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PBT Bancorp 2026 state affordability study

VA Homebuying Affordability by State

VA homebuying affordability by state changes sharply, 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 June 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
  • June 2026 Redfin prices
  • One consistent VA estimate
United States map with state VA homebuying affordability index ranges
IowaHighest affordability index in the study
86.9Top affordability index
$269,058Redfin median sale price in Iowa
50 + DCStates plus Washington, DC compared

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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% housing ratio. A higher index indicates more statewide income coverage under the same assumptions.

  1. #1

    Iowa

    86.9Affordability
    Redfin median sale price$269,058
    Estimated P&I plus tax$2,027/mo

    $75,501 median income compared with $86,867 estimated income needed

  2. #2

    Oklahoma

    83.3Affordability
    Redfin median sale price$261,681
    Estimated P&I plus tax$1,854/mo

    $66,148 median income compared with $79,445 estimated income needed

  3. #3

    Indiana

    82.2Affordability
    Redfin median sale price$288,896
    Estimated P&I plus tax$2,043/mo

    $71,959 median income compared with $87,559 estimated income needed

  1. #4

    Ohio

    80.7Affordability
    Redfin median sale price$279,126
    Estimated P&I plus tax$2,087/mo

    $72,212 median income compared with $89,447 estimated income needed

  2. #5

    Missouri

    78.5Affordability
    Redfin median sale price$299,064
    Estimated P&I plus tax$2,129/mo

    $71,589 median income compared with $91,239 estimated income needed

  3. #6

    Louisiana

    77.8Affordability
    Redfin median sale price$265,083
    Estimated P&I plus tax$1,829/mo

    $60,986 median income compared with $78,386 estimated income needed

  4. #7

    Kansas

    77.3Affordability
    Redfin median sale price$304,048
    Estimated P&I plus tax$2,280/mo

    $75,514 median income compared with $97,703 estimated income needed

  5. #8

    Michigan

    76Affordability
    Redfin median sale price$299,064
    Estimated P&I plus tax$2,224/mo

    $72,389 median income compared with $95,309 estimated income needed

  6. #9

    Alabama

    75.5Affordability
    Redfin median sale price$304,048
    Estimated P&I plus tax$2,060/mo

    $66,659 median income compared with $88,276 estimated income needed

  7. #10

    West Virginia

    75.1Affordability
    Redfin median sale price$274,142
    Estimated P&I plus tax$1,888/mo

    $60,798 median income compared with $80,908 estimated income needed

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

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Select Get a Callback when you want a buying range based on your own budget. A VA loan specialist can replace the state averages with your income, monthly obligations, funding-fee status, taxes, insurance, and comfortable payment. A credit pull is not needed for this first budget conversation.

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How does VA homebuying affordability compare 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 $269,058 $75,501 $2,027 86.9
2 Oklahoma $261,681 $66,148 $1,854 83.3
3 Indiana $288,896 $71,959 $2,043 82.2
4 Ohio $279,126 $72,212 $2,087 80.7
5 Missouri $299,064 $71,589 $2,129 78.5
6 Louisiana $265,083 $60,986 $1,829 77.8
7 Kansas $304,048 $75,514 $2,280 77.3
8 Michigan $299,064 $72,389 $2,224 76
9 Alabama $304,048 $66,659 $2,060 75.5
10 West Virginia $274,142 $60,798 $1,888 75.1
11 North Dakota $335,585 $77,871 $2,435 74.6
12 Minnesota $373,830 $87,117 $2,730 74.5
13 Arkansas $284,111 $62,106 $1,957 74.1
14 Kentucky $289,095 $64,526 $2,038 73.9
15 South Dakota $339,437 $76,881 $2,479 72.4
16 Nebraska $323,986 $76,376 $2,476 72
17 Pennsylvania $338,939 $77,545 $2,515 71.9
18 Maryland $463,449 $102,905 $3,359 71.5
19 Delaware $417,448 $87,534 $2,859 71.4
20 Mississippi $278,129 $59,127 $1,948 70.8
21 Texas $347,911 $79,721 $2,627 70.8
22 Georgia $373,830 $79,991 $2,645 70.6
23 Alaska $433,643 $95,665 $3,181 70.2
24 Illinois $343,923 $83,211 $2,772 70
25 South Carolina $359,873 $72,350 $2,457 68.7
26 Wisconsin $358,877 $77,488 $2,691 67.2
27 Wyoming $378,814 $75,532 $2,627 67.1
28 Virginia $463,549 $92,090 $3,268 65.8
29 North Carolina $383,799 $73,958 $2,674 64.5
30 Florida $398,752 $77,735 $2,825 64.2
31 New Mexico $354,251 $67,816 $2,475 63.9
32 Arizona $443,611 $81,486 $3,023 62.9
33 Tennessee $393,767 $71,997 $2,689 62.5
34 Utah $534,273 $96,658 $3,666 61.5
35 Connecticut $476,508 $96,049 $3,734 60
36 Vermont $423,674 $82,730 $3,238 59.6
37 Colorado $567,219 $97,113 $3,895 58.2
38 Nevada $480,496 $81,134 $3,291 57.5
39 Maine $438,627 $76,442 $3,164 56.4
40 Idaho $498,340 $81,166 $3,395 55.8
41 New Hampshire $543,299 $99,782 $4,170 55.8
42 Oregon $521,368 $85,220 $3,706 53.6
43 Washington $617,990 $99,389 $4,395 52.8
Not a state District of Columbia $708,003 $109,707 $4,941 51.8
44 New Jersey $598,128 $104,294 $4,802 50.7
45 Rhode Island $538,315 $83,504 $3,957 49.2
46 Massachusetts $687,847 $104,828 $5,015 48.8
47 Montana $527,848 $75,340 $3,712 47.4
48 New York $553,268 $85,820 $4,243 47.2
49 Hawaii $747,660 $100,745 $4,997 47
50 California $777,566 $100,149 $5,478 42.7

