Income to Afford a $1,500,000 House
How much do you need to make to be able to afford a house that costs $1.5 million?
Purchase price
$
Down payment
$
Interest rate
%
Pct of income
for housing
for housing
%
Term of loan
Results
To afford a house that costs $1,500,000 with a down payment of $300,000, you'd need to earn $325,064 per year before tax.
The mortgage payment would be $7,585 / month.
Salary needed for 1,500,000 dollar mortgage.
Note: This calculator is for fixed-rate mortgages. Adjustable-rate mortgages, or ARMs, may allow you to acheive lower payments in the short term. However, with ARMs, your monthly payment may increase if interest rates rise.
Note: 28% is the standard percentage of pre-tax income to spend on housing.
What is the income needed to buy a $1,500,000 house?
Annual income needed by down payment and interest rate
| 5.00% | 5.50% | 6.00% | 6.50% | 7.00% | 7.50% | |
|---|---|---|---|---|---|---|
| 0% down | $345,100 | $365,007 | $385,425 | $406,329 | $427,694 | $449,495 |
| 5% down | $327,845 | $346,757 | $366,154 | $386,013 | $406,310 | $427,020 |
| 10% down | $310,590 | $328,506 | $346,883 | $365,696 | $384,925 | $404,546 |
| 15% down | $293,335 | $310,256 | $327,612 | $345,380 | $363,540 | $382,071 |
| 20% down | $276,080 | $292,006 | $308,340 | $325,064 | $342,156 | $359,596 |
| 25% down | $258,825 | $273,755 | $289,069 | $304,747 | $320,771 | $337,121 |
| 30% down | $241,570 | $255,505 | $269,798 | $284,431 | $299,386 | $314,647 |
| 35% down | $224,315 | $237,255 | $250,526 | $264,114 | $278,001 | $292,172 |
| 40% down | $207,060 | $219,004 | $231,255 | $243,798 | $256,617 | $269,697 |
| 45% down | $189,805 | $200,754 | $211,984 | $223,481 | $235,232 | $247,222 |
| 50% down | $172,550 | $182,504 | $192,713 | $203,165 | $213,847 | $224,748 |
Average House Price by State
What's the median price for a home in all 50 states? Source: Zillow, June 2023
| State | Price |
|---|---|
| Hawaii | $837,324 |
| California | $743,362 |
| Massachusetts | $587,875 |
| Washington | $577,353 |
| Colorado | $543,143 |
| Utah | $510,934 |
| Oregon | $498,558 |
| New Jersey | $484,467 |
| New Hampshire | $446,839 |
| Montana | $446,602 |
| Idaho | $442,820 |
| New York | $441,462 |
| Rhode Island | $432,888 |
| Arizona | $420,494 |
| Nevada | $416,340 |
| Maryland | $405,562 |
| Florida | $390,856 |
| State | Price |
|---|---|
| Maine | $383,137 |
| Vermont | $380,266 |
| Connecticut | $374,599 |
| Virginia | $371,623 |
| Delaware | $370,405 |
| Alaska | $351,218 |
| Wyoming | $338,216 |
| Minnesota | $331,190 |
| North Carolina | $320,096 |
| Georgia | $318,919 |
| Tennessee | $311,628 |
| Texas | $303,971 |
| South Dakota | $296,109 |
| New Mexico | $292,822 |
| South Carolina | $288,816 |
| Wisconsin | $285,037 |
| Pennsylvania | $255,965 |
| State | Price |
|---|---|
| Nebraska | $254,916 |
| North Dakota | $251,062 |
| Illinois | $250,542 |
| Missouri | $238,055 |
| Michigan | $235,361 |
| Indiana | $231,660 |
| Alabama | $223,246 |
| Ohio | $218,667 |
| Kansas | $215,642 |
| Iowa | $211,054 |
| Kentucky | $200,955 |
| Louisiana | $200,370 |
| Arkansas | $199,636 |
| Oklahoma | $198,936 |
| Mississippi | $172,654 |
| West Virginia | $155,773 |