Income to Afford a $230,000 House
How much do you need to make to be able to afford a house that costs $230,000?
Purchase price
$
Down payment
$
Interest rate
%
Pct of income
for housing
for housing
%
Term of loan
Results
To afford a house that costs $230,000 with a down payment of $46,000, you'd need to earn $49,843 per year before tax.
The mortgage payment would be $1,163 / month.
Salary needed for 230,000 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 $230,000 house?
Annual income needed by down payment and interest rate
5.00% | 5.50% | 6.00% | 6.50% | 7.00% | 7.50% | |
---|---|---|---|---|---|---|
0% down | $52,915 | $55,968 | $59,099 | $62,304 | $65,580 | $68,923 |
5% down | $50,270 | $53,169 | $56,144 | $59,189 | $62,301 | $65,476 |
10% down | $47,624 | $50,371 | $53,189 | $56,073 | $59,022 | $62,030 |
15% down | $44,978 | $47,573 | $50,234 | $52,958 | $55,743 | $58,584 |
20% down | $42,332 | $44,774 | $47,279 | $49,843 | $52,464 | $55,138 |
25% down | $39,686 | $41,976 | $44,324 | $46,728 | $49,185 | $51,692 |
30% down | $37,041 | $39,177 | $41,369 | $43,613 | $45,906 | $48,246 |
35% down | $34,395 | $36,379 | $38,414 | $40,498 | $42,627 | $44,800 |
40% down | $31,749 | $33,581 | $35,459 | $37,382 | $39,348 | $41,354 |
45% down | $29,103 | $30,782 | $32,504 | $34,267 | $36,069 | $37,907 |
50% down | $26,458 | $27,984 | $29,549 | $31,152 | $32,790 | $34,461 |
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 |