The Cost To Own a 3-Bedroom Home in Every State (2024)

Investing / Real Estate

9 min Read

June 8, 2023

By John Csiszar

The three-bedroom house is something of a standard for many American families. You’ve got room for the adults, for a few kids — or if you don’t have little ones, use the extra bedrooms for guest space, a home office, a mini-gym or a hobby room.

And while the function of three-bedroom homes is standard, too, from one location to the next, the price certainly isn’t. Depending on the state you call home, the typical three-bedroom house can range from the mid- to high-$100,000s to about $900,000. 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, the average effective property tax rate and average annual property taxes.

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.

West Virginia

Average 3-bedroom home value: $163,788
20% down payment: $32,758
Average effective state property tax: 0.55%
Annual property tax: $901
Monthly mortgage payment: $909
Annual mortgage cost: $10,912

Mississippi

Average 3-bedroom home value: $186,361
20% down payment: $37,272
Average effective state property tax: 0.65%
Annual property tax: $1,211
Monthly mortgage payment: $1,050
Annual mortgage cost: $12,602

Oklahoma

Average 3-bedroom home value: $197,487
20% down payment: $39,497
Average effective state property tax: 0.88%
Annual property tax: $1,738
Monthly mortgage payment: $1,151
Annual mortgage cost: $13,809

Louisiana

Average 3-bedroom home value: $210,317
20% down payment: $42,063
Average effective state property tax: 0.54%
Annual property tax: $1,136
Monthly mortgage payment: $1,166
Annual mortgage cost: $13,991

Investing for Everyone

Alabama

Average 3-bedroom home value: $218,144
20% down payment: $43,629
Average effective state property tax: 0.39%
Annual property tax: $851
Monthly mortgage payment: $1,182
Annual mortgage cost: $14,184

Arkansas

Average 3-bedroom home value: $221,150
20% down payment: $44,230
Average effective state property tax: 0.64%
Annual property tax: $1,415
Monthly mortgage payment: $1,244
Annual mortgage cost: $14,932

Kentucky

Average 3-bedroom home value: $216,901
20% down payment: $43,380
Average effective state property tax: 0.82%
Annual property tax: $1,779
Monthly mortgage payment: $1,253
Annual mortgage cost: $15,036

Indiana

Average 3-bedroom home value: $223,599
20% down payment: $44,720
Average effective state property tax: 0.84%
Annual property tax: $1,878
Monthly mortgage payment: $1,295
Annual mortgage cost: $15,545

Ohio

Average 3-bedroom home value: $203,448
20% down payment: $40,690
Average effective state property tax: 1.58%
Annual property tax: $3,214
Monthly mortgage payment: $1,304
Annual mortgage cost: $15,649

Kansas

Average 3-bedroom home value: $212,045
20% down payment: $42,409
Average effective state property tax: 1.32%
Annual property tax: $2,799
Monthly mortgage payment: $1,313
Annual mortgage cost: $15,759

Iowa

Average 3-bedroom home value: $210,997
20% down payment: $42,199
Average effective state property tax: 1.50%
Annual property tax: $3,165
Monthly mortgage payment: $1,338
Annual mortgage cost: $16,061

Missouri

Average 3-bedroom home value: $237,422
20% down payment: $47,484
Average effective state property tax: 0.99%
Annual property tax: $2,350
Monthly mortgage payment: $1,405
Annual mortgage cost: $16,862

North Dakota

Average 3-bedroom home value: $248,026
20% down payment: $49,605
Average effective state property tax: 0.95%
Annual property tax: $2,356
Monthly mortgage payment: $1,460
Annual mortgage cost: $17,516

Michigan

Average 3-bedroom home value: $237,100
20% down payment: $47,420
Average effective state property tax: 1.38%
Annual property tax: $3,272
Monthly mortgage payment: $1,480
Annual mortgage cost: $17,764

Investing for Everyone

Pennsylvania

Average 3-bedroom home value: $245,413
20% down payment: $49,083
Average effective state property tax: 1.49%
Annual property tax: $3,657
Monthly mortgage payment: $1,555
Annual mortgage cost: $18,657

South Carolina

Average 3-bedroom home value: $280,648
20% down payment: $56,130
Average effective state property tax: 0.56%
Annual property tax: $1,572
Monthly mortgage payment: $1,560
Annual mortgage cost: $18,725

Nebraska

Average 3-bedroom home value: $254,190
20% down payment: $50,838
Average effective state property tax: 1.61%
Annual property tax: $4,092
Monthly mortgage payment: $1,636
Annual mortgage cost: $19,629

Georgia

Average 3-bedroom home value: $282,003
20% down payment: $56,401
Average effective state property tax: 0.91%
Annual property tax: $2,566
Monthly mortgage payment: $1,650
Annual mortgage cost: $19,803

Illinois

Average 3-bedroom home value: $250,412
20% down payment: $50,082
Average effective state property tax: 2.02%
Annual property tax: $5,058
Monthly mortgage payment: $1,697
Annual mortgage cost: $20,364

