Income to Afford a $800,000 House
How much do you need to make to be able to afford a house that costs $800,000?
Purchase price
$
Down payment
$
Interest rate
%
Pct of income
for housing
for housing
%
Term of loan
Results
To afford a house that costs $800,000 with a down payment of $160,000, you'd need to earn $173,367 per year before tax.
The mortgage payment would be $4,045 / month.
Salary needed for 800,000 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 $800,000 house?
Annual income needed by down payment and interest rate
5.00% | 5.50% | 6.00% | 6.50% | 7.00% | 7.50% | |
---|---|---|---|---|---|---|
0% down | $184,053 | $194,671 | $205,560 | $216,709 | $228,104 | $239,731 |
5% down | $174,850 | $184,937 | $195,282 | $205,874 | $216,699 | $227,744 |
10% down | $165,648 | $175,203 | $185,004 | $195,038 | $205,293 | $215,758 |
15% down | $156,445 | $165,470 | $174,726 | $184,203 | $193,888 | $203,771 |
20% down | $147,243 | $155,736 | $164,448 | $173,367 | $182,483 | $191,785 |
25% down | $138,040 | $146,003 | $154,170 | $162,532 | $171,078 | $179,798 |
30% down | $128,837 | $136,269 | $143,892 | $151,696 | $159,673 | $167,811 |
35% down | $119,635 | $126,536 | $133,614 | $140,861 | $148,267 | $155,825 |
40% down | $110,432 | $116,802 | $123,336 | $130,025 | $136,862 | $143,838 |
45% down | $101,229 | $107,069 | $113,058 | $119,190 | $125,457 | $131,852 |
50% down | $92,027 | $97,335 | $102,780 | $108,355 | $114,052 | $119,865 |
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 |