Income to Afford a $240,000 House

How much do you need to make to be able to afford a house that costs $240,000?
Purchase price
$
Down payment
$
Interest rate
%
Pct of income
for housing
%
Term of loan
Results
To afford a house that costs $240,000 with a down payment of $48,000, you'd need to earn $52,010 per year before tax.
The mortgage payment would be $1,214 / month.
Salary needed for 240,000 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 $240,000 house?
Annual income needed by down payment and interest rate
5.00% 5.50% 6.00% 6.50% 7.00% 7.50%
0% down $55,216 $58,401 $61,668 $65,013 $68,431 $71,919
5% down $52,455 $55,481 $58,585 $61,762 $65,010 $68,323
10% down $49,694 $52,561 $55,501 $58,511 $61,588 $64,727
15% down $46,934 $49,641 $52,418 $55,261 $58,166 $61,131
20% down $44,173 $46,721 $49,334 $52,010 $54,745 $57,535
25% down $41,412 $43,801 $46,251 $48,760 $51,323 $53,939
30% down $38,651 $40,881 $43,168 $45,509 $47,902 $50,343
35% down $35,890 $37,961 $40,084 $42,258 $44,480 $46,747
40% down $33,130 $35,041 $37,001 $39,008 $41,059 $43,152
45% down $30,369 $32,121 $33,917 $35,757 $37,637 $39,556
50% down $27,608 $29,201 $30,834 $32,506 $34,216 $35,960
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