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.
