,639 65.4
30 Florida $395,595 $77,735 $2,803 64.7
31 Tennessee $383,637 $71,997 $2,620 64.1
32 New Mexico $357,729 $67,816 $2,499 63.3
33 Connecticut $458,372 $96,049 $3,592 62.4
34 Arizona $448,407 $81,486 $3,056 62.2
35 Utah $528,124 $96,658 $3,624 62.2
36 Colorado $563,000 $97,113 $3,866 58.6
37 Nevada $473,319 $81,134 $3,242 58.4
38 Maine $428,478 $76,442 $3,091 57.7
39 Vermont $442,428 $82,730 $3,382 57.1
40 New Hampshire $533,106 $99,782 $4,091 56.9
41 Idaho $490,757 $81,166 $3,344 56.6
42 Oregon $518,159 $85,220 $3,684 54
43 New Jersey $563,000 $104,294 $4,520 53.8
44 Washington $612,823 $99,389 $4,358 53.2
45 Rhode Island $508,195 $83,504 $3,735 52.2
46 Massachusetts $667,628 $104,828 $4,867 50.3
47 New York $526,267 $85,820 $4,036 49.6
Not a state District of Columbia $746,760 $109,707 $5,211 49.1
48 Hawaii $722,434 $100,745 $4,828 48.7
49 Montana $513,177 $75,340 $3,609 48.7
50 California $782,221 $100,149 $5,511 42.4

Payment inputs use the Redfin Data Center monthly state export and the U.S. Census data explorer. The estimate uses zero down, a financed 2.15 percent first-use VA funding fee, a 6.5 percent example rate, a 30-year term, and estimated property tax. It excludes insurance, HOA dues, debts, residual income, and borrower-specific expenses.

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How is the VA state affordability index calculated?

01

Start with the sale price

We use the Redfin state median sale price through May 2026.

02

Estimate the VA loan

The loan uses zero down, a financed 2.15 percent first-use funding fee, a 6.5 percent example rate, and a 30-year term.

03

Add estimated property tax

The state tax rate is estimated from Census median real-estate tax and median owner-occupied home value.

04

Compare with income

We divide the estimated annual housing cost by 28 percent, then compare the result with Census median household income.

Why your personal VA affordability can be different

The VA does not approve a loan using one nationwide housing ratio. Underwriting also looks at debts, residual income, household size, credit, employment, assets, maintenance, and the exact property expenses. A funding-fee exemption can lower the loan amount, while high insurance or HOA dues can raise the payment quickly.

Because state medians hide county differences, a coastal Florida insurance quote, a New Jersey property-tax bill, and a rural Alabama home can produce very different payments from the statewide table. Use the comparison to narrow the market, then replace every assumption with the home and household you actually have.

Military family replacing statewide affordability estimates with actual mortgage documents

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VA state affordability questions

What does a VA affordability index of 100 mean?

It means the Census median household income equals the estimated income needed for the study payment at a 28 percent housing ratio. It is a comparison benchmark, not a VA underwriting rule.

Why does the table use a 6.5 percent example rate?

One example rate lets every state be compared consistently. It is not an advertised rate or lock offer, and the actual rate depends on the market and loan file when the borrower is ready.

Does the estimate include homeowners insurance?

No, the table includes principal, interest, and estimated property tax. Insurance and HOA dues are excluded because local and property-specific costs can vary substantially within a state.

How does a VA funding-fee waiver change the estimate?

An eligible exemption removes the financed funding fee, reducing the loan amount and monthly principal and interest. The exact savings depends on the purchase price and rate.

Can I qualify when the state index is below 100?

Possibly, because the table uses statewide medians, while your income, debts, funding-fee status, home price, taxes, insurance, residual income, and complete credit file determine qualification.

Replace the state estimate with your real homebuying budget

Call 800-697-4371 or complete the short form. We will review the county, property, insurance, taxes, income, debts, and VA benefit before giving you a practical price range.

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Last reviewed July 12, 2026. Redfin state median sale prices are through May 2026. Income and tax inputs use the 2024 American Community Survey. The payment is a comparison estimate and not a rate quote or approval. PBT Bancorp NMLS #257781.