Income to Afford a $970,000 House
How much do you need to make to be able to afford a house that costs $970,000?
Purchase price
$
Down payment
$
Interest rate
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Pct of income
for housing
for housing
%
Term of loan
Results
To afford a house that costs $970,000 with a down payment of $194,000, you'd need to earn $210,208 per year before tax.
The mortgage payment would be $4,905 / month.
Salary needed for 970,000 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 $970,000 house?
Annual income needed by down payment and interest rate
| 5.00% | 5.50% | 6.00% | 6.50% | 7.00% | 7.50% | |
|---|---|---|---|---|---|---|
| 0% down | $223,164 | $236,038 | $249,242 | $262,760 | $276,576 | $290,673 |
| 5% down | $212,006 | $224,236 | $236,780 | $249,622 | $262,747 | $276,140 |
| 10% down | $200,848 | $212,434 | $224,318 | $236,484 | $248,918 | $261,606 |
| 15% down | $189,690 | $200,632 | $211,855 | $223,346 | $235,089 | $247,072 |
| 20% down | $178,532 | $188,830 | $199,393 | $210,208 | $221,261 | $232,539 |
| 25% down | $167,373 | $177,028 | $186,931 | $197,070 | $207,432 | $218,005 |
| 30% down | $156,215 | $165,227 | $174,469 | $183,932 | $193,603 | $203,471 |
| 35% down | $145,057 | $153,425 | $162,007 | $170,794 | $179,774 | $188,938 |
| 40% down | $133,899 | $141,623 | $149,545 | $157,656 | $165,945 | $174,404 |
| 45% down | $122,740 | $129,821 | $137,083 | $144,518 | $152,117 | $159,870 |
| 50% down | $111,582 | $118,019 | $124,621 | $131,380 | $138,288 | $145,337 |
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 |