Income to Afford a $590,000 House
How much do you need to make to be able to afford a house that costs $590,000?
Purchase price
$
Down payment
$
Interest rate
%
Pct of income
for housing
for housing
%
Term of loan
Results
To afford a house that costs $590,000 with a down payment of $118,000, you'd need to earn $127,858 per year before tax.
The mortgage payment would be $2,983 / month.
Salary needed for 590,000 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 $590,000 house?
Annual income needed by down payment and interest rate
| 5.00% | 5.50% | 6.00% | 6.50% | 7.00% | 7.50% | |
|---|---|---|---|---|---|---|
| 0% down | $135,739 | $143,570 | $151,601 | $159,823 | $168,226 | $176,801 |
| 5% down | $128,952 | $136,391 | $144,021 | $151,832 | $159,815 | $167,961 |
| 10% down | $122,165 | $129,213 | $136,441 | $143,841 | $151,404 | $159,121 |
| 15% down | $115,378 | $122,034 | $128,861 | $135,849 | $142,993 | $150,281 |
| 20% down | $108,591 | $114,856 | $121,281 | $127,858 | $134,581 | $141,441 |
| 25% down | $101,804 | $107,677 | $113,700 | $119,867 | $126,170 | $132,601 |
| 30% down | $95,017 | $100,499 | $106,120 | $111,876 | $117,759 | $123,761 |
| 35% down | $88,230 | $93,320 | $98,540 | $103,885 | $109,347 | $114,921 |
| 40% down | $81,444 | $86,142 | $90,960 | $95,894 | $100,936 | $106,081 |
| 45% down | $74,657 | $78,963 | $83,380 | $87,903 | $92,525 | $97,241 |
| 50% down | $67,870 | $71,785 | $75,800 | $79,911 | $84,113 | $88,401 |
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 |