Income to Afford a $740,000 House
How much do you need to make to be able to afford a house that costs $740,000?
Purchase price
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Down payment
$
Interest rate
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Pct of income
for housing
for housing
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Term of loan
Results
To afford a house that costs $740,000 with a down payment of $148,000, you'd need to earn $160,365 per year before tax.
The mortgage payment would be $3,742 / month.
Salary needed for 740,000 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 $740,000 house?
Annual income needed by down payment and interest rate
5.00% | 5.50% | 6.00% | 6.50% | 7.00% | 7.50% | |
---|---|---|---|---|---|---|
0% down | $170,249 | $180,070 | $190,143 | $200,456 | $210,996 | $221,751 |
5% down | $161,737 | $171,067 | $180,636 | $190,433 | $200,446 | $210,663 |
10% down | $153,224 | $162,063 | $171,129 | $180,410 | $189,896 | $199,576 |
15% down | $144,712 | $153,060 | $161,622 | $170,387 | $179,347 | $188,488 |
20% down | $136,199 | $144,056 | $152,115 | $160,365 | $168,797 | $177,401 |
25% down | $127,687 | $135,053 | $142,607 | $150,342 | $158,247 | $166,313 |
30% down | $119,174 | $126,049 | $133,100 | $140,319 | $147,697 | $155,226 |
35% down | $110,662 | $117,046 | $123,593 | $130,296 | $137,147 | $144,138 |
40% down | $102,149 | $108,042 | $114,086 | $120,274 | $126,598 | $133,051 |
45% down | $93,637 | $99,039 | $104,579 | $110,251 | $116,048 | $121,963 |
50% down | $85,125 | $90,035 | $95,072 | $100,228 | $105,498 | $110,875 |
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 |