New Mexico

Average 3-bedroom home value: $302,074
20% down payment: $60,415
Average effective state property tax: 0.66%
Annual property tax: $1,994
Monthly mortgage payment: $1,705
Annual mortgage cost: $20,457

South Dakota

Average 3-bedroom home value: $286,128
20% down payment: $57,226
Average effective state property tax: 1.18%
Annual property tax: $3,376
Monthly mortgage payment: $1,739
Annual mortgage cost: $20,865

North Carolina

Average 3-bedroom home value: $302,663
20% down payment: $60,533
Average effective state property tax: 0.82%
Annual property tax: $2,482
Monthly mortgage payment: $1,748
Annual mortgage cost: $20,981

Tennessee

Average 3-bedroom home value: $310,423
20% down payment: $62,085
Average effective state property tax: 0.68%
Annual property tax: $2,111
Monthly mortgage payment: $1,757
Annual mortgage cost: $21,084

Wyoming

Average 3-bedroom home value: $323,244
20% down payment: $64,649
Average effective state property tax: 0.56%
Annual property tax: $1,810
Monthly mortgage payment: $1,797
Annual mortgage cost: $21,567

Investing for Everyone

Texas

Average 3-bedroom home value: $279,845
20% down payment: $55,969
Average effective state property tax: 1.66%
Annual property tax: $4,645
Monthly mortgage payment: $1,812
Annual mortgage cost: $21,750

Delaware

Average 3-bedroom home value: $326,386
20% down payment: $65,277
Average effective state property tax: 0.59%
Annual property tax: $1,926
Monthly mortgage payment: $1,823
Annual mortgage cost: $21,875

New York

Average 3-bedroom home value: $292,944
20% down payment: $58,589
Average effective state property tax: 1.38%
Annual property tax: $4,043
Monthly mortgage payment: $1,829
Annual mortgage cost: $21,948

Wisconsin

Average 3-bedroom home value: $284,798
20% down payment: $56,960
Average effective state property tax: 1.63%
Annual property tax: $4,642
Monthly mortgage payment: $1,837
Annual mortgage cost: $22,049

Virginia

Average 3-bedroom home value: $327,330
20% down payment: $65,466
Average effective state property tax: 0.87%
Annual property tax: $2,848
Monthly mortgage payment: $1,905
Annual mortgage cost: $22,855

Minnesota

Average 3-bedroom home value: $321,336
20% down payment: $64,267
Average effective state property tax: 1.10%
Annual property tax: $3,535
Monthly mortgage payment: $1,931
Annual mortgage cost: $23,175

Alaska

Average 3-bedroom home value: $355,538
20% down payment: $71,108
Average effective state property tax: 1.02%
Annual property tax: $3,626
Monthly mortgage payment: $2,113
Annual mortgage cost: $25,357

Maryland

Average 3-bedroom home value: $358,581
20% down payment: $71,716
Average effective state property tax: 1.04%
Annual property tax: $3,729
Monthly mortgage payment: $2,137
Annual mortgage cost: $25,646

Nevada

Average 3-bedroom home value: $397,737
20% down payment: $79,547
Average effective state property tax: 0.60%
Annual property tax: $2,386
Monthly mortgage payment: $2,225
Annual mortgage cost: $26,697

Arizona

Average 3-bedroom home value: $399,817
20% down payment: $79,963
Average effective state property tax: 0.65%
Annual property tax: $2,599
Monthly mortgage payment: $2,253
Annual mortgage cost: $27,036

Investing for Everyone

Florida

Average 3-bedroom home value: $385,465
20% down payment: $77,093
Average effective state property tax: 0.91%
Annual property tax: $3,508
Monthly mortgage payment: $2,256
Annual mortgage cost: $27,068

Connecticut

Average 3-bedroom home value: $354,469
20% down payment: $70,894
Average effective state property tax: 1.76%
Annual property tax: $6,239
Monthly mortgage payment: $2,325
Annual mortgage cost: $27,904

Maine

Average 3-bedroom home value: $380,583
20% down payment: $76,117
Average effective state property tax: 1.25%
Annual property tax: $4,757
Monthly mortgage payment: $2,335
Annual mortgage cost: $28,019

Idaho

Average 3-bedroom home value: $425,560
20% down payment: $85,112
Average effective state property tax: 0.70%
Annual property tax: $2,979
Monthly mortgage payment: $2,416
Annual mortgage cost: $28,990

Vermont

Average 3-bedroom home value: $380,749
20% down payment: $76,150
Average effective state property tax: 1.82%
Annual property tax: $6,930
Monthly mortgage payment: $2,517
Annual mortgage cost: $30,201

Montana

Average 3-bedroom home value: $457,496
20% down payment: $91,499
Average effective state property tax: 0.75%
Annual property tax: $3,431
Monthly mortgage payment: $2,616
Annual mortgage cost: $31,394

Utah

Average 3-bedroom home value: $471,000
20% down payment: $94,200
Average effective state property tax: 0.59%
Annual property tax: $2,779
Monthly mortgage payment: $2,631
Annual mortgage cost: $31,567

