The U.S. is not an affordable place to own a home these days, and middle-class Americans are feeling the pinch.

According to a new study by Bankrate, in 22 U.S. states, and Washington D.C., homebuyers need to have an income of at least six figures to afford a median-priced home.

Citing high mortgage rates, rising prices of homes, and low housing inventory, the study found that, on average, Americans need an annual household income of $110,871 to afford the median price of a home in the U.S. which is now $402,343 — a 46% increase from just four years ago.

Related: Barbara Corcoran Says ‘Now Is the Best Time’ to Buy as Home Prices Will Soon Go ‘Through the Roof’

“Affordability is the biggest issue — finding a home that’s in your budget,” said Jeff Ostrowski, Bankrate housing market analyst. “The higher the price of a home, the harder it is to come up with the down payment or to qualify for the monthly payment. Home values are near record highs, and if you want a house, you have little choice but to pay a high price.”

What’s the most unaffordable state for aspiring homeowners?

It’s California, of course, where aspiring homeowners must earn at least $197,057 to afford a median-priced house in the state.

According to most recent U.S. Census data, the median household income in California for 2022 was $91,905, over $100 less than the median income needed at present time to purchase a median-priced house.

The second most unaffordable state in Bankrate’s study was Hawaii, with a necessary median household income of $185,829 to afford a median-priced home.

Related: Here Are the Top 10 Most Affordable States to Retire

Low inventory combined with high interest rates is contributing to the unaffordability crisis in the country, experts say, but some Realtors think despite the rough conditions, the market won’t necessarily get better once conditions change.

“If rates go down just another percentage point — that’s what I’m hoping for by year-end — prices are going to go through the roof,” said real estate maven and “Shark Tank” star Barbara Corcoran in an interview with Fox Business Network last week. “Everyone’s going to charge the market. And so if you wait for interest rates to come down another point, I don’t think you’ll gain, I think you’ll wind up paying more.”

Here are the top five most unaffordable states to buy a home, according to the report:

1. California

Must earn $197,057 to afford the state’s typical monthly mortgage.

2. Hawaii

Must earn $197,057 to afford the state’s typical monthly mortgage.

3. Washington, D.C.

Must earn $167,871.

4. Massachusetts

Must earn $162,471.

5. Washington State

Must earn $156,814.

https://www.entrepreneur.com/business-news/these-us-states-are-the-most-unaffordable-to-buy-a-house/471982