Investing / Real Estate
7 min Read
By John Csiszar
The three-bedroom house is something of a standard for many American families. They’re a great fit for a family of four, but those bedrooms can just as easily become home gyms, art studios or the ever-popular home office in this age of remote working. If you want enough space for your family but don’t want to buy too much house, three bedrooms can be that simple compromise that splits the difference.
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But the price of a three-bedroom home is not the same everywhere you go. Depending on the state you call home, the typical three-bedroom house can list at anywhere from about $149,000 to more than $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 and the average effective property tax rate.
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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.
Building Wealth
West Virginia
- Average 3-bedroom home value: $140,636
- 20% down payment: $28,127
- Average effective state property tax: 0.53%
- Monthly mortgage payment: $666
- Annual mortgage cost: $7,992
Mississippi
- Average 3-bedroom home value: $167,152
- 20% down payment: $33,430
- Average effective state property tax: 0.63%
- Monthly mortgage payment: $806
- Annual mortgage cost: $9,672
Oklahoma
- Average 3-bedroom home value: $174,939
- 20% down payment: $34,988
- Average effective state property tax: 0.83%
- Monthly mortgage payment: $872
- Annual mortgage cost: $10,464
Alabama
- Average 3-bedroom home value: $197,896
- 20% down payment: $39,579
- Average effective state property tax: 0.37%
- Monthly mortgage payment: $911
- Annual mortgage cost: $10,932
Louisiana
- Average 3-bedroom home value: $199,802
- 20% down payment: $39,960
- Average effective state property tax: 0.51%
- Monthly mortgage payment: $943
- Annual mortgage cost: $11,316
Kentucky
- Average 3-bedroom home value: $191,595
- 20% down payment: $38,319
- Average effective state property tax: 0.78%
- Monthly mortgage payment: $947
- Annual mortgage cost: $11,364
Arkansas
- Average 3-bedroom home value: $200,131
- 20% down payment: $40,026
- Average effective state property tax: 0.61%
- Monthly mortgage payment: $961
- Annual mortgage cost: $11,532
Kansas
- Average 3-bedroom home value: $194,090
- 20% down payment: $38,818
- Average effective state property tax: 1.28%
- Monthly mortgage payment: $1,041
- Annual mortgage cost: $12,492
Iowa
- Average 3-bedroom home value: $190,223
- 20% down payment: $38,045
- Average effective state property tax: 1.43%
- Monthly mortgage payment: $1,044
- Annual mortgage cost: $12,528
Indiana
- Average 3-bedroom home value: $210,195
- 20% down payment: $42,039
- Average effective state property tax: 0.81%
- Monthly mortgage payment: $1,045
- Annual mortgage cost: $12,540
Ohio
- Average 3-bedroom home value: $193,700
- 20% down payment: $38,740
- Average effective state property tax: 1.52%
- Monthly mortgage payment: $1,077
- Annual mortgage cost: $12,924
Missouri
- Average 3-bedroom home value: $223,155
- 20% down payment: $44,631
- Average effective state property tax: 0.96%
- Monthly mortgage payment: $1,137
- Annual mortgage cost: $13,644
Michigan
- Average 3-bedroom home value: $224,786
- 20% down payment: $44,957
- Average effective state property tax: 1.31%
- Monthly mortgage payment: $1,211
- Annual mortgage cost: $14,532
North Dakota
- Average 3-bedroom home value: $245,750
- 20% down payment: $49,150
- Average effective state property tax: 0.88%
- Monthly mortgage payment: $1,236
- Annual mortgage cost: $14,832
South Carolina
- Average 3-bedroom home value: $264,348
- 20% down payment: $52,870
- Average effective state property tax: 0.53%
- Monthly mortgage payment: $1,263
- Annual mortgage cost: $15,156
Pennsylvania