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% first-use VA funding fee, a 6.5% 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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Move from statewide data to the selected county

How do you replace the statewide estimate with your own budget?

We can review the county, home price, taxes, insurance, income, debts, and VA benefit before you rely on the statewide number.

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How is the VA state affordability index calculated?

1

State median sale price

We rely on the Redfin state median sale price through June 2026.

2

Example VA loan assumptions

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

3

Estimated state property tax

Census median real-estate tax and median owner-occupied home value provide the state tax rate used in the comparison.

4

Income comparison

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

Why can your personal VA affordability 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.

State medians can hide large county differences. A coastal Florida insurance quote, a New Jersey property-tax bill, and a rural Alabama home may produce very different payments from the statewide table. The table can narrow the market, then we replace the assumptions with the actual property, insurance, taxes, income, and debts.

Model home surrounded by coin stacks, a rate document, calendar, shield, and budget chart

Next steps

How can we replace the state estimate with your affordability range?

Use these tools to turn the state affordability comparison into a payment range, funding-fee estimate, or pre-qualification plan.

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We replace the statewide estimate with the payment, cash needed, and price range supported by the actual property and household finances.

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VA state affordability questions

Which state has the highest VA affordability index in this study?

Iowa ranks first in the current PBT comparison with an index of 86.9. That result reflects statewide median sale price, household income, estimated property tax, and the study’s fixed loan assumptions. It does not mean Iowa is the right state for you or that you will qualify there.

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% housing ratio. It is a comparison benchmark, not a VA underwriting rule.

Why does the table use a 6.5% example rate?

One example rate lets every state be compared consistently. It is not an advertised rate or lock offer. Your actual rate depends on the market and complete application when you are 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 statewide medians do not decide an individual approval. Qualification depends on your income, debts, funding-fee status, residual income, and credit. The home price, taxes, insurance, and applicable loan requirements also affect the result.

Do VA loan limits change affordability from one state to another?

Veterans with full entitlement do not have a VA loan limit, but every lender still reviews income, credit, residual income, property value, and its own maximum loan rules. County loan limits still matter when you have remaining entitlement, so two Veterans considering the same state can have different zero-down capacity.

Does the table include disabled Veteran property tax exemptions?

The table does not include an individual disabled Veteran property-tax exemption. It estimates a general state property-tax rate from Census medians. An approved state or local exemption may reduce the actual tax bill, but eligibility, filing, effective date, and benefit amount must be verified with the local taxing authority.

How often is the state affordability study updated?

The Redfin price input should be refreshed after each completed monthly state release. Census household-income and property-tax inputs should be refreshed when the next annual American Community Survey data is available. The current comparison uses Redfin data through June 2026 and 2024 ACS data.

Replace the state estimate with your real homebuying budget

Start the pre-qualification form with the target county, income, debts, available funds, and expected property costs. We will turn those details into a more useful buying range.

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Last reviewed August 8, 2026.