New York CNN  — 

For anyone looking to buy a new home, high mortgage rates, high home prices and a shrunken housing supply have made the whole process challenging to say the least.

Now a new analysis from released Monday finds that in nearly half of US states, buyers will need a six-figure household income just to afford a median-priced home in their state if they’re planning to get a mortgage. (The median is the price at which half of homes for sale in an area are more expensive and half are less expensive.)

Back in January 2020, a six-figure income was needed in only six states and the District of Columbia.

Assuming you make a 20% down payment and get a 30-year fixed-rate mortgage at the average 52-week rate, this map shows you how much household income Bankrate’s analysis found you’ll need to afford the median-priced home in your state.

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Keep in mind the study only considered the costs of securing a manageable mortgage payment (which includes principal, interest, property taxes and property insurance). “Manageable” means it won’t exceed 28% of your gross household income. The analysis did not factor in closing costs or the costs one incurs as a homeowner after you get the keys to your new house.

It’s worth noting, too, that the median price of a home in a given state won’t necessarily reflect the median price in the part of the state you’re seeking to buy.

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