- Average 3-bedroom home value: $243,264
- 20% down payment: $48,653
- Average effective state property tax: 1.43%
- Monthly mortgage payment: $1,335
- Annual mortgage cost: $16,020
Building Wealth
Nebraska
- Average 3-bedroom home value: $240,854
- 20% down payment: $48,171
- Average effective state property tax: 1.54%
- Monthly mortgage payment: $1,343
- Annual mortgage cost: $16,116
Georgia
- Average 3-bedroom home value: $267,962
- 20% down payment: $53,592
- Average effective state property tax: 0.87%
- Monthly mortgage payment: $1,345
- Annual mortgage cost: $16,140
New Mexico
- Average 3-bedroom home value: $285,168
- 20% down payment: $57,034
- Average effective state property tax: 0.59%
- Monthly mortgage payment: $1,365
- Annual mortgage cost: $16,380
Tennessee
- Average 3-bedroom home value: $286,943
- 20% down payment: $57,389
- Average effective state property tax: 0.63%
- Monthly mortgage payment: $1,383
- Annual mortgage cost: $16,596
North Carolina
- Average 3-bedroom home value: $282,453
- 20% down payment: $56,491
- Average effective state property tax: 0.78%
- Monthly mortgage payment: $1,397
- Annual mortgage cost: $16,764
South Dakota
- Average 3-bedroom home value: $267,796
- 20% down payment: $53,559
- Average effective state property tax: 1.14%
- Monthly mortgage payment: $1,404
- Annual mortgage cost: $16,848
New York
- Average 3-bedroom home value: $263,811
- 20% down payment: $52,762
- Average effective state property tax: 1.30%
- Monthly mortgage payment: $1,421
- Annual mortgage cost: $17,052
Wisconsin
- Average 3-bedroom home value: $255,497
- 20% down payment: $51,099
- Average effective state property tax: 1.53%
- Monthly mortgage payment: $1,423
- Annual mortgage cost: $17,076
Wyoming
- Average 3-bedroom home value: $304,883
- 20% down payment: $60,977
- Average effective state property tax: 0.51%
- Monthly mortgage payment: $1,439
- Annual mortgage cost: $17,268
Delaware
- Average 3-bedroom home value: $304,146
- 20% down payment: $60,829
- Average effective state property tax: 0.59%
- Monthly mortgage payment: $1,456
- Annual mortgage cost: $17,472
Illinois
- Average 3-bedroom home value: $246,366
- 20% down payment: $49,273
- Average effective state property tax: 1.97%
- Monthly mortgage payment: $1,462
- Annual mortgage cost: $17,544
Virginia
- Average 3-bedroom home value: $305,715
- 20% down payment: $61,143
- Average effective state property tax: 0.84%
- Monthly mortgage payment: $1,527
- Annual mortgage cost: $18,324
Texas
- Average 3-bedroom home value: $273,188
- 20% down payment: $54,638
- Average effective state property tax: 1.60%
- Monthly mortgage payment: $1,537
- Annual mortgage cost: $18,444
Minnesota
- Average 3-bedroom home value: $321,335
- 20% down payment: $64,267
- Average effective state property tax: 1.05%
- Monthly mortgage payment: $1,661
- Annual mortgage cost: $19,932
Alaska
- Average 3-bedroom home value: $333,120
- 20% down payment: $66,624
- Average effective state property tax: 0.98%
- Monthly mortgage payment: $1,703
- Annual mortgage cost: $20,436
Maryland
- Average 3-bedroom home value: $345,636
- 20% down payment: $69,127
- Average effective state property tax: 1.01%
- Monthly mortgage payment: $1,775
- Annual mortgage cost: $21,300
Building Wealth
Florida
- Average 3-bedroom home value: $367,190
- 20% down payment: $73,438
- Average effective state property tax: 0.86%
- Monthly mortgage payment: $1,840
- Annual mortgage cost: $22,080
Maine
- Average 3-bedroom home value: $356,075
- 20% down payment: $71,215
- Average effective state property tax: 1.20%
- Monthly mortgage payment: $1,885
- Annual mortgage cost: $22,620
Connecticut
- Average 3-bedroom home value: $339,079
- 20% down payment: $67,816
- Average effective state property tax: 1.73%
