Based on that data, here are five states where you can afford a home while making an annual salary of around $40,000: West Virginia. Minimum annual income: $38,320. ... Ohio. Minimum annual income: $38,400. ... Michigan. Minimum annual income: $40,800. ... Arkansas. Minimum annual income: $41,040. ... Missouri. Minimum annual income: $42,200. Apr 13, 2018