A new Bankrate analysis shows that there are only 14 U.S. states where residents earning less than $75,000 can afford a median-priced home.

That number has fallen from 36 in just four years, showing how rising home prices have tilted the balance of home ownership toward the wealthiest Americans.

Considering that half of the nation’s households have a median income of $74,580 or less, these 14 states are some of the few places where middle-income earners can afford a modest home.

To calculate the costs of owning a home in each U.S. state, Bankrate assumes a 20% down payment, no homeowner association (HOA) fees or mortgage insurance and a 30-year fixed mortgage interest rate of 7.05%. Monthly mortgage payments for each state are based on median sales price data from online broker Redfin.

Here’s a look at the 14 states where housing is the most affordable, based on the annual income needed to cover the costs of owning a home without spending more than 28 percent on housing.

1. Mississippi: $63,043
2. Ohio: $64,071
3. Arkansas: $64,714
4. Indiana: $65,143
5. Kentucky: $65,186
6. Iowa: $65,314
7. Oklahoma: $65,443
8. Michigan: $66,343
9. Missouri: $66,986
10. Louisiana: $67,886
11. Alabama: $69,514
12. Kansas: $72,343
13. North Dakota: $73,414
14. West Virginia: $74,957

The median home price in these states is $300,000 or less, a significant discount compared to the median price of US$402,343.

While affordable real estate may be available in these 14 states, there are trade-offs to consider, such as higher poverty rates and fewer high-paying jobs than the rest of the country. Many of these are the most rural in the United States, and incomes in rural areas are lower than in large urban cities.

By contrast, you’d need to earn $197,057 to afford a median home price of $739,200 in California — the highest of all states.

The median income needed to afford a home in the U.S. totals $110,871 — up from $76,191 in 2020. This is largely due to a chronic housing shortage that was exacerbated by supply chain disruptions at the start of the pandemic. Since 2020, median home prices have increased by 27%, while mortgage rates have nearly doubled.

However, price increases were more dramatic in states where housing has long been in demand, such as California and New York. Home prices in rural or Rust Belt states such as Mississippi or Michigan have not increased as much as others, making them relatively more affordable for middle-class earners.

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