- Monthly mortgage payment: $1,945
- Annual mortgage cost: $23,340
Arizona
- Average 3-bedroom home value: $406,287
- 20% down payment: $81,257
- Average effective state property tax: 0.60%
- Monthly mortgage payment: $1,948
- Annual mortgage cost: $23,376
Vermont
- Average 3-bedroom home value: $347,145
- 20% down payment: $69,429
- Average effective state property tax: 1.76%
- Monthly mortgage payment: $2,000
- Annual mortgage cost: $24,000
Nevada
- Average 3-bedroom home value: $428,265
- 20% down payment: $85,653
- Average effective state property tax: 0.56%
- Monthly mortgage payment: $2,039
- Annual mortgage cost: $24,468
Idaho
- Average 3-bedroom home value: $456,517
- 20% down payment: $91,303
- Average effective state property tax: 0.65%
- Monthly mortgage payment: $2,208
- Annual mortgage cost: $26,496
Connecticut
- Average 3-bedroom home value: $339,079
- 20% down payment: $67,816
- Average effective state property tax: 1.73%
- Monthly mortgage payment: $1,945
- Annual mortgage cost: $23,340
Montana
- Average 3-bedroom home value: $455,754
- 20% down payment: $91,151
- Average effective state property tax: 0.74%
- Monthly mortgage payment: $2,238
- Annual mortgage cost: $26,856
Rhode Island
- Average 3-bedroom home value: $416,006
- 20% down payment: $83,201
- Average effective state property tax: 1.37%
- Monthly mortgage payment: $2,262
- Annual mortgage cost: $27,144
Utah
- Average 3-bedroom home value: $511,435
- 20% down payment: $102,287
- Average effective state property tax: 0.56%
- Monthly mortgage payment: $2,435
- Annual mortgage cost: $29,220
Oregon
- Average 3-bedroom home value: $491,227
- 20% down payment: $98,245
- Average effective state property tax: 0.91%
- Monthly mortgage payment: $2,482
- Annual mortgage cost: $29,784
New Jersey
- Average 3-bedroom home value: $414,889
- 20% down payment: $82,978
- Average effective state property tax: 2.13%
- Monthly mortgage payment: $2,518
- Annual mortgage cost: $30,216
New Hampshire
- Average 3-bedroom home value: $431,835
- 20% down payment: $86,367
- Average effective state property tax: 1.89%
- Monthly mortgage payment: $2,535
- Annual mortgage cost: $30,420
Colorado
- Average 3-bedroom home value: $544,002
- 20% down payment: $108,800
- Average effective state property tax: 0.52%
- Monthly mortgage payment: $2,572
- Annual mortgage cost: $30,864
Massachusetts
- Average 3-bedroom home value: $541,463
- 20% down payment: $108,293
- Average effective state property tax: 1.06%
- Monthly mortgage payment: $2,804
- Annual mortgage cost: $33,648
Building Wealth
Washington
- Average 3-bedroom home value: $579,211
- 20% down payment: $115,842
- Average effective state property tax: 0.84%
- Monthly mortgage payment: $2,893
- Annual mortgage cost: $34,716
California
- Average 3-bedroom home value: $728,128
- 20% down payment: $145,626
- Average effective state property tax: 0.70%
- Monthly mortgage payment: $3,552
- Annual mortgage cost: $42,624
Hawaii
- Average 3-bedroom home value: $911,290
- 20% down payment: $182,258
- Average effective state property tax: 0.31%
- Monthly mortgage payment: $4,149
- Annual mortgage cost: $49,788
More From GOBankingRates
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 March 2022 index; (2) monthly mortgage payment, using Zillow’s mortgage calculator and based on the March 2022 average home value for a three-bedroom home, 20% down payment, the average state effective property tax sourced from the Tax Foundation and a 5.00% 30-year fixed mortgage, which is the current national average mortgage rate as of April 14, 2022, 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 April 20, 2022.
About the Author
John Csiszar
After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.
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