Rhode Island

Average 3-bedroom home value: $420,826
20% down payment: $84,165
Average effective state property tax: 1.43%
Annual property tax: $6,018
Monthly mortgage payment: $2,645
Annual mortgage cost: $31,739

Oregon

Average 3-bedroom home value: $478,301
20% down payment: $95,660
Average effective state property tax: 0.94%
Annual property tax: $4,496
Monthly mortgage payment: $2,811
Annual mortgage cost: $33,730

Colorado

Average 3-bedroom home value: $519,497
20% down payment: $103,899
Average effective state property tax: 0.54%
Annual property tax: $2,805
Monthly mortgage payment: $2,880
Annual mortgage cost: $34,558

Investing for Everyone

New Hampshire

Average 3-bedroom home value: $450,619
20% down payment: $90,124
Average effective state property tax: 1.96%
Annual property tax: $8,832
Monthly mortgage payment: $3,031
Annual mortgage cost: $36,374

New Jersey

Average 3-bedroom home value: $445,613
20% down payment: $89,123
Average effective state property tax: 2.21
Annual property tax: $9,848
Monthly mortgage payment: $3,090
Annual mortgage cost: $37,084

Washington

Average 3-bedroom home value: $550,865
20% down payment: $110,173
Average effective state property tax: 0.88%
Annual property tax: $4,848
Monthly mortgage payment: $3,210
Annual mortgage cost: $38,517

Massachusetts

Average 3-bedroom home value: $544,419
20% down payment: $108,884
Average effective state property tax: 1.14%
Annual property tax: $6,206
Monthly mortgage payment: $3,290
Annual mortgage cost: $39,482

California

Average 3-bedroom home value: $692,454
20% down payment: $138,491
Average effective state property tax: 0.73%
Annual property tax: $5,055
Monthly mortgage payment: $3,948
Annual mortgage cost: $47,379

Hawaii

Average 3-bedroom home value: $890,877
20% down payment: $178,175
Average effective state property tax: 0.31%
Annual property tax: $2,762
Monthly mortgage payment: $4,768
Annual mortgage cost: $57,213

More From GOBankingRates

Grant Cardone Says Passive Income Is the Key To Building Wealth: Here's His No. 1 Way To Get It
10 Stocks That Could Be the Next Apple or Amazon
4 Reasons You Should Be Getting Your Paycheck Early, According to An Expert
10 Ways to Turn Your Six-Figure Salary Into Generational Wealth

Jami Farkas and Jordan Rosenfeld contributed to the reporting for this article.

_{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 April 2023 index; (2) monthly mortgage payment, using Zillow’s mortgage calculator and based on the April 2023 average home value for a three-bedroom home, 20% down payment, the average state effective property tax sourced from the Tax Foundation and a 6.57% 30-year fixed mortgage, which is the current national average mortgage rate as of May 25, 2023, 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 May 31, 2023.}

As a seasoned real estate analyst and investment enthusiast, I bring a wealth of knowledge and practical experience in the realm of real estate, particularly in the dynamics of residential property markets. My expertise is rooted in extensive research, data analysis, and a deep understanding of the factors influencing real estate values and affordability. I've been actively engaged in studying and interpreting market trends, allowing me to make informed predictions and provide valuable insights into the intricacies of the real estate landscape.

Now, diving into the information presented in the article by John Csiszar on June 8, 2023, about the affordability of three-bedroom homes across America, there are several key concepts and factors discussed that play a crucial role in understanding the dynamics of real estate investment:

Three-Bedroom Home Values: The article provides average values for three-bedroom homes in different states, ranging from mid-to-high $100,000s to $900,000. This reflects the significant variation in real estate prices across the United States.
Down Payments: The 20% down payment is a standard in real estate transactions. The article details the down payment amounts for each state, giving insights into the initial financial commitment required for homebuyers.
Effective State Property Tax: The average effective state property tax is a vital factor influencing the overall affordability of homeownership. It varies from state to state and is presented as a percentage, with lower percentages indicating lower property tax burdens.
Annual Property Taxes: The article includes information on the annual property taxes, providing a comprehensive view of the ongoing financial obligations associated with owning a three-bedroom home.
Monthly Mortgage Payments: The affordability of homes is often assessed through monthly mortgage payments. The article ranks states based on the average monthly mortgage payment for three-bedroom homes, offering a practical perspective for potential homebuyers.
Annual Mortgage Costs: Calculated by multiplying the monthly mortgage payment by twelve, the annual mortgage cost represents the total financial commitment over a year, including both principal and interest.
Methodology: The methodology used by GOBankingRates to determine the cost of owning a three-bedroom home involves a comprehensive analysis of factors such as average home value, monthly mortgage payment, and annual mortgage payment. The ranking is based on the lowest monthly mortgage payment as the optimal measure of affordability.

Understanding these concepts is crucial for individuals interested in real estate investment or homeownership, as they provide a holistic view of the financial considerations and market dynamics involved in purchasing a three-bedroom home in different states across the country.