Income to Afford a $980,000 House

How much do you need to make to be able to afford a house that costs $980,000?
Purchase price
$
Down payment
$
Interest rate
%
Pct of income
for housing
%
Term of loan
Results
To afford a house that costs $980,000 with a down payment of $196,000, you'd need to earn $212,375 per year before tax.
The mortgage payment would be $4,955 / month.
Salary needed for 980,000 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 $980,000 house?
Annual income needed by down payment and interest rate
5.00% 5.50% 6.00% 6.50% 7.00% 7.50%
0% down $225,465 $238,471 $251,811 $265,469 $279,427 $293,670
5% down $214,192 $226,548 $239,221 $252,195 $265,456 $278,987
10% down $202,919 $214,624 $226,630 $238,922 $251,484 $264,303
15% down $191,645 $202,701 $214,040 $225,648 $237,513 $249,620
20% down $180,372 $190,777 $201,449 $212,375 $223,542 $234,936
25% down $169,099 $178,854 $188,858 $199,101 $209,570 $220,253
30% down $157,826 $166,930 $176,268 $185,828 $195,599 $205,569
35% down $146,552 $155,006 $163,677 $172,555 $181,628 $190,886
40% down $135,279 $143,083 $151,087 $159,281 $167,656 $176,202
45% down $124,006 $131,159 $138,496 $146,008 $153,685 $161,519
50% down $112,733 $119,236 $125,906 $132,734 $139,714 $146,835
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